We financed our property in The Villages. Our lender is in Kitty Hawk, NC and the underwriter is in Texas. The underwriter asked if we planned to get sink hole coverage, hurricane, and some other with collapse of land, but not sure of the exact term. None were required as part of our loan approval. We then discussed this with the local insurance company. This option was made available to us and we took the coverage. Our sales person also discussed with us, the types of insurance unique to the region. We were given full disclosure.
We have purchased a few property's in our day in different geographic areas. As an informed buyer, we make sure we know what situation could arise and explore our options. The buyer has to take some responsibility for educating themselves.
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