Another Sinkhole Insurance thread

[aljetmet]

We're currently building our home in Fernandina and began the search for homeowner's insurance. While perusing TOTV for several years and reading and absorbing I contacted three agencies that come up quite often on the site.

After contacting the agents on top of my list was sinkhole insurance. I won't go into details except two agencies quoted using the same insurance company. One told me that all I can get is 10% deductible for about $450/yr the other $500 deductible for about the same cost. After scratching my head I decided to post here and ask.

Has anybody recently for their newly built house purchased sinkhole insurance with a $500 deductible?

If so, please let us know or please PM me.

thanks,

[hotrodgirl]

I was quoted the same (500 deductable) and had my sinkhole inspection yesterday. Waiting to hear back...

[NJblue]

I don't quite fit the criteria that you are looking for but I recently renewed my policy with a $500 deductible. However, I was told by that agency (The Villages Insurance) that on my next renewal date that the deductible would go up to 10%. I can't explain why some agencies/policies are already at the state-mandated 10% deductible, while others seem to be giving a year of grace. I thought perhaps there was a grandfathering clause, but my neighbor, whose policy was renewed before mine, had already jumped to 10%. It's probably safe to say that no matter who you select, within a year you will be at the 10% deductible.