Homeowner Insurance
 

We have a 30K deductible for sinkhole insurance. Ins. Co. (ASI through AAA) said it can't be changed. Is this just a standard deductible for sinkhole coverage in Florida?

I assume you are talking about optional sinkhole coverage and not the default catastrophic coverage. Assuming this is correct, State Farm offered optional sink hole coverage where the "normal" deductible for your home owners policy applied as opposed to the more typical 10% deductible. That was 2 years ago. I am not sure what they offer now.

My understanding, per FL state law, the deductible is 10% of the value of the home.

It wasn't two years ago as I got a quote from State Farm showing otherwise for the optional sink hole coverage. We wound up not using them because of the significantly higher cost over who we selected.

627.706 Sinkhole insurance; catastrophic ground cover collapse; definitions.—
(1)(a) Every insurer authorized to transact property insurance in this state must provide coverage for a catastrophic ground cover collapse.
(b) The insurer shall make available, for an appropriate additional premium, coverage for sinkhole losses on any structure, including the contents of personal property contained therein, to the extent provided in the form to which the coverage attaches. The insurer may require an inspection of the property before issuance of sinkhole loss coverage. A policy for residential property insurance may include a deductible amount applicable to sinkhole losses equal to 1 percent, 2 percent, 5 percent, or 10 percent of the policy dwelling limits, with appropriate premium discounts offered with each deductible amount.

Chubb Insurance is finally down here in TV.

You might want to get a quote from them.

Chubb has always been here. Minimum coverage $500,000 on primary home.

"Always", difficult to prove. The $500k minimum is false.

[QUOTE=dewilson58;1254314]"Always", difficult to prove. The $500k minimum is false.[/QUOTE


There are some agencies in the area who have been writing with Chubb for over 10 years for hgh value homes. If they are offering coverage for lower values that is great.

Chubb's MASTERPIECE

Chubb Insurance will write Homeowners, Automobile, Collector Car, Group Excess Umbrella, Watercraft, Family Protection and Personal Articles coverage.

Basics
Minimum dwelling amounts from $500,000
Minimum condo/renters value is $150,000 (Combined A&A and Contents)
Wind and hail coverage is available for inland counties and most coastal counties (non-cat premium required)
Homes must be fully shuttered or have approved impact glass in most coastal regions to qualify for wind and hail coverage (if available)

am i missing something,, what is so cherish about Chubb insurance?

AAA could not answer this question?

Sinkhole coverage
 

Quoting from my AAA Policy renewal effective date 9/12/2016. Sinkhole coverage included. Sinkhole deductible $1000 Maybe I'm missing something but that's it. This policy is right in front of me, Is there something hidden? I've read the policy 3 times. Len

[QUOTE=Investment Painting Contractors;1276948]Quoting from my AAA Policy renewal effective date 9/12/2016. Sinkhole coverage included. Sinkhole deductible $1000 Maybe I'm missing something but that's it. This policy is right in front of me, Is there something hidden? I've read the policy 3 times.

So, our policy has a 10% deductible. If I take the premium for sinkhole coverage $xxx.xx minus a credit of $xx.xx for "sinkhole coverage deductible", I end up with a net cost of $.69 per 000 of coverage. Are you able to calculate your premium that way for your much more favorable deductible?

Also, is your insurance by ASI or another company through AAA? Ours is ASI and their deductible is 10%.

Carl my total premium for my homeowners ins is $405 for hurricane with 2% $5,580 Deductible. Premium homeowners coverage is $909, Plus $2 homeowner fee. My total bill with full replacement cost is $1,316. Sinkhole is included. I don't understand your math. I'm just a retired painter. Len

Sorry, Len. The back of the declaration page on our policy itemizes premiums and credits for endorsements so that's where I got my separate cost for sinkhole coverage. Just disregard, please, I think I tried to over-analyze.

Companies do a filing with the State of Florida on what deductibles they will offer for sinkhole coverage. Most companies have chosen 10% but some companies elected to offer the all perils deducitible for sinkhole. Example: if you have a $500.00 all perils deductible then your sinkhole deductible would be $500.00. $1000 deductible then sinkhole is $1000.00.

If you have a 10% sinkhole deductible and Coverage A dwelling coverage is $200,000 the sinkhole deductible would be $20,000.

If a company wants to change coverage deductible they have to do a filing through state for approval.

Talk to Debbie at Nathan Thomas State farm insurance on 301. 352-748-5272
Family owned business and she is the owners mom and was a underwriter for years for State farm and knows her stuff.
Being in a 10% sinkhole coverage doesn't sit well with me unless your a gambler.