Quote:
Originally Posted by lake5798
I recently purchased a home in the Village of Amelia. I was thinking of having an inspection performed to see if I qualify to obtain sinkhole insurance. I was curious if anyone in Amelia or neighboring village has sinkhole insurance, or had inspection performed and were denied.Inspection cost is $140 and if there have been any claims within 1 mile you would be denied??Thanks for any and all feedback.
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Our new home is being insured by the people at Villages Insurance. We were told point blank that if you are getting a new contract policy you have a lesser chance of being approved for sinkhole insurance than you have for getting struck by lightning & winning the Powerball Lottery at the same time. We were told IF we bought a brandy-new home in TV in Sumter county, you would likely be approved. If you bought a pre-owned home, it was very unlikely you would be approved no matter how your inspection came out.
The inspection is only the first part. Even if the engineering company that inspects your home says "OK", it's still up to the individual company and they are for the most part rejecting all applications for new policies, especially if you are in Marion county, and the chances don't get much better in Sumter county.
Then, IF the sun, moon, planets & galaxy line up and the the good Lord smiles down on you from above and you get approved, you will then have a policy with a deductible that will run from 10-30% of the appraised value of your home. In our case the deductible would have been 19,000!
When it comes to people who already have policies in effect, the results vary widely by insurance company. But if you just bought a home and are purchasing a new home owner's policy, your chances of getting sinkhole insurance are VERY slim.
Good luck!