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Originally Posted by rubicon
Sink hole coverage has become an issue because a few years back homeowners in and around the Tampa area were filing a slew of them. some of their claims for sink hole were nothing more than the usual ground shift that created settling cracks. Homeowners argue sink hole got paid and refused to do the repairs. Some claims of sink hole were obviously valid. My sister in law was concerned about sink holes because the golf course she bought on in Spring Hill was experiencing movement. Sure enough her house sank, she just had all the work finished and it was in the thousands. Several of her neighbors also experienced damage.
Most states require disclosure in real estate deals. Before that became law I had always made it my obligation to correct any defects found beforeI sold. So I had always stayed on top of situations keeping the builder in the loop. It is morally wrong not to do so. In fact my home in Minnesota had a defective roof and I chased the mfg for two years until I was paid and put on a new roof. I had water penetration on my stucco house and had the builder strip it down and redo it right this time. I had hardwood floors and had them sanded and sealed. My clever wife found a contractor who would work side jobs and we replaced all our carpet with very expensive carpet for half the price. We also updated lights in the bathrooms and kitchen and pulls on our kitchen cabinets. The end result was that this 12 year old house was in fact new and the realtor made clear that point. I sold this house in 2006 just when there was talk of the marketing diving. I sold the house in the same week it went on the market. The buyer was aware of the water intrusion problem in the area because he and his father use to build homes. And so he scooped the home up quickly knowing that we had righted the problem
For a final touch my wife purchased 4 new toliet seats and placed them unwrapped in each bathroom. At the closing Mrs Buyer acknowledged this gesture and the fact that we left a bottle of champagne and two glasses on the counter.
I just paid my Homeowner premium and I elected to buy full sink hole coverage. Insurance premiums are problematic but the fact of the matter is one should hope that they pay insurance premiums their entire lives and never have to have a need to exercise the conditions of a policy.
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I can only add that the scam was very big in all of Pasco county.
County, state seeks solution to sinkhole scam | Hernando Today