Sinkhole Insurance
We are closing on our house in Gilchrist and need homeowner's insurance. Have received quotes from several insurance companies but none contain a loss limit on sinkhole insurance.
There is a very high deductible $35,000 but no loss limits. Does anyone's homeowner's insurance policy contain a maximum dollar amount the insurance company will pay in the event of sinkhole damage? |
The Maximun limit on sinkhole insurance would be the insured value of your house less any deductible..most likely 10% of value for gradual sinkhole activity or your standard deduction ($500, $1,000 etc) for catestrophic loss!
Note its not the actual value of your house because technnically you donot insure the land. |
Sinkhole
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I believe you can get Catestrophic sinkhole insurance with no deductible from most isurrance carriers, BUt for a loss due to gradual sinkhole activity, you are lucky to get any coverage at all and if you do get insurance for that specific coverage it will be at a 10% deductible.
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Keep an eye on the Florida Senate today as they debate SB 1770. Every time they debate property insurance rates, the consumer seems to lose.
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Apparently many insurers have exited the market or not longer issue new policies because of certain risks. The money has to come from somewhere. |
We just purchased a courtyard villa. We did not get sinkhole insurance. Is this a must in Florida?
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