Staring tomorrow, homeowners and commercial building owners in Pennsylvania can take advantage of substantially lower rates for mine subsidence insurance, making it more affordable to protect against catastrophic damage should an abandoned mine beneath their property collapse without warning, according to the Pennsylvania Department of Environmental Protection.
Effective the first of the year, annual premiums for residential mine subsidence insurance will decrease by 25 percent. Insurance rates for commercial structures will drop by 60 percent. Acting Environmental Protection Secretary John Hanger said this affordable coverage can protect an investment and provide peace of mind to a home or business owner in Pennsylvania’s anthracite and bituminous coal regions.
“Most homeowner policies do not cover damage caused by mine subsidence,” said Hanger. “More than 1 million Pennsylvania homes sit on top of abandoned mines, yet most homeowners in mining regions do not have this most basic coverage. The department has taken several measures to make Mine Subsidence Insurance even more affordable and easier to purchase, and it has expanded available coverage to include sidewalks, driveways, retaining walls, in-ground pools and other types of property.”
The average premium for mine subsidence insurance for residential property owners will be less than 70 cents for $1,000 of coverage.
Pennsylvania’s Mine Subsidence Insurance program is a nonprofit fund administered by the Department of Environmental Protection that provides coverage of up to $250,000 for homes, businesses and attached structures in the event of subsidence from abandoned coal and clay mines.
Topics Pricing Trends Pennsylvania Pollution
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