Quote:
Originally Posted by Stu from NYC
We were worried about waking up one day 50 ft or so underground and decided sink hole insurance would be a good idea
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If that happened your catastrophic ground collapse coverage would kick-in and you would be covered and every policy in Florida has this coverage by law.
Also, separate sink hole insurance usually has a large deductable so you need to understand what your deductable is. Usually it's pretty large. So for example say it's $10,000 and you wake up one morning and there is a 5x5 depression in your front lawn. How much do you think the cost would be to fill it in? Then you might say well if i see a small depression how do i know if there is a huge problem under your house, well that insurance won't cover you unless there is an event.
Many of the sink hole occurances a couple of years back were catastrophic ground collapse so depending on where you live the probability may be so low that you are wasting your money. It's almost like the chances of your home getting hit by lightning.
As far as flood insurance, if you live south of 466A the storm water management system here in the Villages makes the chance of you getting a flood very low. You can look at the FEMA maps to see how much your specific home is as risk and then make the assessment. But i would get the sewer backup insurance for sure. It's not expensive.
Getting sink hole and flood insurance is dependend on you tolerance for risk as you see it.