TAMPA, Fla. — While catastrophic collapses from sinkholes are rare, they can still pose a threat.
In Tampa Bay, an area known as "sinkhole alley" due to favorable conditions, many homeowners may not realize they don't have sinkhole coverage until it's too late.
This week, a sinkhole in Seffner opened up for the third time in ten years. The collapse killed 37-year-old Jeffrey Bush in 2013.
Tampa Bay tops the list in the majority of claims for sinkholes, said Mark Friedlander with the Insurance Information Institute.
"Sinkhole coverage is not included in a standard home insurance policy," Friedlander said." However, state of Florida law requires all insurers to offer."
Friedlander said the numbers differ per person, but on average, a single sinkhole coverage policy could cost about $5,000. However, claims run well more than $100,000.
"Is it worth, say, $5,000 added to your policy? That's what each homeowner has to decide if they want to take the chance, just like any other insurance," Friedlander said.
Sinkhole insurance coverage is an add-on, also called an endorsement. The coverage is also an additional deductible.
It is not included in what's called "catastrophic ground cover collapse" coverage, which has to meet certain criteria for coverage.
"Certainly, it's a serious problem, but with a little bit of due diligence, most of us are safe and we can buy homes feeling rather secure," Dr. Tony Randazzo, professor emeritus of geological sciences at the University of Florida, said.
Randazzo said there are several ways to survey whether your home is on land prone to sinkholes. For instance, contacting a geological consulting firm or a civil engineering firm can be an option.
Randazzo notes the catastrophic collapses are rare, testing can verify the true risks your home faces. He notes if there are no symptoms of distress, the area is generally safe, but there are factors that may cause such symptoms.
The Florida Geological Survey is one resource concerned homeowners may look into.