"If you have a current policy that has sinkhole insurance, you are grandfathered
in, but if you change insurance companies…BYE BYE
Currently NEW homes in The Villages South of CR466A are being allowed the coverage just as
an additional cost, no inspection required.
BUT, for Pre-Owned you are required to have a geophysical test which is about $7500 and even
if it is OK you still may not get it.
http://www.sinkhole.com/deniedsinkho...nkholetesting/
Also, if you have so much as a hairline crack in any cement you are disqualified, also if there is
or has been a sink hole within a mile of your home you are disqualified." Lyle Gant
This has been a source of concern for us. What are the chances of your house being destroyed by a sinkhole? I'd say pretty low, BUT there still is a chance. Thing is, if it were to happen, that would be it. I could hardly afford to repair both my house and a sink hole without insurance.
Another concern is that if you were interested in purchasing a pre owned home and wanted sinkhole protection, you would be on the hook for a 7-10K geological test. Even if your house passed that test, if a sinkhole were to occur within 1 mile, the new owner would not be able to purchase insurance.
If you purchase new, yes, insurance is available without a test. Still,if you were to sell, it becomes a pre owned and the above conditions apply.
We were absolutely sure that TV was the place were were going to wind up in within the next year or two. We still want very much want this to happen, but this whole controversy has left room for some doubts.
If anyone sees this differently, or is aware of a solution of some sort is in the works, please let us know.