Quote:
Originally Posted by 784caroline
Just remember in checking with insurance companies that "Catastrophic Ground Cover Collapse", which every Florida homeowners policy should have, is different than "Sinkhole loss". In this senario there typically is a visible ground depression and the structure is condemed or ordered to be vacated by the county. Deductible is normally the same as your "all other perils" portion of your policy.
Sinkhole loss is the "gradual" settlement or weakening of the earth supporting your property...common indicators are cracking of the foundation or walls, doors and windows not opening properly. Some insurance companies are writing this coverage BUT it may come with a deductible as high as 10%....so on a $250,000 you would potentially be faced with a $25,000 bill if something devastating would happen.
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Was thinking about this post that I read earlier today.
If a house is valued at say $250,000 and their was $250,000 worth of damage , how in the world would it not be condemned and not covered under
"Catastrophic Ground Cover Collapse" ??
So even if you get sinkhole coverage with 10% deductible I'm thinking that if you have a claim if should not be too bad. Something to discuss with you insurance agent for sure. Although I would surely be annoyed if I had to come up with say $5K to get the house fixed up. Just sayin.