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Sinkhole insurance lacks among homeowners despite threat

July 17, 2017July 15, 2017 Logan B.

Homeowners insurance claims from sinkholes rising in Florida

In Florida, two homes were recently swallowed up and several others had to be evacuated. Sinkhole insurance remains a rare thing among homeowners, even when they have seen other homes swallowed up by these occurrences. The reason for nearly all of them is exactly the same. That said, this wasn’t good news for the property owners whose lives have been devastated after losing their homes to a rapidly growing Florida sinkhole. The coverage isn’t without its appeal but it comes with a price tag many feel they cannot afford. Unfortunately,…

Sinkhole insurance likely lacking for damaged Fraser homes

January 4, 2017January 2, 2017 H. Cutner

Homeowners are likely to receive unwanted news from the bad gift they received on Christmas Eve. Homes damaged on Christmas Eve in suburban Detroit are unlikely to be covered by sinkhole insurance. Experts are saying that while homeowners should still file claims with their insurers, much or all of the damage from the Fraser sinkhole is unlikely to be covered. Standard insurance policies contain exclusions when it comes to perils such as sinkholes. Sinkhole insurance is frequently quite uncommon due to the careful wording of homeowners insurance policies. They contain…

Homeowners insurance won’t save you from a rockslide

February 25, 2014February 22, 2014 Julie Campbell

Natural disasters feel as though they are becoming more common but many policyholders don’t understand their coverage. As the weather heads toward another shift in the changing of the seasons, the potential for a new wave of severe storms is building, and homeowners insurance customers may not know exactly what type of coverage they have when Mother Nature decides to show the world what she’s really about. Rockslides, landslides, mudslides and sinkholes are all building up a new level of threat. While many property owners may feel that they have…

Homeowners insurance claims from sinkholes rising in Florida

August 19, 2013August 17, 2013 G. Turner

The increase in this type of damage is starting to make a mark on several of the state’s industries. Although sinkholes have always been around, there has been a sudden increase in the number of homeowners insurance claims relating to their damage throughout Florida, causing engineers, scientists, real estate developers, and other experts at a difficult conflict. Many believe that it is the activity of humans that is causing this spike in sink holes. There are some geological experts that have stated that they feel that there is a growing…

Homeowners insurance in Florida becomes more complicated due to spate of sinkholes

March 13, 2013March 12, 2013 Logan B.

Sinkholes causing problems for Florida’s homeowners insurance sector Early this week, a large sinkhole opened up in a neighborhood in the Tampa area of Florida. The sinkhole claimed the life of one man and destroyed that man’s house, as well as causing some damage to neighboring properties. Two days after this incident, another sinkhole opened up in the same area. These sinkholes have caused something of a panic for homeowners in Florida, many of whom do not have adequate coverage to cover the damage caused by sinkholes. Most homeowners insurance…