Quote:
Originally Posted by nhkim
We have Progressive through The Villages Insurance Agency. I spoke to them recently about adding sinkhole coverage. This is what I was told: Our policy covers catastrophic coverage (i.e., a sinkhole opens up on or near our property and our house is uninhabitable). Specific sinkhole coverage is for more gradual things that are caused by a nearby sinkhole (cracks in walls or foundation, doors that now won't close because of shifting of the ground). That coverage can only be added once a year at policy renewal time because a complete home inspection must be done before the coverage is added (with a fee that will be paid by us). As a prior poster said, it's something like $800 a year. We plan to get it when our policy renews.
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If the inspection uses GPR(ground penetrating radar) and discovers subsurface voids then the home values of yours and your neighbors may drop substantially
Under the Florida case of Johnson v. Davis, the seller of residential real property in Florida is required to disclose any material defects in the property which are known to the seller and which are not open and obvious. However, proving such a case is difficult. You should discuss your situation with an experienced real estate lawyer in your area to determine whether your builder violated the Johnson v. Davis standard and what options are open to you.
Just a moment...
Best to shop around for an insurer who offers sinkhole loss(edit) coverage without inspection.
Catastrophic Ground Cover Collapse vs Sinkhole Coverage - Explained).