[GatorFan]

Originally Posted by ColdNoMore2

So if I never collect on my sinkhole insurance, does that mean I have or haven't thrown money down the drain?

Hopefully you never have to use any insurance coverage.

[joesin]

So what is the deductible ???????

[GatorFan]

10% of Coverage A

[Boomer]

The following link has information about what has changed recently regarding sinkhole coverage.

I am guessing we will see more insurers entering the market.

A Google with a few keywords will give you lots of info on what happened.

New Law Allows Florida Insurers to Offer Limited Sinkhole Coverage

[jflynn1]

Originally Posted by GatorFan

If you own a home in Lake or Sumter County, Kevin McDonald's Allstate office at Palm Ridge Plaza off CR 466 can now offer sinkhole coverage for your home.
No age limit on dwelling. Call them today at 259-3825.

You might want to look at the financials of the company Safe Harbor

[GatorFan]

Financial Stability

Safe Harbor Insurance Company has been assigned a Financial Stability Rating® of A', Unsurpassed, from Demotech, Inc. - one of the highest designations available. The most current FSR can be verified by visiting Demotech, Inc. - Financial Stability Ratings.

[Paper1]

What would be different now compared to when it used to be offered. Dishonest people and Florida's legal community took advantage of this coverage. I sure insurance company has a lot of protective language in policy that would severely limit honest claim. Just guessing

[Boomer]

I have read that the insurance industry wrote the language.....what a surprise.........

Anyway, the information I am linking here is from the website of a big law firm based in Pittsburgh. They have lobbyists.

The language is relatively succinct.......especially for a law firm.

Anyway, who knows, but it's a start. I have not yet checked to see if Villages Insurance is getting into this.

Limited Sinkhole Insurance Available for Florida Residents on July 1, 2016 | News & Media

[GatorFan]

Originally Posted by Paper1

What would be different now compared to when it used to be offered. Dishonest people and Florida's legal community took advantage of this coverage. I sure insurance company has a lot of protective language in policy that would severely limit honest claim. Just guessing

All language and coverages are aporoved by the State. The law and language changed when the legislation added catostrophic ground collapse coverage. Main difference from old law that many took advantage of is that onceclaim filed, company has inspection done and it is determined there is a sinkhole repairs have to be done. No longer can soneone take the claim money and walk away.

[VillagerNut]

Thomas Insurance (ask for Kate) and AAA have never stopped writing the additional sinkhole coverage. But the location of the home does matter depending on how many actual sinkholes have been in the neighborhood. The developer's insurance will probably never be interested in writing it for a preowned considering they want to sell you a new home. There are plenty of insurance companies that will cover a house that has a roof over 15 years old! That is also another one of the things that certain companies try to push you into a new house or take the roof risk off of them! Most of them will require an inspection for the additional sinkhole coverage. If you can get the additional sinkhole coverage you will be very happy if you need it!

[salopekk]

AAA offers it also

[amexsbow]

Does anyone know how many homes in TV have been affected by sinkholes? And where they are?
We are currently trying to decide where to locate in TV. I want to be in a section which offers natural gas for cooking, hot water heater and heating.

[ahardy]

We purchased a 1 yr old preowned villa in July 2015. We are insured by The Villages Insurance/ASI, which includes sinkhole coverage. Our deductible is 10% of the value of the dwelling. Is this deductible comparable to what others are being quoted? The annual premium for the sinkhole coverage is nominal, but should we ever need to make a claim the deductible would be costly.

[VyAllen]

Originally Posted by RickeyD

Comprehensive or catastrophic ?

Does anyone know just how many sinkholes there have been at The Villages? I remember reading about one about a year and a half ago somewhere in Sumter County -- but don't recall reading about others.

Anyone have any idea?

[TrudyM]

I thought I had found a policy and when I read it although they didn't require the inspection on a newish home (less than 10 years) the language said that if a previous sink hole was know to be within 5 miles of the property at the time of the issuance of the policy that it was not covered. There was a sink hole on Truman golf course last year. I hope this new one doesn't have a loop hole. I had given up trying to find one that had coverage.

On an aside I just changed my insurance because I found out they (Gieco/Safe Harbor) didn't cover if you left your home for more than 29 days. We are hotfees and leave for 3 months in the summer to flee the heat so had to change. Plus don't want to have to ask permission of an insurance company to live my life.