Do you have sinkhole and flood insurance?

[bsloan1960]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks

[Bill14564]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks

Sinkhole yes. I've heard there are two types of policies, one for damage and another for destruction, but I don't know which I have.

Flood no. Given the area I live in and the landscape around I can't imagine water rising enough to enter my house.

[Kenswing]

No for us on the flood insurance. Yes on sinkhole, catastrophic ground collapse and hurricane coverage. Even with all that our premium is half what it was in Washington state carrying earthquake insurance. So it’s pretty much a no brainer.

[retiredguy123]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks
All homeowners policies in Florida must include "catastrophic ground collapse" coverage. That coverage will only apply if your house is damaged and it is condemned and deemed uninhabitable by the local Government. Also, some insurance companies may offer an optional "sinkhole" coverage that will cover any damage to your property caused by a sinkhole. If you can get the sinkhole coverage, it is probably a good idea, but not all properties are eligible.

Flood insurance is a Federal Government subsidized insurance program for damage caused by rising water. In my opinion, flood insurance is not needed in The Villages. But, it is a good idea to get an optional rider to your homeowners insurance that will cover damage from a sewer line backup.

[Topspinmo]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks

Sinkhole.

[Stu from NYC]

We were worried about waking up one day 50 ft or so underground and decided sink hole insurance would be a good idea

[asianthree]

We were worried about waking up one day 50 ft or so underground and decided sink hole insurance would be a good idea

50’ and waking up would be a wish. But the sink hole insurance will be a bonus for your benefactor at the reading of your will. Then again wouldn’t that be catastrophic sinkhole on your policy

[Stu from NYC]

50’ and waking up would be a wish. But the sink hole insurance will be a bonus for your benefactor at the reading of your will. Then again wouldn’t that be catastrophic sinkhole on your policy

OK lets call it 25 ft.:icon_wink::pray:

[JMintzer]

Sinkhole: Yes (Not expensive at all)

Flood: No (Not on a flood plane)

[tophcfa]

With the roof scam thing driving insurers out of the Florida market, every year that passes we are happy we can still get basic homeowners at an ever increasing cost. That’s the biggest insurance related risk facing Villages residents.

[Nucky]

Dropped the Flood Policy this year. It went up to much.

[mtdjed]

My opinion is that flood insurance requirements in The Villages would be limited. There are no major rivers in The Villages and the land is very flat. Area around local lakes may have some problems.

Sinkholes do happen around here and as I understand the issue, that most policies must have what is called Catastrophic coverage. This type of coverage is for activities that cause houses to be condemned and that is rare.

The type of sinkhole coverage that is sometimes not covered or that has a high premium is basically a gradual sinking. Doors, not closing properly, cracks in walls, floors, driveways, and other gradual changes. That may also be rare, but I have seen two examples in our small area. Repairs and preventative actions can be expensive and impact home values. Hard to sell a home with this problem especially since you are obligated to disclose so you could lose a lot if not covered. So, it becomes a gamble if you don't get coverage. Probability low, consequence high.

[bsloan1960]

Thanks to all who answered.

[asianthree]

OK lets call it 25 ft.:icon_wink::pray:

Wicked Witch of the East didn’t make it when a house fell on her at ground level.
Your whole house falling on you at 25’ at any age and surviving is still a wish. :girlneener: but ya got to go sometime, might as well be remembered for the guy that died from his house falling in a sink hole.:clap2:

[donassaid]

Allstate Insurance is the only one I could find that only has a $1000 deductible for sinkhole coverage. All others were 20% co-pay which can be catastrophic.

[Catalina36]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks

How about the house in a neighborhood inTampa, FL about 4 - 5 years ago. In the early morning with a Man sleeping in his bed. The whole house went into the sinkhole. They never tried to recover the mans body?? The sinkhole was too deep?? They just filled the sinkhole with cement. Glad I did not own a house on that block.

[HeleneGB]

We have sinkhole insurance but not flood insurance.

[Travelhunter123]

Allstate Insurance is the only one I could find that only has a $1000 deductible for sinkhole coverage. All others were 20% co-pay which can be catastrophic.

I have them too. I believe Allstate has extensive sinkhole and hurricane coverage with standard deductible on the sinkhole

[Papa_lecki]

How about the house in a neighborhood inTampa, FL about 4 - 5 years ago. In the early morning with a Man sleeping in his bed. The whole house went into the sinkhole. They never tried to recover the mans body?? The sinkhole was too deep?? They just filled the sinkhole with cement. Glad I did not own a house on that block.

Don’t think insurance would have helped him.

[Captainpd]

With the roof scam thing driving insurers out of the Florida market, every year that passes we are happy we can still get basic homeowners at an ever increasing cost. That’s the biggest insurance related risk facing Villages residents.
I'm missing out on this "scam". Inspection by roof company, another inspection by insurance company. Either approved or not approved. Do some roofs "slip by, probably.

[JudyLife]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks
We have sinkhole with Cabrillo, not that much extra in price on our policy. No to flood due to our location.

[GaryKoca]

I agree with the others. Sinkhole, yes. Flood insurance, no. And I don't think sinkhole insurance raises the premium by that much.

[Mushkie]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks
Sink holes can happen anywhere- they have happened several times in The Villages. Most recently, sinks holes impacted a recreation center and golf course. A few years ago, a couple of designer homes were condemned and unlivable until MAJOR $$$$$$ repairs were made.

There are 3 types of insurance- sink hole, catastrophic ground soil collapse and flood.

Catastrophic ground cover collapse coverage is included under your existing home insurance policy- required by law.

However, your claim must meet four requirements before your insurance company will reimburse you for the loss:

1). The abrupt collapse of the ground cover;
2). A depression in the ground cover clearly visible to the naked eye;
3). Structural damage to the insured building, including the foundation; and
4). The insured structure being condemned and ordered to be vacated by the governmental agency authorized by law to issue such an order for that structure.

So you need sink hole to cover any damage that doesn’t meet all 4 criteria.

Hurricane insurance covers damage caused by winds and flood insurance covers damage caused by flooding/rain. Example- if the sewer backs up into your home due to a flooding issue damaging, flood insurance would cover that.

If you have unlimited funds and would have no problem covering anywhere from $15,000 up to well over $100,000+++, then maybe you don’t need.

I have enough funds to live a wonderful life in retirement here in The Villages but not enough to cover these large dollar items, so I have all 3 types of insurance.

[jrref]

We were worried about waking up one day 50 ft or so underground and decided sink hole insurance would be a good idea

If that happened your catastrophic ground collapse coverage would kick-in and you would be covered and every policy in Florida has this coverage by law.

Also, separate sink hole insurance usually has a large deductable so you need to understand what your deductable is. Usually it's pretty large. So for example say it's $10,000 and you wake up one morning and there is a 5x5 depression in your front lawn. How much do you think the cost would be to fill it in? Then you might say well if i see a small depression how do i know if there is a huge problem under your house, well that insurance won't cover you unless there is an event.

Many of the sink hole occurances a couple of years back were catastrophic ground collapse so depending on where you live the probability may be so low that you are wasting your money. It's almost like the chances of your home getting hit by lightning.

As far as flood insurance, if you live south of 466A the storm water management system here in the Villages makes the chance of you getting a flood very low. You can look at the FEMA maps to see how much your specific home is as risk and then make the assessment. But i would get the sewer backup insurance for sure. It's not expensive.

Getting sink hole and flood insurance is dependend on you tolerance for risk as you see it.

[jrref]

Allstate Insurance is the only one I could find that only has a $1000 deductible for sinkhole coverage. All others were 20% co-pay which can be catastrophic.

How much does this coverage cost? If it's not too expensive then Allstate thinks the probably is very low.

[jrref]

How about the house in a neighborhood inTampa, FL about 4 - 5 years ago. In the early morning with a Man sleeping in his bed. The whole house went into the sinkhole. They never tried to recover the mans body?? The sinkhole was too deep?? They just filled the sinkhole with cement. Glad I did not own a house on that block.

If he had sink hole insuranced it would have not covered this event. Catastrophic ground collapse would.

[Bilyclub]

We have sinkhole coverage, but not flood insurance. The water would have to get past the golf course homes first to get to us.

[SusanStCatherine]

We have State Farm with extra sinkhole coverage with a reasonable deductible. (Progressive also offers it but the deductible is very high. Allstate offers best rate for sinkhole. ) I believe it covers if the house itself is affected and not the grounds surrounding the house. Sinkholes occur in this area frequently.

Didn't get flood insurance. The Villages apparently has a sophisticated drainage system to avoid water flooding homes. And we're not in flood area. But my agent pretty much required the low cost coverage that covers non-flood water damage like sewer backing up.

[SusanStCatherine]

A couple of houses in St. Catherine had a depression between them that was remediated by The Villages while they still owned the properties. I think it was at a cost about $180,000 per house. I saw this on Sumter county website for permits and saw the work being done. Those houses are probably more stable than others now. But made us want to get extra sinkhole coverage anyway.

[OhioBuckeye]

Yea it’s a gamble, it might seem like it’s not worth it but you’ll be glad you have it if it happens. I don’t know but I think your odds are better if you don’t buy it. But you got to weigh the odds! Tough decision.

[Carlsondm]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks
As with floods, there are sinkhole maps and geological data. We are in a low risk area for both right now and did not add either.

[rjm1cc]

If you are not in a floodplain, the sloop of the land around your home is good, I would skip flood insurance. I would also skip sink hole if you can afford the repairs.

[GATORBILL66]

[QUOTE=bsloan1960;2109526]Just wondering if these are a real threat. They significantly increase the premium.

Thanks
I have sink hole insurance and hurricane insurance. Got a great deal from Allstate through the Bascom agency in The Villages. It was so much cheaper than the Villages insurance company.

[BlueStarAirlines]

As far as flood insurance, if you live south of 466A the storm water management system here in the Villages makes the chance of you getting a flood very low. You can look at the FEMA maps to see how much your specific home is as risk and then make the assessment.



Does the FEMA maps ever get updated? When I look it shows 2013 as the last update for my new village. Because my contract for the new house has the line that I am in a flood zone, my mortgage company is requiring that I get it.

I'm okay with getting it if it is really required, but it just seems like all these decisions are based on somewhat dated information. Is a flood zone in 2013 still a flood zone in 2022 when the entire area has literally been changed?

[retiredguy123]

Does the FEMA maps ever get updated? When I look it shows 2013 as the last update for my new village. Because my contract for the new house has the line that I am in a flood zone, my mortgage company is requiring that I get it.

I'm okay with getting it if it is really required, but it just seems like all these decisions are based on somewhat dated information. Is a flood zone in 2013 still a flood zone in 2022 when the entire area has literally been changed?
Flood plain maps are always in the process of being updated. But, usually, new house construction will not improve the chance that your house will no longer be in the flood zone, unless there has been some type of flood prevention project constructed in the area.

[BlueStarAirlines]

Flood plain maps are always in the process of being updated. But, usually, new house construction will not improve the chance that your house will no longer be in the flood zone, unless there has been some type of flood prevention project constructed in the area.

Thanks! I appreciate the info!

[Worldseries27]

wicked witch of the east didn’t make it when a house fell on her at ground level.
Your whole house falling on you at 25’ at any age and surviving is still a wish. :girlneener: But ya got to go sometime, might as well be remembered for the guy that died from his house falling in a sink hole.:clap2:
ladies first

[Stu from NYC]

Wicked Witch of the East didn’t make it when a house fell on her at ground level.
Your whole house falling on you at 25’ at any age and surviving is still a wish. :girlneener: but ya got to go sometime, might as well be remembered for the guy that died from his house falling in a sink hole.:clap2:

Can we settle for 12 1/2 feet?:smiley:

[GatorFan]

Sinkhole yes. I've heard there are two types of policies, one for damage and another for destruction, but I don't know which I have.

Flood no. Given the area I live in and the landscape around I can't imagine water rising enough to enter my house.

Cat ground must be sudden, abrupt, immediate damage and home can still be livable. Example, sinkhole open on corner of home where garage is located. Home was not condemned. Cat ground would not pay. Insured had sinkhole. Claim was $50,000 and sinkhole paid less $1000 deductible.

Sinkhole, home does not have to be condemned, does not have to be sudden and abrupt. Sinkhole can open across street, in front yard, grow and then damage home. Home does not have to be condemned.

Buy sinkhole coverage if available. Some companies offer deductible as low as $500.00. Others offer 10% of your dwelling coverage deductible.

[Blueblaze]

All homeowners policies in Florida must include "catastrophic ground collapse" coverage. That coverage will only apply if your house is damaged and it is condemned and deemed uninhabitable by the local Government. Also, some insurance companies may offer an optional "sinkhole" coverage that will cover any damage to your property caused by a sinkhole. If you can get the sinkhole coverage, it is probably a good idea, but not all properties are eligible.

Flood insurance is a Federal Government subsidized insurance program for damage caused by rising water. In my opinion, flood insurance is not needed in The Villages. But, it is a good idea to get an optional rider to your homeowners insurance that will cover damage from a sewer line backup.

Well,that's the theory, anyway. When American Integrity renewed the policy on my rental this year, in addition to hiking my rate 20% and eliminating all coverage for my roof except in the case of a named storm, they also quietly removed my catastrophic sinkhole coverage.

But I guess I should be grateful. Absolutely no other company in the Florida insurance cartel would sell me a policy, even when I offered to exclude the roof. And, of course, none of the real insurance companies that do business nationally will even write a landlord policy in Florida, including USAA, which has insured my primary home in multiple states for decades without a single claim.

[Southwest737]

No to either. Waste of money. Just like home and car warranties.

[jimkerr]

No to flood insurance. We added the sinkhole coverage and it wasn’t expensive at all.

[Hifred]

I have them too. I believe Allstate has extensive sinkhole and hurricane coverage with standard deductible on the sinkhole

We have Allstate. Sink hole is covered at standard deductible. Quick question with the cost of houses increasing and the cost of construction increasing has anyone upped their homeowner's recently? Not to sound like The ************** (LOL) but we bought our home in 2019 for $385,000 which I thought is ridiculously high but now the same home in my neighborhood recently sold for almost $599,000 and we have a golf cart garage and they didn't. So do we need to call the insurance provider and ask them to revalue our home. I would hate to have a lightning strike and not have adequate coverage.

[retiredguy123]

We have Allstate. Sink hole is covered at standard deductible. Quick question with the cost of houses increasing and the cost of construction increasing has anyone upped their homeowner's recently? Not to sound like The ************** (LOL) but we bought our home in 2019 for $385,000 which I thought is ridiculously high but now the same home in my neighborhood recently sold for almost $599,000 and we have a golf cart garage and they didn't. So do we need to call the insurance provider and ask them to revalue our home. I would hate to have a lightning strike and not have adequate coverage.
I think that most insurance policies cover replacement value. In that case, it is the insurance company that increases the covered amount when you renew the policy. But, if you have actual value coverage, you would need to make sure that you have enough coverage to replace your house.

[Catalina36]

We have sinkhole with Cabrillo, not that much extra in price on our policy. No to flood due to our location.

I just received my renewal with Cabrillo / Safe Harbor Insurance. My sinkhole coverage is now $774 a year??? My H.O. Insurance went up over $900 this renewal to $2410.00.
Note: I have No Claims.

[Catalina36]

We have Allstate. Sink hole is covered at standard deductible. Quick question with the cost of houses increasing and the cost of construction increasing has anyone upped their homeowner's recently? Not to sound like The ************** (LOL) but we bought our home in 2019 for $385,000 which I thought is ridiculously high but now the same home in my neighborhood recently sold for almost $599,000 and we have a golf cart garage and they didn't. So do we need to call the insurance provider and ask them to revalue our home. I would hate to have a lightning strike and not have adequate coverage.

We are All very Happy with the increase in prices of buying a home in The Villages. 2021 was a great year for increasing values. Wait till 2023 when the taxes will increase because of accessed value increase. Then the H.O. insurance increase because the value of your home went up?? It takes 2 years to impact your tax base.

[MrFlorida]

Allstate Insurance is the only one I could find that only has a $1000 deductible for sinkhole coverage. All others were 20% co-pay which can be catastrophic.

Correct.

[mrf0151]

Sinkhole and since we live next to a pond, we have the Flood also. During Irma the water was at our backdoor.

[Garywt]

I have both tropes sinkhole coverage, my agent basically said to get it. They also told us we wouldn’t need flood insurance where we are.

[JMintzer]

I have both tropes sinkhole coverage, my agent basically said to get it. They also told us we wouldn’t need flood insurance where we are.

Same here...

[RPDaly]

----

[BobnBev]

Yes and Yes

[Retiring]

Just wondering if these are a real threat. They significantly increase the premium.

Thanks

Sinkhole and flood. This is central FL, both are real threats. I have the comprehensive SH insurance which is the more expensive of the types of SH insurance. I found the insurance here is reasonable to what I paid before in Seattle. However, the umbrella insurance is five times what I paid in Seattle. When I asked State Farm rep why, she said FL is a very litigious State. I assumed that from the million injury lawyer billboards I see driving to and from Tampa and Orlando. If you can afford it, don’t go cheap on insurance – you’ll sleep better.