Companies do a filing with the State of Florida on what deductibles they will offer for sinkhole coverage. Most companies have chosen 10% but some companies elected to offer the all perils deducitible for sinkhole. Example: if you have a $500.00 all perils deductible then your sinkhole deductible would be $500.00. $1000 deductible then sinkhole is $1000.00.
If you have a 10% sinkhole deductible and Coverage A dwelling coverage is $200,000 the sinkhole deductible would be $20,000.
If a company wants to change coverage deductible they have to do a filing through state for approval.
|