Quote:
Originally Posted by pjolson
We just found out this week that our insurer (Security First) will no longer write sinkhole coverage in Marion County although they will continue to cover catastrophic ground collapse. In other words, when our homeowners policy comes up for renewal in March, it won't include sinkhole coverage. When I
asked our agent about this, she stated that all eight companies she deals with are no longer providing sinkhole coverage for homes in Marion County because of extensive losses in the northern portion of the county.
Has anyone else run into this same issue? If so, has anyone found a solution? |
pjolson: My Homeowner policy took big jumps for two consecutive years. I called and had a long conversation with the agent. I was told that while the rates went up I should consider that other insurance companies were going to raise their rates substantially higher and/or eliminate coverages. Sink holes are very costly to remediate. Additionally that is why there are two coverages sudden collapse and sink hole. Because a large part of that cost is the debate between homeowner and insurer as to whether the coverage was activated. Sudden collapse can only occur with a sink hole whereas with the latter there will be a dispute if cracks in the concrete are a result of sink hole or naturaly settling. There were a rash of claims submitted in the Tampa area that were not sink hole but it cost the insurance companies thousands to defend them.
Our governor has saw it fit t allow all insurers in the state raise their rates as needed because he is attempting to take pressure off of citizen Property and the states reinsurer. God bless our Governor. if this doesn't do it or if the state experiences some cat losses expect another round of increases