Is somebody’s house falls into a sinkhole, does their insurance pay anything on it,

[raccoon]

Or are they just screwn?


Florida Home Swallowed By Huge Sinkhole

Gus Lubin | Jun. 21, 2012, 6:22 AM | 2,426 | 4

http://www.businessinsider.com/florida-home-swallowed-by-huge-sinkhole-2012-6#ixzz1ySSwAxZM

[elleng]

1. Gotta read the policy, very fine print probably!

'Claims of sinkhole damage spiking dramatically over the last five years is the main reason why options are shrinking for Florida homeowners. Nearly 25,000 claims costing $1.4 billion were filed from 2006-10, according to a state Office of Insurance Regulation report.'

http://www2.tbo.com/news/plant-city/2011/apr/14/homeowners-insurance-options-for-sinkhole-coverage-ar-196552/

[raccoon]

5. "So Schwartz said he settled for the state-run Citizens Insurance Property Corp. and pays $2,668

a year for sinkhole coverage."

State-run?? You mean, as in SOCIALIST, or BIG GOVERNMENT?

[GreenStormCloud]

2. Depends upon the policy. You have to read the specific policy. N/T

[monmouth]

3. I'd fear that "Act of God" thingy in the fine print..n/t

[GreenStormCloud]

6. I don't think that is allowed in policies anymore.

In the 1950s it was common. I remember reading it back then, but I haven't seen it in decades.

[2on2u]

4. Wouldn't that be an act of Satan?? All things considered.... n/t

[AnotherMcIntosh]

7. Don't know. Did it catch on fire?

[MineralMan]

8. Most insurance companies will try to deny the claim.

They often try to deny claims. That's because a lot of people will just accept it.

[voteearlyvoteoften]

9. They cover catastrophic damage

Not cracks or lesser subsidence.
Latest scam is owner calls sinkhole on house with settling cracks, insurance pays big buck for testing, customer gets money fixes nothing and dumps property.
However if you have a real problem it is put on your property records and it dramatically lowers price of house. Plus I imAgine it's hard to get coverage.
PS Homeowners insurance is the new health insurance and all Florida policies went up 25-50% this year.
Rental property we paid @ 200-250 a year for 15 years now is $ 800!!( never had a claim)

[Roselma]

10. My State Farm homeowner's policy does not

cover earth movement damage or water/flood damage. In order to have those coverages, I have to purchase a rider policy. Each policy is different. I was told by my agent that most policies are similar to mine.