How much does it cost to repair a sinkhole in Florida?
Underpinning a home with sinkhole damage may cost $10,000 to $20,000. Compaction grouting, a more durable and costly method, could cost up to $100,000. Translation: With a 10 percent deductible, a homeowner would have to pay $30,000 out of pocket to fix a house valued at $300,000 before any insurance kicks in.
How do you repair a sinkhole in Florida?
The main sinkhole repair method in Florida is pressure grouting with either a cement grout solution or a polyurethane grout solution. However, in some cases, underpinning with foundation piers is used along with grouting to stabilize foundations affected by sinkhole formation.
Does building insurance cover sinkholes?
Sinkholes develop when underground soil and rock are eroded by water or rain and the recent wet weather means that more properties than usual could be in danger. “Damage that a sinkhole causes to your property will be covered by buildings insurance,” says a spokesman for the Association of British Insurers.
Does homeowners insurance in Florida cover sinkholes?
Not all homeowners’ policies provide coverage for damage to your home resulting from sinkholes. However, Florida law does require insurance companies to cover “catastrophic ground cover collapse.”
Is it safe to buy a repaired sinkhole home?
There is nothing wrong with buying a home with a repaired sinkhole. However, buying such a home does require a level of caution and diligence. In fact, buying a home with a repaired sinkhole may turn out to be in your favor. These homes can be more affordable than homes with no known sinkhole activity.
What are the 3 types of sinkholes?
The three major types of sinkholes know to us are : Solution, Cover Collapse and Cover Subsidence. Solution sinkholes are most commonly seen in areas that have a very thin cover of soil on the surface, exposing the bedrock below to continual erosion by water.
Who is responsible for sinkholes?
“The main trigger for sinkholes is water,” says Dr. Edmonds. “In 90% of sinkhole cases, water saturating the ground is the main trigger, known as Karst processes.” “Sinkholes happen when a layer of rock underneath the ground is dissolved by water.
Can you buy sinkhole insurance in Florida?
All insurance companies licensed in Florida must “offer” sinkhole coverage, however an insurance company’s willingness to actually provide sinkhole coverage is contingent upon the characteristics of the ground structure beneath your home.
What is the state of Florida doing to protect homeowners from sinkholes?
Current Florida law requires that insurance companies provide catastrophic ground collapse coverage that insures in the event a sinkhole abruptly forms as a visible hole at land surface under an insured structure and damages it based upon specific criteria defined by Florida Statute 627.706.