The Kentucky Department of Insurance published a bulletin announcing new premium rates for the Mine Subsidence Insurance Program, effective January 1, 2025. The program covers loss to a structure caused by the collapse of underground coal and clay mines in Kentucky. This peril is typically not covered by a homeowners policy.
Additionally, the maximum total insured value eligible to be insured by the fund is being increased from $300,000 to $500,000 per structure. The additional living expense limit is being increased from $25,000 to $50,000. ALE benefits are eligible for insureds who are temporarily displaced as the direct result of damage caused by mine subsidence.
The table below shows the new rates for both residential and commercial policies:
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