A sinkhole is a natural depression or hole in the surface of the earth which is caused by the natural erosion or slow removal of bedrock by water. This happens when percolating water causes the cave roof to collapse or the water table to lower. If a sinkhole is located beneath your property, it can be extremely costly if it were to cave in.
Sinkhole damage insurance will provide you with peace of mind during these unexpected, and often times expensive, environmental problems. Maintaining sinkhole damage insurance offers property owners, renters, contractors, and financial institutions the ability to transfer their risk to an insurance agency. This insurance will also include cleanup costs and protection against liability relating to the environment of one’s property.
It is not uncommon for insurance agencies to fail to live up to their end of the deal, while policy holders continue to pay a premium for damages. At Arguello, Hope & Associates we have years of experience and are well-known for our ability to establish the existing terms and conditions of insurance policies, in turn, securing litigation defense coverage’s, and lunching investigations and cleanup funds for policyholders from their insurance agencies.
For more information, complete the “Free Case Evaluation” form on this page – It’s 100% FREE.
Types of Sinkhole Damage Insurance
Some homeowner policies may cover losses caused by sinkholes, however one should not assume that this is one of the hazards covered by their insurance policy. If your policy does not cover sinkhole damage, you may want to consider purchasing a separate policy to provide you with this sort of protection.
It is a good idea to do some research to see if sinkholes are prevalent in your area and to perform routine checkups on your property looking for any signs of sinkhole damages. There are two common types of sinkhole damage insurance coverage’s. These coverage’s are also known as risk management tools for policy owners. This is because the allow for policy owners to transfer their property damage risk to the insurance agencies, this may include cleanup costs, and liability related to environmental conditions on one’s property.
The two common forms of sinkhole damage insurance include:
Cost Cap (CC)
Cost cap covers the cost overruns in the case that a planned environmental remediation costs more than was expected.
Pollution Legal Liability (PLL)
Pollution legal liability focuses on the risks and costs related to potential contamination both on and off a person’s property along with unanticipated contamination that is found while redevelopment or cleaning.
This is commonly used for the following:
Coverage for Cleanup Costs – Coverage for cleanup costs covers the cost a policy holder may run into for new or pre-existing pollution conditions and also to address contamination.
Legal Defense Expense – Legal defense expense covers legal costs associated with defending or settling a liability dispute for pollution for both claims made by private third parties or the government.
Third-Party Coverage for Bodily Injury and Property Damage Claims – This covers damages sustained to other parties, other than the insured, and covers property damage and injuries associated with pollution type conditions.
It is common for people to believe that sinkhole damage insurance is expensive, or that they do not require sinkhole damage insurance; however, most policies are flexible and coverage can also be customized to fit the needs of each individual. Plus, we never know when or where a sinkhole may be so it is best to find a coverage that will be of greatest benefit for your situation.
In addition, there are several coverage enhancements which can be purchased that depend on industry specific exposures. If you are having trouble with your insurance agency refusing to help repair damages to your home or business, which fell under the terms of your policy, Arguello Hope & Associates can help you achieve the full compensation that you deserve.
To learn more, simply fill out the “Free Case Evaluation’ form located on this page – It’s FREE.
Contact An Experienced Houston Insurance Claim Attorney
If you need an accomplished insurance claim attorney, contact Arguello, Hope & Associates by calling us at 281-532-5529 for a free, no obligation and confidential consultation.
With dozens of successful verdicts and settlements for our clients, we have the knowledge and experience to handle your home owner’s litigation, and are not afraid to confront large firms, such as insurance companies, on behalf of our clients.
Start now by filling out the “Free Case Evaluation” form located on this page – It’s That Easy!