Sinkhole Insurance Coverage Dropped?
 

Has any resident had their sinkhole insurance coverage dropped? If so, were you able to purchase from another carrier? What deductables? Thanks

Ours wasn't dropped but when the agency stopped writing policies for our insurance company, we started looking around for a new company. It seems sink hole insurance is no longer standard coverage like it used to be. In order to get specific sink hole insurance, the insurance company say they must come out and inspect the home/area before any determination is made. They charge for that and there's no guarantee they will offer coverage. As for price, I don't know as we decided not to hassle with all the restrictions/cost and our agent said the catastrophic coverage would be enough.

I called two brokers today, and it's not available unless you're grand fathered in.

You are covered for a catastrophic just not damage short of that.

jimbo, you might try contacting Rita Canty with Brightway Insurance out of Jacksonville - (904)646-1850 - to see if they can help you.

Brightway currently represents 41 of the 44 "admitted" (ie. approved by the state) companies that underwrite H.O. insurance in FL. Other insurance agencies only work with a few companies.

Bill :)

Bill they said they can get it from several of their companies reasonably with a 10K deductible.

tks

We will have a 2 step process to renew our coverage. First they check to see if there are any known sinkholes within some specified radius -- no charge for that. If there are sinkholes, we can't renew our coverage. If there aren't, then they will do an inspection for which they charge $140. I'll need to start the process in August. Our thought is to have them do the no-charge neighborhood check but maybe not the next.

One could always just consider no sink hole insurance at all just as an option. Maybe a little risky, but always an option.

The $10k deductible might not be real palatable to some.........but at least they're a source for getting coverage.

Thanks for the feedback -
Bill :)

sinkhole coverage
 

It's my understanding that sinkhole coverage will be avialable for new buildings. Well that was the status a few month's ago...

yes in fact they said it was easier on new homes to obtain.

Here is a site that explains a bit about sinkhole insurance in FL. The Saga of Sinkhole Insurance in Florida - Law Firm Williams Law Association, P.A. Attorneys Tampa, Florida

My new policy that starts in June has sinkhole coverage. The deductible will be $21,700, or 10% of the structure replacement. This coverage is through the Villages Insurance and the insurance company is American Integrity Insurance Company of Florida. My policy increased 28% over last year. The new premium is $827.00 compared to my previous premium of $645.00. I think I will shop around to see if I can find anything better.

Got it on my new PatioVilla in March from TV Ins at Colony Plaza. $200 more.

I purchased sink hole insurance last year from AAA insurance as a homeowners policy rider. It had a 10% deductible and ran around $ 80.

No inspection required if a new home.

I read about several Villagers having their sinkhole coverage dropped at renewal. I talked today to an agent in Leesburg by phone, and she advised that it doesn't look like companies will be offering this coverage in the future. She advised it was a Florida State problem, not a local one. She did have one company as of today that would write coverage, but she also advised that they may terminate the coverage at any time. Unfortunately, this would be a must have for me. Has anyone else experienced cancelled coverage? Does anyone have coverage that looks like they will have for a long time...just renewed it with no problem? I've never had this kind of problem with obtaining insurance. Been with Nationwide for 30 years, would make the call when I moved, and had insurance. Thanks