[TimeForChange]

Are all the company's about the same price? Do I need flood insurance? Why would I need title insurance? Do I need sinkhole insurance ?Any suggestions,opinions appreciated as we are closing in two weeks.

[Vic&Judy]

A lot depends upon your personal tolerance for risk, but you should consider.......

Flood Insurance: Although we're some distance from the coast, I'd still be concerned about drainage issues which may emerge at some point; I think it's a good choice.

Title Insurance: Title Insurance will protect against errors/disputes over property boundaries as well as any claims which could emerge from prior owners of the land which was purchased by the developer...not highly likely, but it's happened in other areas. Title insurance is always a good idea in my opinion...it's a one-shot expense.

Sinkhole Insurance: Absolutely.

Vic

[Bill-n-Brillo]

Are the policies from various companies all priced the same? In a word: No.

Shop around - compare levels of coverages, deductibles.......apples to apples. Price will differ.

Bill

[rubicon]

The difficulty with shopping only price is that the buyer is over looks the quality of the product, the quality of its service and the solvency of the insurance company. I am not suggesting that higher priced products are better than lower priced it really isn't that simple

It also becomes a little more complicated when considering risk. Are we talking about an event just striking your home or our we evaluating what would occur in a catastrophe?

The types of coverages you purchase depend on your aversion to risk, your capacity to self insurer, the liklihood of such an event and the cost for the additional coverage (i.e flood higher liability limits, etc)

When it comes to predicting "the past becomes prologue to the future" helps but frankly nothing is certain. I lived in a city that maintained flooding only occurred every hundred years well......you can't be right all the time

The one itemI would really consider if you have a home in TV is full sink hole coverage if it is available and reasonable.

I just renewed my homeowners insurance and opted for full sink hole coverae vs the catastrophic coverage as it is more comprehensive.

good luck shopping

[Shimpy]

Originally Posted by timeforchange

Are all the company's about the same price? Do I need flood insurance? Why would I need title insurance? Do I need sinkhole insurance ?Any suggestions,opinions appreciated as we are closing in two weeks.

They are not the same price. Flood insurance depends if you are in a designated flood zone. Title insurance will assure you that several years from now a Seminole Indian can't claim your property.
As far as sink hole insurance all I can tell you is that a home in my area had to have $250k of concrete pumped in to fill a sinkhole. We read about sinkholes every day.

[784caroline]

The financial stability of an insurance company in this economic environment is paramount. Can you imagine having insurance with a company with poor financial rating... you do have insurance...and then all hell breaks loose and the company cannot pay all the claims!!! In my opinion one would be foolish to buy homeowners insurance based only on the premium paid.

[2 Oldcrabs]

I think we have every insurance available, including umbrella and flood. This is our first year here. After getting the "lay of the land" I may change at renewal time. In our area there was no flooding during tropical storm that dumped 8-9 inches of rain. But a failed drainage pipe could cause flooding. I asked a county rep at the Hurricane expo about floods and she said she has never heard of one in TV including the 5 Hurricanes in 2004. The Village Insurance and McDonald Ins. Broker seem to be mentioned here the most. Cost depends on several factors including the county you live in. Make your choice, but you can change. Insurance is a WASTE OF MONEY until you need it!

[cunch]

Shop around for homeowners. All homeowners must have major sinkhole coverage, this means if your home is condemed you will be covered. Check your elavation for flood insurance. I assume you are paying cash for your home to question title insurance. I spoke with 3 different lawyers and the could not give me one instance of a title claim on a new villages home.

[784caroline]

cunch

Florida homeowner policies are not required to include sinkhole coverage...this is optional coverage, if available from the insurance conpany. All Florida homeowners policies are required to have catestrophic Ground Collapse coverage....this is where the occupants of the home are required to leave the premesis by Govt authority ie condemed. You need to get the terms correct otherwise it gets confusing.

[dillywho]

Wasn't there some flooding in Hadley a while back because of drainage issues? I have had flood insurance for several years now. As more and more development goes in with more and more concrete and asphalt thus eliminating open ground for absorption, it just seems like a good idea. It's not that expensive because of the rating. I would rather have it and not need it than to not have it and then need it.

[Bill-n-Brillo]

In an effort to help alleviate anybody's confusion, here's a rather short document that covers the difference(s) between what's considered a "sinkhole" versus a "catastrophic ground collapse":

Sinkholes and Catastrophic Ground Collapse

Bill