Quote:
Originally Posted by retiredguy123
All homeowners policies in Florida must include "catastrophic ground collapse" coverage. That coverage will only apply if your house is damaged and it is condemned and deemed uninhabitable by the local Government. Also, some insurance companies may offer an optional "sinkhole" coverage that will cover any damage to your property caused by a sinkhole. If you can get the sinkhole coverage, it is probably a good idea, but not all properties are eligible.
Flood insurance is a Federal Government subsidized insurance program for damage caused by rising water. In my opinion, flood insurance is not needed in The Villages. But, it is a good idea to get an optional rider to your homeowners insurance that will cover damage from a sewer line backup.
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Well,that's the theory, anyway. When American Integrity renewed the policy on my rental this year, in addition to hiking my rate 20% and eliminating all coverage for my roof except in the case of a named storm, they also quietly removed my catastrophic sinkhole coverage.
But I guess I should be grateful. Absolutely no other company in the Florida insurance cartel would sell me a policy, even when I offered to exclude the roof. And, of course, none of the real insurance companies that do business nationally will even write a landlord policy in Florida, including USAA, which has insured my primary home in multiple states for decades without a single claim.