Homeowner insurance is available for repaired or un-repaired sinkhole homes!
Whether you have chosen to stabilize your home by the more expensive grouting method or you have chosen the less expensive method of underpinning, as long as a licensed engineer has certified that the home has been stabilized and all cosmetic repairs were completed, then Citizens would accept the documentation provided and submitted to underwriting.
With over ten years of experience specializing in insuring “sinkhole” homes, we have had great success placing repaired sinkhole homes with Citizens. It is a timely and cumbersome process, gathering and submitting all of the information to underwriting, but the extra work pays off for our customers, by saving them a lot of money.
For many years, there were no admitted insurance carriers that would insure this type of risk. We were relegated to insuring the homes through a surplus lines market, with rates much higher than Citizens would offer.
Many homeowners that have filed a sinkhole claim and have been dropped by their carrier, have decided to go without insurance, if they were fortunate enough to own their home outright. This is not prudent as your home is, in most cases, your biggest investment.
Some have allowed their mortgage company to “force place” insurance on them, at usurious rates.
Others have been able to find agencies, such as mine, that are have been able to place the business with a Lloyds of London affiliate. Not all Lloyds affiliates will insure a home that has had a sinkhole claim.
My clients have been fortunate that we could insure their “sinkhole” home, whether they have chosen to repair the home or whether they have chosen not to repair it.