Quote:
Originally Posted by CruiseZ
We are coming down in April to look at resales. Is it true that we won't be able to get sinkhole coverage???
It could be a deal breaker :-(
|
Yes, it's true. Apparently the Insurance companies that still insure homes in Florida have all dropped their sinkhole coverage (no collusion there I'm sure).
The still cover 'catastrophic' sink hole collapse' (those that open up and swallow your home in a short period of time) but not the 'gradual' sink hole.
I know because I own a home in Pennecamp and originally had it insured as a 'vacation property' not my permanent residence (I didn't actually know I was doing that at the time, I just relied on TV to set my insurance up and that's the way the mortgage company did it). It is now a primary residence and I tried to change the policy to add additional protections, but, the Insurance agent told me the company wasn't accepting new business in Florida and technically, this would be new business. She then told me that all insurance companies accepting new business had dropped coverage for the 'gradual sinkhole'.