Sinkhole Insurance

Sinkhole’s can be a major problem in Florida.  But there seems to be some basic confusion about coverage.  In your basic homeowner’s insurance policy, you automatically have coverage for something called ‘catastrophic ground cover collapse’.  If your house is swallowed by a sinkhole, your claim will be approved.  But what about the ugly driveway cracks or the concerning fractures in your walls? Unfortunately, your homeowner’s insurance policy will not cover that kind of damage. In order for the damage to be covered, your house would need to be ‘unlivable’ and needs to be deemed so by a local authority.  Sinkhole insurance is the insurance you would need in order to have those claims for driveway cracks or smaller sinkholes paid for by your insurance company.  And while yes, sinkhole insurance is optional in Florida and opting out could save you some money – you need to ask yourself at what expense? Florida has more sinkholes than any other state so sinkhole insurance is certainly something worth looking into.  If you’re not sure whether or not sinkhole insurance is right for you, call Lakewood Financial Services and speak to an expert today.  We’re a local company so we can better assess your needs and risk and help you make the right decisions.  Let Lakewood Financial Services be your personal safety net.