Quote:
Originally Posted by outlaw
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.
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Because the sinkhole insurance on a state level was being abused. People were turning in fraudulent claims.
This led to changes being made a couple of years ago. I will see if I can find the information and link it here.
There are many explanations of this. Type in words similar to these; sinkhole fraudulent claims insurance Florida, or law changed in 2009.
It is a statewide problem, although most sinkhole activity is in West-Central Florida, with the Tampa area having the most.
Here is one link;
New Florida law takes aim at sinkhole fraud - NetQuote