Renters Insurance

Who is responsible for carrying sinkhole insurance? The renters or the landlord?

If your parents are renters, they are not responsible for the property — just their own liability and possessions — so it's not required to have sinkhole insurance since that's property-related. The landlord has to maintain safe living conditions for their property.

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Homeowners Insurance

Cost of sinkhole coverage in Tampa, FL

Florida currently requires home insurance policy and by extension insurance companies to offer coverage for what they call “Catastrophic Ground Collapse,” which may not actually cover damage caused by a sinkhole. Catastrophic Ground Collapse coverage differs from sinkhole insurance by requiring four standards are met before an insurance company will cover your loss: The ground collapse must be abrupt The depression of the ground cover must be clearly visible to the naked eye Structural damage must occur to the building covered on your insurance policy (this includes the foundation) The structure must be condemned and ordered to be vacated by the government agency authorized to issue such an order for that structure If you sustain a sinkhole on your property but don’t meet those criteria, you could be faced with a financial catastrophe. Your home could be damaged, but not severely enough to warrant a “condemned” status, leaving you with a huge repair bill and no coverage. Sinkhole insurance, on the other hand, does not require these same standards to be met before coverage applies for a loss, making it easier for homeowners to file a claim if their home is damaged.
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