Mine subsidence occurs when underground coal mines, abandoned or otherwise, collapse or shift, leading to sinking or settling of the ground above. This can result in severe structural damage to homes and buildings. To safeguard your property from these risks, you need to purchase Pennsylvania Mine Subsidence Insurance through the Pennsylvania Mine Subsidence Insurance Fund (PMSIF).
3 Things you should know:
1) Regular homeowners insurance policies usually do not include the ability cover in case of mine subsidence.
2) Covers Commercial and Residential Properties
Pennsylvania Mine Subsidence Insurance is not limited to residential properties. It also covers commercial properties, which makes it a valuable resource for business owners in the state. Whether you own a small business, a factory, or a retail space, you can purchase this insurance to protect your investment from the potential consequences of mine subsidence.
Commercial property owners should take note of this insurance option, as the cost of repairs following mine subsidence can be significant. By obtaining coverage, you can ensure your business is not financially crippled in the event of ground movement due to mining activities.
3) Coverage Is on a Per Structure Basis
One distinctive feature of Pennsylvania Mine Subsidence Insurance is that it is provided on a per structure basis. This means that each insured building or structure has its own policy, and coverage is determined independently for each of them. It’s important to remember that not all structures on your property are automatically covered under a single policy.
This individualized approach is meant to offer flexibility and ensure that you receive coverage tailored to the specific structures you want to protect. However, it also means that you need to carefully assess your property’s risk and insure all structures you want to be covered against mine subsidence.
Conclusion
Pennsylvania Mine Subsidence Insurance is a critical component of protecting your property investments in a state with a history of coal mining. Don’t assume that your regular homeowners insurance policy will cover the risks associated with mine subsidence, as it typically does not. Instead, be proactive and purchase this specialized insurance to safeguard your residential and commercial properties. Remember that the coverage is determined on a per structure basis, so you must evaluate your property’s needs carefully.
