Sinkholes – such a deal!

Busy that I am, I missed the wonderful insight that III affiliate Lynne McChristian had in Florida’s sinkhole report:

… [O]nly 20 percent of claimants actually have repairs made. So, 80 percent make an insurance claim for sinkhole damage, do not make repairs (because repair work is optional) and do what with the money? Some pay off their mortgage; others may just take the money and stay – or take the money and run.

The average sinkhole claim, by the way, is $140,000.

(h/t Claire Wilkinson of III)


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