Adding sinkhole coverage added 19% to our total homeowner's premium cost this past year. Taking that into account, our total premium for this coming year has also increased an
additional 17%. YIKES!!
Like flooding, sinkholes can pop up practically anywhere in FL though some areas are more prone than others. Best to check with a company that writes homeowner's policies to see how they rate the risk. Some have posted that they've found some companies that won't write sinkhole coverage in certain areas of TV.
Also, you might consider it prudent to have a sinkhole inspection done prior to the purchase of an existing home. Maybe you could finagle the same on a new build lot prior to signing a contract - would obviously have to be coordinated with TV powers-that-be. Our insurer required an inspection by a 3rd party prior to adding that coverage to our policy - they split the $150 cost with us. Fortunate news for us was that everything checked out o.k. in that inspection!
To me, sinkhole coverage is like any other form of insurance - it's a complete waste of money.........
until you need it! And if you don't have it, you'll sure wish you did.
Bill
