Sinkhole Coverage

[2BNTV]

I'm sorry if this has already been covered on previous threads. I have two questions regarding sinkhole coverage:

1. No matter where you buy in TV, will one need sinkhole coverage or is it designated only for certain areas?

2. What is the approximate cost so as to be included in one's budget?

[Army Guy]

Yes, any area in the whole state of FL can be prone to sinkholes. Some areas more then others BUT you never know.
Mine was included in my Home Owners at no additional cost.
Army Guy

[Bill-n-Brillo]

Adding sinkhole coverage added 19% to our total homeowner's premium cost this past year. Taking that into account, our total premium for this coming year has also increased an additional 17%. YIKES!! :shocked:

Like flooding, sinkholes can pop up practically anywhere in FL though some areas are more prone than others. Best to check with a company that writes homeowner's policies to see how they rate the risk. Some have posted that they've found some companies that won't write sinkhole coverage in certain areas of TV.

Also, you might consider it prudent to have a sinkhole inspection done prior to the purchase of an existing home. Maybe you could finagle the same on a new build lot prior to signing a contract - would obviously have to be coordinated with TV powers-that-be. Our insurer required an inspection by a 3rd party prior to adding that coverage to our policy - they split the $150 cost with us. Fortunate news for us was that everything checked out o.k. in that inspection!

To me, sinkhole coverage is like any other form of insurance - it's a complete waste of money.........until you need it! And if you don't have it, you'll sure wish you did.

Bill :)

[VillagesFlorida]

Yes, any area in the whole state of FL can be prone to sinkholes. Some areas more then others BUT you never know.
Mine was included in my Home Owners at no additional cost.
Army Guy

Hmmmm, I didn't realize that this coverage is included at no cost on homeowner's policies. Are you sure what you have "at no additional cost" is sinkhole coverage and NOT "catastrophic ground cover collapse" coverage? We pay extra for sinkhole coverage. There is a difference in these two types of ground collapse. May I ask who you have your coverage with?

[John_W]

We moved into a new 2BR CYV (Woodlawn model/masonry construction) last July and our homeowners insurance with sink hole and wind damage included totaled $503 a year from Villages Insurance on Delmar at SS, talk to Sheri Miller.

[OpusX1]

We are up to our renewal date on 2/15. Our sinkhole coverage last year was about $100.00 with a $500.00 deductible. This year it is $193.00 with a 10% deductible, that is a $20,000.00 deductible for sinkholes! The catastrophic ground collapse did not change. We are shopping the policy right now but many companies do not offer any sinkhole coverage now.

[mrdills]

Amy, you might be mistaken because the sink hole coverage is very expensive and I can't believe your Insurance company if giving that premium away free, just check it out.

[Carla B]

Yes, it's a line item on the Coverages & Endorsements page. Ours was $142 in 2008 and now it's $349.

[Endless Summer]

2B - Bill is absolutely correct, insurance is a waste of money.....till you need it!! Check around. We did not like the bottom line from an ins co that many like on TOTV. We checked with several other ins co's that are local and ended up with a very acceptable bottom line. Maybe it's not the company but the agent?? We ended up with AAA Insurance, Naomi Peeples is our agent. She offered a great explanation on sink holes over the phone.

[Army Guy]

Hmmmm, I didn't realize that this coverage is included at no cost on homeowner's policies. Are you sure what you have "at no additional cost" is sinkhole coverage and NOT "catastrophic ground cover collapse" coverage? We pay extra for sinkhole coverage. There is a difference in these two types of ground collapse. May I ask who you have your coverage with?

Morning. Yes, it is sinkhole coverage, and is included. I have mu insurance through one of the USAA companies that insures in FL. Not sure of exact name, as I go through USAA and they put me at the right desk.
Army Guy