Quote:
Originally Posted by thomas47
As a new villager who has just recently purchased a resale home, I was informed by 2 insurance companies that I have a 99.9 % chance of being denied sink hole insurance. The story goes you hire an engineering firm who comes out and examines the interior and exterior of your home. All ok go to step 2. Step 2 they then look at a 3 or 5 mile radius of your home and determine if there has been any suspect activity ( such as St. James Village) at this step 99.9% of sink hole applicants are denied insurance for there pre-owned homes. If your real estate agent is not telling you this you;d better ask up front. Talahassee needs to get involved if this is going on in the villages. Any one else having this problem? Let's get to the bottom of this and see if the insurance industry is acting in good faith and within the law.
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If this is true, it "hurts" our real estate values here in TV. However, everything being equal, if the home was previously insured for sink hole coverage it would be reasonable for it to be insured for sink hole coverage when the property is sold to another party. A different owner should not change the underwriting risk for the insurance company.