HENDERSON, Ky. (WFIE) – After a mine collapse in Providence was reported on Wednesday, 14 News sat down with an Insurance agent to discuss how mine-related home damage can be covered.
James Roll with Vaughn Insurance in Henderson said if you live near that mine, it’s time to check out your existing insurance policies.
“See if they have mine subsidence listed on their declaration page,” he said. “That will tell them if they have the coverage and they can read through their policy and find the form that will actually describe the coverage and how it affects their policy.”
Subsidence insurance was also recommended a few weeks ago when surveys in McLean County showed subsidence risks.
Roll said that in many counties throughout the commonwealth, subsidence coverage is required, unless you fill out a waiver.
He said that can be risky.
“If you don’t have the coverage on your home insurance policy, and you have a mine subsidence issue, then you have to go through the legal recourse of trying to sue the mining company and try to get your home repaired that way,” Roll said.
He said even getting the insurance can have its drawbacks.
In particular, Roll said Indiana’s premiums for subsidence coverage is much more expensive than it is in Kentucky, and that can be prohibitive.
“If you need the coverage and you know you’re going to have to pay three to 700 dollars a year extra for coverage, that can add onto your mortgage payment,” he said. “I think same consideration for a home in a flood zone.”
Both Indiana and Kentucky provide maps of the state where you can see if your home or a home you’re looking to buy is sitting above a mine.
Kentucky’s website is https://eppcgis.ky.gov/minemapping.
Indiana’s website is https://indnr.maps.arcgis.com.
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