Sinkhole Home Insurance Kentucky

Sinkholes Plague Penn's Ridge Development

The aftermath of Hurricane Irene has left one Forks Township housing development with sinkholes .

About 20 residents appeared before the township Board of Supervisors Thursday asking for help in resolving their sinkhole problems at the Penn’s Ridge development off Kesslersville Road.

Since Penn’s Ridge is not owned by the township, the repairs will have to be done by Omega Homes, an Allentown-based developer. The development does not have a homeowners association.  

Supervisor C. David Howell said the township will try and assist the homeowners as much as they can.

Peg Dissinger of Omega Homes said the company is aware of the situation and the developer is working with the homeowners and township to resolve the matter.  

Mark Roberts, the township's Director of Public Works, said the area is prone to sinkholes.

“That whole area is broken up,” said Roberts. “They’re serious holes at this time.”

“Everywhere and anywhere in the township a sinkhole can pop up,” said Supervisor Erik Chuss. “It’s just the nature of the area.”

Pennsylvania is one of seven states that suffer the most damage from sinkholes, according to the U.S. Geological Survey. The other states are Florida, Texas, Alabama, Missouri, Kentucky and Tennessee.

“If it isn’t a township problem then Omega doesn’t have to fix it and then we all wind up with giant pits in our back yards,” said Gillian Lane resident Jorne Walter.

Walter said he is concerned about children playing around the neighborhood.

“One of the residents has a 23-feet deep sinkhole,” said Walter. “That thing was really alarming.”

Maria Tatay of Jeanette Lane said she has had to repair the front of her property more than once. In April, Tatay said, repairs had to be done to the driveway, sidewalk and a portion of the street in front of her home.

What Are Coinsurance Clauses and Do Courts Enforce Them ...

Many insurance policies contain coinsurance clauses which require policyholders to purchase an amount of insurance that accurately reflects the value of their insured property.   If less than a certain percentage of the accurate value is purchased, policyholders may not be able to fully recover in the event of a loss..

Coinsurance clauses can be confusing and often leave policyholders in distress. The good news for policyholders is that a little education can go a long way in this area of insurance law. If you understand the basic principle that you must maintain insurance on a certain percentage of the value of your property, then you will be fully insured when disaster strikes.

WHAT IS COINSURANCE?

Coinsurance is a property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not at least equal to a specified percentage (commonly 80 percent) of the value of the insured property.. For example, if a building valued at $250,000 is insured with a policy containing an 80% coinsurance clause, the policyholder must purchase at least $200,000 in coverage. If the policyholder purchased less than $200,000, he or she would be responsible for a proportionate share of the loss.

IS A COINSURANCE CLAUSE VALID?

Most commonly, yes. Some states, including Kentucky, have passed statutes voiding coinsurance clauses in property insurance policies which insure risks associated with fire or storm damage on real property. However, in states that have not passed a statute prohibiting coinsurance clauses, courts follow the common law and uphold them.

HOW IT WORKS

The basic formula for determining whether you have enough coverage is:

Actual Amount of Insurance divided by the Required Amount of Insurance then multiplied by the Amount of Loss. This equals the amount the insurance company will pay, less any applicable deductible.

Kentucky, a history of the State, embracing a concise account of the origin and development of the Virginia colony, its expansion westward, and the settlement of the frontier beyond the Alleghanies : the erection of Kentucky as an independent State, and its subsequent development

Home, A Memoir of My Early Years

Insurance for Dummies

At Home, A Short History of Private Life

The new life insurance investment advisor