Florida law now requires insurers to cover catastrophic ground collapse.
Naples, Florida (PRWEB) February 28, 2013
The insurance agents at Gulf Coast Educators Insurance in Naples Florida are pleased to offer Florida policy holders Catastrophic Ground Collapse insurance. This new type of property insurance gives homeowners full coverage should their home totally collapse due to abrupt changes in the ground cover or a depression in the ground cover that is clearly visible to the naked eye.
“Florida law now requires insurers to cover catastrophic ground collapse. We are excited to be able to offer this to homeowners especially since Florida has more sinkholes than any other state. We are now educating homeowners to be cautious because this new law defines catastrophic ground collapse differently from sinkholes” says Ron DeFreitas, Owner/Agent of Gulf Coast Educators Insurance.
DeFreitas adds “There are four criteria that classify true Catastrophic Ground Collapse. If a home is damaged by sink hole activity but does not meet any of the criteria a homeowner’s policy may not pay for damage if they do not have sink hole coverage. It’s a tight rope to walk. We encourage all of our home insurance policy holders to call our office and we can explain the differences in coverage.”
The State of Florida defines Catastrophic Ground Collapse as geological activity that results in:
1. Structural damage to the building including the foundation
2. The abrupt collapse of ground coverage
3. The insured home or outbuilding is condemned and homeowners are ordered to be evacuated by authorities
4. A depression in the ground cover visible to the naked eye
“This is very different from the definition of a sinkhole. Florida law defines a sinkhole as a land form created by subsidence of soil, sediment, or rock as underlying strata are dissolved by groundwater. Our Florida insurance agency does offer sink hole coverage as required by the state. This coverage is usually a rider or addendum to an existing homeowner insurance policy. Some insurance underwriters require an additional premium charge for Florida sink hole coverage” says DeFrietas.
The home and property insurance agents at Gulf Coast Educators Insurance offer several tips to home buyers:
1. Consider testing for sink holes
2. Have a home inspection – look for cracks in the foundation and walls, ask the inspector if they there are signs of possibly sink hold activity and if the home could be at risk
3. Confirm the home in question is insurable – often times a home may be structurally not sound and may not qualify for a Florida homeowners insurance policy
4. Consider including sink hole coverage in your homeowners insurance policy, check the costs of this
The insurance agents at Gulf Coast Educators Insurance offer a variety of home and property insurance policies including coverage for condominiums, single family homes as well as renters insurance and Florida flood insurance.
“Florida homeowners need to exercise caution when buying a home and getting the right property insurance coverage. We see many times new home buyers underestimate the property insurance coverage they really need. Calling our Florida insurance agents in either our Naples or Port Charlotte Florida offices prior to buying a home will save homeowners a lot of headaches. We will counsel prospective buyers on the right property coverage to avoid costly mistakes later” states DeFreitas.
For more information on Florida property insurance and homeowner’s policies, Florida residents are encouraged to visit http://www.propertyandhomeinsuranceflorida.com or call Gulf Coast Educators Insurance at 239-591-0963 or 941-391-5423 or email ron(dot)defreitas(at)horacemann(dot)com.