Quote:
Originally Posted by Steve9930
The geological testing to determine whether there is or is not a sink hole under your home is not a trivial expense. The problem with the original law is if there was sink hole activity in the area and you had a few cracks that appeared in your home the insurance company had to investigate the claim which was not a simple walk around the property. The second problem with sink hole coverage vs Catastrophic Ground Collapse is the old law did not force you to use the money to fix the problem. Insurance companies always take the road of giving you the smallest check. So the Insurance company looked at it from the point do I want to spend all this money to look to see if there really is a sink hole or just pay the claim. Of course that type of behavior spread to those looking for free money very quickly. So there is plenty of blame as to who caused this problem. The way it works now is there will be an obvious sink hole, that has compromised your property and the money will be used to fix the problem if it can be fixed. If its jus a little settling then its your dime to fix it. I looked into sink hole insurance and although I could get it, it looked like it was a waste of money. The deductible was so high that Catastrophic Ground Collapse would cover it anyway if it cost that much to fix.
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You obviously understand the sitituation where many do not.