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Originally Posted by rubicon
Well these figures say alot and explains why Florida insurers hiccuped over this coverage issue. I wonder just how many of those 24, 671 claims were actually for sink hole vis a vis normal settling and cracking which is more common? Well the catrostrophic coverage now answers that question for both the homeowner and the insurer
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Plus with the changes in actual sinkhole coverage there is now a 10% deductible on most if not all sinkhole policies and that 10% represents the value of the home not the cost to repair. Also the proceeds from the insurance must now be used to repair the home, unless you or your legal rep. negotiate the settlement with the insurance company then you don't legally have to use it to repair. What happened in the past is that many homeowners would get cracks and some settling of the home file a claim get the cost of remediating a sinkhole (could be $100K plus) pocket the money and not repair the "damage" and continue to live in the home.