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Repairing a house damaged by a sinkhole? Beware of the money well

If you buy, sell or own real estate in Florida or have resided in Florida for some time, you probably know that Florida is more prone to sinking than hurricanes or tropical storms combined. It is impossible to determine the amount of monetary damage caused annually by Florida sinks. A house damaged by a sinkhole costs on average between $ 100,000 and more than $ 150,000, so we could do the math, however, we just don’t know how many homes or businesses are actually affected.

Although there is a database maintained by the Florida Geological Survey on the number of sinkholes reported in Florida, no one really knows the actual number of sinkhole households or sinkhole occurrences in Florida and the only data that is collected is data based In the number of sinks. He observed sinkholes in Florida. The Florida Geological Survey (FGS) has collected data on the Florida Karsts (sinks) since 1907 in an attempt to understand the relationship between karsts and the state’s groundwater resources and aquifer systems.

Yet fascinating to geologists, sinkhole formation in Florida and its relationship to “karsts” and the “aquifer” is the last thing a sinkhole-damaged homeowner cares about. If you suspect that your home has been damaged by a sinkhole, what you need is “HELP”. If you’ve seen or experienced any of these 9 common signs of sinkhole activity, you need to immediately educate yourself on what to do and perhaps most importantly, what not to do next.

1.) Has depressions or an opening in the ground.

2.) Cracks inside floors, walls or ceiling.

3.) Windows and doors do not open and close properly.

4.) There is a slope in the floor of the house.

5.) Cracks in the stair treads on the exterior walls of the house.

6.) Cracking or buckling of concrete slab floors.

7.) Well water has dirt or debris in it.

8.) Feeling that the house moves under your feet.

9.) The house next to your house is a sunken house in Florida.

There may be other signs of sump damage in your home, such as plumbing and various other problems, and it is best to seek the advice of an experienced sump engineer to determine what steps to take. Are you prepared for a house damaged by a sinkhole?

Owning a house damaged by a sinkhole can be expensive and even once repaired; Owning a home that has been affected by a Florida sinkhole can be an ongoing nightmare. Most homeowners believe that once a sinkhole damaged home is repaired, it is no longer a financial or dangerous risk. This is not the case. Unrepaired sinkhole-damaged homeowners can spend more than $ 150,000 to repair a home just to have the sinkhole and damage reappear over and over again. Selling your home to an investor who will buy it “unrepaired” is often the smartest option. As difficult as it can be to part with the damaged home, most of the time it saves the homeowner financially and in some cases takes him out of what could be a very dangerous situation.

Repairing a house damaged by a sinkhole? “Beware of the money well”

The cost of repairing a house damaged by a sinkhole is astronomical. Most homeowners think that if a sinkhole damages their home, the insurance company will have to cover the cost of the repairs. The truth is that insurance companies do not encourage the use of combined repair methods and will only pay up to the policy limits for home repair. The problem is compounded and is something of a double-edged sword, as most insurance companies go to great lengths to avoid paying up to the policy limits. Additionally, insurance companies often recommend that a homeowner opt for a single particular repair method rather than a combined proven method of sump repair. This makes recurring damage and costly repairs even more likely.

What options do landfill-damaged homeowners have?

Owning a sinkhole-damaged home can affect a homeowner’s finances in many ways. Not only does it absorb the value of your home, but it also leaves you dry from the high cost of initial and recurring repairs. But what options do you have if you own a sunken home? The options are pretty straightforward: stay and repair or sell and move into a safe house free from subsidence damage. Most importantly, the sale frees the owner of the well from large amounts of money. (No pun intended). This means that the owner does not have to cover any initial or recurring repairs if a sink damaged property is sold to an investor.

What buyers want to know about your sunken home and what to disclose

If you think you can sell your sump-damaged home after you’ve repaired it, think again. First, you must disclose this information to potential buyers of your home. Second, insurance companies will typically advise the buyer seeking homeowners insurance that their home is listed as sinkhole property, if it has indeed been determined to be in a sinkhole “area.” Of course, there is no real reference to this, with the exception of maps of past sinkhole activity in the area, as well as geological reports of the area. Insurance availability is a valid concern, and buyers who do not specialize in buying sinkhole-damaged homes, most always shy away from this type of sale. Many home buyers and homeowners are denied insurance even if there has been a report of a sinkhole within a half mile or less of the home they wish to purchase. Again, this is just another reality of owning a sinkhole damaged home. Insurance companies have the right not to issue an insurance policy based on sinkholes in the “area”.

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