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As sinkholes increase in Florida, so might bad faith insurance

Sinkholes used to be quite rare. However, recently they have become more frequent, especially in Florida. The unique geology of Florida makes the land especially prone to sinkholes, and rapid development has made them regular hazards to property.

These natural catatrophies can't be predicted and might completely destroy a person's home. Because of the increased frequency in which sinkholes are occuring, it is important that home owners understand their insurance coverage. According to a report, the number of sinkhole claims from 2006 was 2,360. That increased to 3,135 in 2010. This large increase means more families are facing loss or damage, which can displace them permanently.

If someone files a claim because of a sinkhole, it is important that their claim is accepted. If an insurance company denies a claim, the family might not have any options. Losing a home can be financially devastating and insurance is meant to help a family get back on their feet after a catastrophe.

Denials of legitimate claims that should be covered under a policy could be bad faith insurance. Speaking with an experienced attorney in Florida who handles bad faith insurance might be a wise decision. They can explain the rights to the person and help them take action to have their claim approved. While these sinkholes might be increasing the costs to insurance companies, they shouldn't result in families being unable to restart their lives. Increasing premiums should help insurers guarantee that their property will be covered after a natural catastrophe such as a sinkhole.

Source: Business Insider, "Sinkhole Damage Insurance Claims Are Increasing Significantly In Florida," Diana Olick, Aug. 16, 2013

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