Quote:
Originally Posted by Phanatic Luvr
This is a picture I took about a year ago of a sinkhole that opened up behind Cane Gardens.
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This is NOT sinkhole. This is Catastrophic Ground Collapse
Every home insurance policy in the state of FL is covered for this subject to your regular homeowners deductible. The house is condemned or not livable while being fixed.
Sinkhole insurance is for the holes under the earth that we do not see, the home can be lived in while being fixed. This is subject to a special deductible, typically 10% now, but some insurance companies just don't cover it.
Also it is not because homeowners put false claims in to the insurance companies, but the sinkhole companies that scared homeowners into putting in a claim.
This happened right here in TV!!! One villa had some settling issues and they did find voids under the home, but of course there are voids all over Florida in the limestone. The sinkhole company was brought in by the insurance company and while they were in the neighborhood. The spoke to other neighbors, who suddenly then felt the need to call their own insurance company. Now most of the homes in the villa community have had sinkhole work done.
They didn't really have any issues in the first plaice, but they and hundreds of other claims are the reason why the verbiage on the policies have changed (must have damage to the home).
This and all the others are the reason why we either don't have the coverage or we have to pay 10% deduct.
I have done my homework on this, have purchased one of the homes and was able to get insurance and a mortgage.