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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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Tallahassee has been involved. The Florida Legislature is the one writing this legislation that allows insurance companies to create these loopholes.
This topic has been discussed many times on this forum, and sadly will only get worse. If sink hole insurance is important to buyers, they need to make it a contingency in their offer to purchase. However, as you stated, it is not available in 99.9% of cases.
Though not specific to sinkhole insurance, this article from today's newspaper reports what the legislature is working on today.
Property insurance rates could go through roof under Senate bill | Tampa Bay Times