Sinkhole Insurance

[poromo]

We are closing on our house in Gilchrist and need homeowner's insurance. Have received quotes from several insurance companies but none contain a loss limit on sinkhole insurance.
There is a very high deductible $35,000 but no loss limits. Does anyone's homeowner's insurance policy contain a maximum dollar amount the insurance company will pay in the event of sinkhole damage?

[784caroline]

The Maximun limit on sinkhole insurance would be the insured value of your house less any deductible..most likely 10% of value for gradual sinkhole activity or your standard deduction ($500, $1,000 etc) for catestrophic loss!

Note its not the actual value of your house because technnically you donot insure the land.

[Villager Dude]

The Maximun limit on sinkhole insurance would be the insured value of your house less any deductible..most likely 10% of value for gradual sinkhole activity or your standard deduction ($500, $1,000 etc) for catestrophic loss!

Note its not the actual value of your house because technnically you donot insure the land.

Does anyone have sinkhole coverage without a separate deductable ? If so who is the broker and carrier ?

[784caroline]

I believe you can get Catestrophic sinkhole insurance with no deductible from most isurrance carriers, BUt for a loss due to gradual sinkhole activity, you are lucky to get any coverage at all and if you do get insurance for that specific coverage it will be at a 10% deductible.

[janmcn]

Keep an eye on the Florida Senate today as they debate SB 1770. Every time they debate property insurance rates, the consumer seems to lose.

[JourneyOfLife]

Keep an eye on the Florida Senate today as they debate SB 1770. Every time they debate property insurance rates, the consumer seems to lose.

It looks like the default P&C insurer in Florida is the State of Florida and it is a non-profit insurance company.

Apparently many insurers have exited the market or not longer issue new policies because of certain risks.

The money has to come from somewhere.

[edbens]

We just purchased a courtyard villa. We did not get sinkhole insurance. Is this a must in Florida?