[outlaw]

Originally Posted by golfing eagles

Please feel free to disagree if I am naïve, and feel free to correct me if I'm wrong, but....
According to the US Geologic Survey, TV is approx. 32 sq mi = 5280x5280x32=892,108,800 sq ft. If the avg lot is 10,000 sq ft and the avg home footprint 4,000 sq ft(probably high), then the odds of a single sinkhole on your property is 1:89,211 and opening under your structure 1:223,027. Also, according to the USGS map, there have been approx. 30 sinkholes in all of Sumter County reported since 1954. The FL DEC map shows somewhat more, but they include septic system collapse and water main breaks on their map. So lets go with 2 sinkholes/year in the confines of TV (also probably high).
If you have a total loss, you are covered under "catastrophic ground collapse" term of your insurance. You need "sinkhole" coverage if you have damage but the home is still inhabitable. So let's say the average repair cost of non-catastrophic sinkhole damage is $100,000---this would mean from the homeowner's perspective, the 50/50 cost effective odds of sinkhole insurance (if you can get it) would be 45 cents/year!!
Now, from an insurer's perspective, they can expect an average payout of $200,000/year in TV. Last Census data shows about 17,000 homes in TV, and if they charge $500/year for sinkhole insurance and everyone buys, they take in 8.5 million/year in premiums, so WHY IS THIS INSURANCE HARD TO GET?????? Better yet, maybe I'll go into the sinkhole insurance business, unless of course the cost of government regulation is 6 billion/year lol

I think there are about 50,000 homes in TV, now. Average lot size more like 4000 sf. And maybe the damage assessment is closer to $200,000. But in the final analysis, one would think that sinkhole liability would be very reasonable for an insurance company. I don't understand why it is so difficult to buy sinkhole insurance, either. I wonder why the residents, or the developer, haven't created a COOP to provide this insurance.