Homeowners' Insurance:
 

Does everyone in TV have sinkhole insurance on HO policy? Recommendations for a provider of HO insurance? Thanks very much.

I do. State Farm is pricey, but some of the quotes I got were from what I considered sketchy companies who were cheaper.

All Florida homeowners policies are required to have coverage for "catastrophic ground collapse". But, "sinkhole" coverage is optional and not always available for all houses. Basically, sinkhole insurance will cover any damage to your property caused by a sinkhole, even if your house is not damaged. Catastrophic ground collapse insurance will exclude some sinkhole damage, especially if you house is not damaged or destroyed.

give Triple A a call...we have a HO policy with them that has sink hole coverage

doubtful that 'everyone' in TV has sinkhole coverage...that's a personal decision everyone makes for any number of reasons

I have Progressive, which used to be called ASI, and I do have sinkhole coverage. However, I have no idea if they are any good, because I have never filed a claim. I think the only way to evaluate a homeowners insurance company is by how good they are at handling claims. If you go with the lowest price, you may find that they raise your premium by 30 percent next year.

We have it with Allstate. Hopefully will never find out how good it is.

Might consider a very tall ladder in case you wake up one morning underground.

Progressive insurance 460-/ yr incl sinkhole DO NOT USE THE VILLAGE BROKERS THEY MARK UP 100%

Not so sure of that. We went with Allstate but Village Brokers was only about 10% higher.

What is the AAA phone number of your insurance broker? Thanks.

I have Traveler's insurance with sinkhole (w/10% deductible) and full coverages. Got it through Villages Insurance. Just had our 2nd renewal and was $760 for year which was an increase of about $6(six) dollars over last year. Of course size of home makes a difference and we have a 2/2 Colony so obviously a larger home would be more. Our renewal was July 1st and I did a LOT of comparison shopping comparing identical coverages and this was by far the lowest cost policy of all. Allstate was same price but NO SINKHOLE (other than legal requirements). They wanted a few hundred more to add the 10% ded sinkhole coverage. Progressive direct was $100 more without sinkhole so I went no further. I did drop Villages Ins for my auto and went with Geico. Long story there and posted elsewhere.

There are 2 types of sinkhole coverage. Catastrophic covers total loss. Non-catastrophic will cover damage that does not destroy the home but may cause some structural damage. Not all companies will offer non-catastrophic, but repairs can get expensive if you don’t have it. I have ASI/Progressive which offered it, and $500 deductible hurricane coverage (many others are 2%), so I have been hesitant to change providers even for minor premium savings.

Not mine. I did lots of comparison shopping, and then went with what Villages Insurance offered.

Our homeowners policy covers catastrophic sinkholes. We found out that if we want the other type, we would have to pay half the cost of an inspection prior to obtaining the other sinkhole insurance. Well, we don’t know what that cost would be, nor did Villages Insurance. Then, if we got approved, we don’t know what this coverage would cost.

So, we’re in the process of mulling this over.

Mull very carefully

Try Amica. I did a thorough study about two years ago and found them best value. Great company, better coverage than most and the price is lower than Traveller's.

We have sinkhole with Safe Harbor

Sink Hole Coverage
 

I do. Safe Harbor Insurance Co. It is optional, but I chose to take the coverage.

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Allstate has extensive sinkhole coverage with the same deductible as you have on your dwelling The only company I was able to find that did not have a bid deductible

I have American integrity insurance through the villages. My rate last year was $605. I received my renewal notice and the price went up to $1178. I have been shopping around and found that many insurance companies won’t ensure a home that is 15 years old that has not had the roof replaced and also if they have not replaced the water heater. I am changing to Farmer’s Insurance this year and am also replacing my 15 year old water heater. My roof was inspected and is still good for now.

I understand that, if you don't have the optional sinkhole coverage, your house will need to be condemned by the Government (county?) before the basic catastrophic coverage will pay for the damage to your house.

Call Dees Insurance Group in Sarasota (941) 306-4524. They are brokers and can check policies and premiums through several companies. Our policy has sinkhole loss coverage with a 10% deductible. It added $110 to our annual premium, but worth it to me for the peace of mind.

I highly recommend that you get the extra sink hole coverage. We use Progressive. But if I remember correctly they told my husband that they actually go through USAA for the coverage. We've had USAA for auto and they are a good company. Personally I'd try USAA before Progressive. I'm not a fan of Progressive simply because they hassled me for a year after one of their auto policy holders rear ended me. Even tried to get me to release all my medical records to them and I had never claimed to be injured from the accident.

USAA, if you are eligible.

I was told I did not need it where I am

Sinkhole insurance
 

The legislature changed the law at the behest of insurance companies just a few years ago. Standard homeowner’s coverage for sinkhole damage requires your house to be uninhabitable. Therefore, any damage that doesn’t make it uninhabitable is your problem unless you buy extra coverage - at least that is how it was explained to me. So I went with AAA. It costs extra but does cover sinkhole damage that affects your house even if you can still live in it. Most companies will require a sinkhole inspection prior to giving coverage.

Sinkhole insurance
 

I did have The Villages Insurance and in 2018 they would not provide sinkhole coverage thus I had to go elsewhere - read your policy carefully. It may require that your home is uninhabitable.

New Homeowner's Insurance Company
 

When my HO policy was up for renewal late last year (at about a 25% bump) I shopped around and found "Universal Insurance Company of North America" out of Sarasota. I used the Strassman Insurance Group out of Lake Mary as the agent (407-333-4553). The premium was 40% less than my previous carrier and they stepped up to the plate and popped for a reroof recently. It doesn't get much better than that. I'll re-up with them no matter what.

Recently switched from Progressive to Travelers. Better pricing. Ask Village Insurance.

Recently switched from Progressive to Travelers. Better pricing. Ask Village Insurance.

Get that in writing with signature of agent who told you that

Good advise

I wouldn't spend a lot of time shopping for a low rate on homeowners insurance, unless you want to switch companies every year. Insurance companies are notorious for raising your rate as much as 40 percent when you renew. Also, they do not reward customer loyalty. Just the opposite. If you are a loyal customer for many years, you are more likely to get a huge premium increase than a new customer. They call it "price optimization".

Sinkhole vs cat ground collapse
 

I am a retired insurance agent and reading these comments cause me to be very concerned that most have not been explained correctly what cat ground collapse covers or what sinkhole coverage actually covers. I strongly recommend you call and set up a review with your agent and get a copy of the actual policy That explains cat group collapse and a copy of the sinkhole endorsement.

The coverage is the same regardless of what company you purchase from. The only difference is your out of pocket deductible. When the State of Florida changed automatic coverage to catastrophic ground collapse and made sinkhole an endorsement that you have to purchase they offered all companies an option as to how they filed the sinkhole deductible that they would offer. They got to chose a flat 10% of Dwelling coverage or they could chose the all perils deductible. The companies then calculated and filed the rates with the State of Florida based on the deductible offered through their state filing. Only a few companies filed the all perils deductible and the rest 10%. I know two companies, Allstate and State Farm filed all perils deductible which means if you have a $500.00 or $1000.00 deductible your sinkhole deductible will be same. Of course your premium will be higher because in the event of a sinkhole claim your out of pocket is much lower.

Example: home insured for $250,000 with a 10% deductible means you pay $25,000 deductible. If you have a $1000 all perils deductible you only pay $1000.

Ask your agent if you have a sinkhole claim how long you have to come up with that deductible? Ask your agent if land is covered if no sinkhole damage to structure? (Remember you are insuring your structure not the land) You can always call the department of insurance in Tallahassee and ask the question.

It bothers me that agents are not explainIng coverages. One other thing, will your agent help you if you have a claim or just transfer you to a claims department? Find an agent who will walk you through claims process and help you if you need help.

Some agents are not explaining the coverage because they don't understand it themselves. I wouldn't trust an agent to explain it properly. When I bought my house, I got contradictory and confusing information from several insurance agents. My Allstate auto insurance agent quoted me a homeowners policy from a company in Orlando and he told me that it included sinkhole coverage. I was suspicious, so I called the company directly, and found out that it did not have sinkhole coverage. I think the policy needs to include the word "sinkhole" on the declaration page, or you don't have the coverage. But, many insurance agents are not capable of fully explaining the policies they sell. You need to actually read the policy. Buyer beware.

That’s why you ask for copy of endorsement and ask questions. An agent who knows what they are doing should be able to highlight on endorsement and explain. Bottom line is Cat ground collapse must be sudden and immediate structure damage. Home must Also be condemned by county and not livable.

Sinkhole has to have structural damage. Structure does not have to be condemned. Sinkhole does not have to be sudden and immediate damage. Could open and then grow and eventually damage your structure.

Bottom line everyone should purchase sinkhole coverage because it is the broadest coverage you can have to protect your investment. Choose a deductible you feel you can be comfortable paying if you were to have a claim.

SInkhole coverage
 

We just switched to Allstate and got the Sinkhole rider (over and above the catastrophic coverage) with a $1,000 deductible for $64 per year. No inspection required. FYI, our house was built in 2009.

I have ASI for a villa which I rent out and premium jumped $1000 to $1400!

Maybe you are confusing sinkhole coverage with flood; they go by a map to tell if you need flood coverage.

Redlined areas of the Villages
 

I know certain areas of the villages are 'red lined' and are not insurable against a certain type of sinkhole that does not affect the house.
Too bad the Developer does not set up a fund to help out, it's his reputation, so be it.

What?
 

Never heard that in all my years writing insurance. May I ask what kind of sinkhole you are talking about? A sinkhole is a sinkhole.