Aug
20
2010

Sinkhole Damage Diminishes Home Values

What can I do about the lost value of my sinkhole home?

 Unfortunately, insurance policies and Florida law do not allow for recovery of loss of value to your property. This is an extraneous consequence of having a sinkhole claim that insurance contracts and insurance companies do not take into consideration.

This is a cold business with a cold approach. Insurance companies do not take human factors such as diminution of value of the home, inability to find insurance again or time missed from work to be present for the numerous inspections into account. These are things that you will not recover under the contract. These are things that we hope juries pick up on and take into account when determining the damages to a homeowner.

Repairing a sinkhole home does significantly increase the value of the home but, is unlikely to recoup 100%. The good news is that as sinkholes become a more integral and accepted risks of homeownership in Florida, buyers seem to be a little less bothered by the sinkhole stigma as in years past. Keep in mind that there may be some additional coverages or damages that can be payable for over charged premiums or the cost to move out in some circumstances, so there may be a light at the end of the tunnel for certain homeowners.

Read our tips on filling out a sinkhole claim.

Have a burning question you”â„¢d like to ask about sinkholes? Let us know.