Quote:
Originally Posted by Cantwaittoarrive
Florida is not the only state with this issue. Sinkholes, from USGS Water-Science School
Here is a quote from the article "The most damage from sinkholes tends to occur in Florida, Texas, Alabama, Missouri, Kentucky, Tennessee, and Pennsylvania" |
KY, TN & PA "sinkholes" are more closely tied to coal mine subsidence. In fact on our PA home we carried state-sponsored mine subsidence insurance. Very inexpensive, but quite worth the investment.
When we bought down here our insurance agent at Villages Insurance told us as that by FL law as of 1/1/2012 sinkhole insurance was no longer part & parcel of your homeowner's policy for NEW customers. If you were buying a NEW policy you would have to have an inspection of your property PRIOR to a sinkhole policy being written. After the inspection report was filed your insurance carrier would then decide as to whether or not they would cover you. She warned us that no matter how good our inspection was our chance of getting a sinkhole policy was less than winning the Powerball twice in one day and getting hit by lightning when you're walking out the door with your winnings! LOL. We closed in November and she said that she hadn't had a sinkhole policy being approved for a pre-owned home yet that year.
She did tell us that in TV in Sumter county..IF..and only IF..you bought a brandy-new house that had NEVER been lived in, then she could get a sinkhole policy through one carrier, but it carried a 20-30% deductible.
We had a good inspection on our home and true to form we were denied sinkhole coverage. If you've got it..KEEP IT..If you dropped it, you most likely cannot get it back.