What does mine subsidence coverage include?

Mine Subsidence Coverage Mine subsidence provides dwelling coverage for a home structure from damage due to a sinking or collapse of a mine. Coverage includes repair or replacement costs for the foundation and underground utilities of the home. It also pays out for any excavation work needed to repair covered damages.

How do you know if you have mine subsidence?

Detecting Damage

  1. Cracked, broken or damaged foundation.
  2. Cracks in the basement walls, driveway, or garage floor.
  3. Popping and snapping sounds as if the house is shifting.
  4. Walls or floors appear unleveled or tilted.
  5. Doors swing open or closed.
  6. In extreme cases, water or gas lines may rupture.

Is mine subsidence insurance required in Ohio?

Mine Subsidence Insurance Coverage The Mine Subsidence Insurance Fund provides low cost insurance coverage in 37 Ohio counties for homes damaged due to mine subsidence caused by underground mines. Insurance coverage is mandatory in 26 of the 37 counties, with a low annual premium.

Is mine subsidence insurance required in Illinois?

By statute, all insurance companies writing property insurance in Illinois must provide coverage for mine subsidence. In the 34 counties in which most of the underground mining has been conducted, the statute requires mine subsidence insurance to be included in both residential and commercial policies.

Can you fix mine subsidence?

Mine subsidence and the resulting damage are common in the area and Engineered Foundation Solutions regularly does remediation work, but repairs do not begin right away.

How does subsidence insurance work?

Most household insurance policies, and some commercial property insurance policies, cover loss or damage caused by subsidence, heave and landslip. They usually cover the cost of repairing the loss or damage and not the cost of preventing further subsidence.

Is subsidence covered by insurance?

Subsidence is covered by most house insurance policies, but only if your home has never suffered from subsidence in the past. A good policy will cover repairs to damage caused by subsidence, as well as replacement costs for lost items and alternative accommodation.

What is the deductible approved by the Ohio Mine subsidence association?

The maximum deductible is $500.

Who set the premium rate for mine subsidence insurance coverage?

the board
The premium charged for coverage shall be set by the board. At no time may the deductible be less than $250 nor more than $500; and total insured value reinsured by the board may not exceed $200,000.

How much does it cost to fix mine subsidence?

A: The maximum limit of reinsurance available on commercial properties through the Fund is $750,000….

Amount of Mine Subsidence Coverage on Residence Annual Premium
$200,000 $71
$300,000 $99
$400,000 $127
$500,000 $154

What states have mine subsidence?

Mine subsidence insurance is generally only offered in the states most at risk for the peril — in other words, those states with a notable number of properties established over abandoned mines. These states include Colorado, Illinois, Indiana, Kentucky, Ohio, Pennsylvania, West Virginia and Wyoming.

What’s the difference between subsidence and settlement?

Settlement usually occurs in new or relatively new buildings. They are very heavy and cause the ground to compact, but this normally stops after a short while. Subsidence on the other hand is far more serious and occurs when the ground beneath the building is unable to support it.

What is mine subsidence insurance and what does it cover?

What Does It Cover? Mine subsidence insurance is a niche insurance policy covering damage to your home caused by a movement of land triggered by a man-made mine.

What is the mission statement of the Illinois mine subsidence insurance fund?

Mission Statement. The Illinois Mine Subsidence Insurance Fund is a taxable enterprise created by Statute to operate as a private solution to a public problem. The purpose of the Fund is to assure financial resources are available to owners of property damaged by mine subsidence.

Does homeowners insurance cover abandoned mines?

Millions of homes in the U.S. are built over abandoned mines, and if your home is vulnerable to land shifts caused by these mines, the damage may not be covered by your standard homeowners insurance policy. Mine subsidence insurance rates are generally very affordable.

How do I find out if my home has mine subsidence?

Talk to the seller or developer of your home about mine subsidence risks in your area, or check with a county clerk office or zoning board to see if they have any information about mine locations or mine subsidence episodes. In some cases, your homeowners insurance policy may already include mine subsidence coverage because of state requirements.