Quote:
Originally Posted by KEVIN & JOSIE
Is it true that only new homes are being offered the sinkhole coverage with high 10% deductibles? If you purchase a resale you can not get this additional coverage?
|
The new-home-coverage-only thing is how it was for a while.
(I think that went into effect after there were so many claims for things that were not really sinkholes, but were cracks from normal settling, etc.
I always figured it was Claims-Milkers and litagators and a powerful Florida insurance lobby, and who knows what other kind of lobby, that resulted in what looked to me like a knee-jerk reaction from insurers that made it impossible for those who wanted to buy pre-owned homes to get anything beyond catastrophic ground collapse, even if they were willing to pay the higher cost.)
During that time, those who already had sinkhole coverage could still renew it.
BUT, THEN, somebody must have run the odds and decided it was worth it for insurance companies to get back into the biz of selling sinkhole coverage for pre-owned homes. Expensive though it may be, the last I heard, it could be had. That has been a relatively recent change, like maybe just a year or two ago. I assume that change back is still in effect.
If I were you, I would call one of The Villages Insurance offices, on-site, and get direct info. They know the territory, literally, as well as figuratively, and will give you far better and more accurate information than I can. (I am just some woman typing away on TOTV this morning because I am trying to avoid gathering up all our income tax stuff.)
Always, always, consider your source of information.
