Sink hole insurance
 

Moving to TV next month and getting quotes on insurance. Sink hole coverage option is quite expensive. What do others think?

This question was asked nearly 3 years ago so wondering if anything has changed.

Also interested in thoughts about insurance and preferred carrier, etc

Thanks in advance

I have sinkhole insurance, and I would recommend it if you can get it.

My only suggestion would be this; When you talk to one or more insurance agents or agencies, ask them to explain to you in detail what Catastrophic Ground Collapse is. Every policy that I'm aware of in Florida has that coverage, and your new policy will have it. Then get an explanation of just what Sinkhole Insurance is and what it covers. Once you are informed about the difference between the two, you'll be prepared to make a decision that fits your needs.
Good Luck and Welcome to The Villages. You'll love it here.

Good explanation of the difference between sinkhole and catastrophic ground collapse.

The chances of either one occurring is very small. But so is a hurricane or a fire.

Sinkhole Coverage vs. Catastrophic Ground Collapse - Harry Levine Insurance

It would be interesting to see how many people have it and how many people do not have it.

I have it.

4 houses in TV only one had sinkhole insurance. Close to 20 years so far no sinkhole issues, one tornado damage, one hurricane damage, hurricane deductible is insane. Most aren’t prepared for ten thousand and up deductible cash on hand

When I tried to do that, I found that most of the so called "agents" I asked either did not know the answer, or worse, they pretended they did and they got it totally wrong. You really need to do your own research online. Insurance agents are just salespeople. They do not represent the insurance company and they will not put anything in writing.

We have sinkhole insurance and did explore both sinkhole and catastrophic. We worked with Ethan at Nathan’s State Farm in Wildwood. (352) 748-5272. We had been with The Villages insurance brokers, sorry not there anymore so don’t care about their new name, and it is so nice to be working with a local agent Office that picks up the phone every time and if the one you’re working with, isn’t there, someone else can help. It feels like old time service. So far very pleased moved everything to them. The negative is that their Umbrella Insurance I believe is high, but we still balanced out a savings and were able to get sinkhole coverage.

I can't disagree at all. It is on consumers to find answers in several ways if possible. I was lucky to find an agent at Vanns Agency in Leesburg who explained the difference enough for me to make an informed decision. Or in my case, a calculated risk..

So you don’t have it?

The circumstances in which sink hole coverages kicks in, the big deductible is exceeded, yet catastrophic ground collapse does not kick in are very narrow.

Your house proper (not just your property) must be significantly damaged by a sink hole, but not damaged so much that it is condemned in order for it to apply.

I bought the coverage myself, but I it felt like a waste of money.

Remember, sink hole insurance Only covers any settling of the home itself. So, for example if you wake up one morning and see a sink hole in your front yard or driveway, your sink hole insurance will Not cover it.

The homes affected by sink holes in the Villages so far, have all been characterized as catestrophic ground collapse and were covered since All Florida policies have this coverage.

I do not

Getting sink hole or flood insurance depends on you tolerance for risk. I think your home here in the Villages has a better chance of getting hit by lightning since six did last year and burnt down. I don't know of any homes in the Villages that needed to use flood insurance unless they were in a flood plain over the past 10 years or so, and only a couple of homes had sinkhole damage over the past 10 years and they all were considered catastrophic and were covered. And did we have a serveral sinkholes here in the Villages? Yes, but they were not under a home where the sink hole insurance would have covered it.

As quickly as they are moving dirt, filling swamps, and throwing up houses, there is no way these newer houses will "settle" completely flat. Overtime, the ground will move from water underground, the concrete slab will crack and the house corner will drop. It won't be a sinkhole as defined. It will not be visible above ground, the home will be not uninhabitable and therefore not covered by CGCC. It may be 20, it may be 30 years, but the far south areas will pay the price for quick development.

Last year, I contacted the state insurance department and tried to get the actual number of sinkhole claims in the state in recent years.

They told me that they don’t keep those records.