Sinkhole disasters have been in the rise in Florida in recent years and are expected to become more frequent, especially as builders go further out of cities in search of relatively inexpensive land, CNBC reported.
People can neither predict sinkholes nor really prepare for them, and it’s impossible to know whether one will develop even a year or two after a property is completed, according to Peter Zalewski, an expert in Florida real estate development.
“At least with rising tides, property owners can opt to buy on higher ground some distance from the coast,” Zalewski said. “As Florida’s population grows and development continues, we expect sinkholes to become a bigger and bigger issue for homeowners with no clear solution in place.”
Sinkhole insurance can run anywhere from around $200 to $2,000 annually depending on a home’s location, CNBC said.