Optional sinkhole insurance

[vinnie]

The rules have changed and now there are 2 parts to sinkhole coverage
Catastrophic which everyone has and that covers everyone...$1000 deductible
The other is optional sinkhole coverage that adds $350 to my insurance premium and has a 10% deductible.
I do not mind paying for insurance but now my bill is increasing from $895 to $1200. I would like an expert opinion on whether this is something that I can forgo since risk of sinkhole is minimal.
Some people are buying it and others are not,
I live on Lopez Golf course and am not familiar with the risk of sinkholes in Chatham.

[784caroline]

You never need insurance until its too late and then we all need it. Only you can determine what your risk level is with or without this type of insurance. Sinkhole insurance, the one thats going to cost you $350 with a 10% deductible, alot of people wish they could get that but they cant. Its all peace of mind, and you are right, the chance you will need it are remote BUT if you ever do need it it can be very costly to repair. Even with gradual sinkhole activity ...by that I mean your house has NOT been condemed, but you do have some significant settlement or cracks...the cost of repair can nearly equal the cost to rebuild. and I know of 2 cases where the insurance company simply wrote them a check for the full amount of the house policy...but would not insure them again.

QUESTION: Is your insurance company requiring an inspection prior to writing this coverage?

[Bogie Shooter]

The rules have changed and now there are 2 parts to sinkhole coverage
Catastrophic which everyone has and that covers everyone...$1000 deductible
The other is optional sinkhole coverage that adds $350 to my insurance premium and has a 10% deductible.
I do not mind paying for insurance but now my bill is increasing from $895 to $1200. I would like an expert opinion on whether this is something that I can forgo since risk of sinkhole is minimal.
Some people are buying it and others are not,
I live on Lopez Golf course and am not familiar with the risk of sinkholes in Chatham.

Some info for you. A search may reveal other threads talking about sinkholes on the Lopez golf course.
https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/sinkhole-22527/index3.html#post209246