Do You Have That Sinking Feeling?
According to the Florida Office of Insurance Regulation, Florida has more sinkholes than any other state. The Florida Geological Survey noted that, “[s]ince the entire state is underlain by carbonate rocks, sinkholes could theoretically form anywhere.” To illustrate the problem, there were 4,500 number of sinkhole insurance claims in Florida in 2011, with total losses and allocated loss adjustment expenses totaling $537 million. In contrast, Arizona isn’t affected by sinkholes due to our geology. So if you want to avoid a downward journey, buy your next home in the Valley of the Sun.