Do you have sinkhole and flood insurance?
 

Just wondering if these are a real threat. They significantly increase the premium.

Thanks

Sinkhole yes. I've heard there are two types of policies, one for damage and another for destruction, but I don't know which I have.

Flood no. Given the area I live in and the landscape around I can't imagine water rising enough to enter my house.

No for us on the flood insurance. Yes on sinkhole, catastrophic ground collapse and hurricane coverage. Even with all that our premium is half what it was in Washington state carrying earthquake insurance. So it’s pretty much a no brainer.

All homeowners policies in Florida must include "catastrophic ground collapse" coverage. That coverage will only apply if your house is damaged and it is condemned and deemed uninhabitable by the local Government. Also, some insurance companies may offer an optional "sinkhole" coverage that will cover any damage to your property caused by a sinkhole. If you can get the sinkhole coverage, it is probably a good idea, but not all properties are eligible.

Flood insurance is a Federal Government subsidized insurance program for damage caused by rising water. In my opinion, flood insurance is not needed in The Villages. But, it is a good idea to get an optional rider to your homeowners insurance that will cover damage from a sewer line backup.

Sinkhole.

We were worried about waking up one day 50 ft or so underground and decided sink hole insurance would be a good idea

50’ and waking up would be a wish. But the sink hole insurance will be a bonus for your benefactor at the reading of your will. Then again wouldn’t that be catastrophic sinkhole on your policy

OK lets call it 25 ft.:icon_wink::pray:

Sinkhole: Yes (Not expensive at all)

Flood: No (Not on a flood plane)

With the roof scam thing driving insurers out of the Florida market, every year that passes we are happy we can still get basic homeowners at an ever increasing cost. That’s the biggest insurance related risk facing Villages residents.

Dropped the Flood Policy this year. It went up to much.

My opinion is that flood insurance requirements in The Villages would be limited. There are no major rivers in The Villages and the land is very flat. Area around local lakes may have some problems.

Sinkholes do happen around here and as I understand the issue, that most policies must have what is called Catastrophic coverage. This type of coverage is for activities that cause houses to be condemned and that is rare.

The type of sinkhole coverage that is sometimes not covered or that has a high premium is basically a gradual sinking. Doors, not closing properly, cracks in walls, floors, driveways, and other gradual changes. That may also be rare, but I have seen two examples in our small area. Repairs and preventative actions can be expensive and impact home values. Hard to sell a home with this problem especially since you are obligated to disclose so you could lose a lot if not covered. So, it becomes a gamble if you don't get coverage. Probability low, consequence high.

Thank You
 

Thanks to all who answered.

Wicked Witch of the East didn’t make it when a house fell on her at ground level.
Your whole house falling on you at 25’ at any age and surviving is still a wish. :girlneener: but ya got to go sometime, might as well be remembered for the guy that died from his house falling in a sink hole.:clap2:

Allstate Insurance is the only one I could find that only has a $1000 deductible for sinkhole coverage. All others were 20% co-pay which can be catastrophic.