Sinkhole Insurance
 

I am looking for a company that offers sinkhole coverage other than The Villages Insurance. I close in 3 weeks and need the insurance pretty soon. Thanks.

What is the problem with buying it from the Villages Insurance. That's where I bought it three years ago and have not had any problems.

I'm sure their insurance is good. I just want to check out other options. I continually read here that everything assoc. with TV is more expensive than services from outside the dome. I'm just asking for names of other companys to talk to. In the end I'll probably go with TV but I like to see all of my options before I jump into anything. Thanks!

You should check Villages Insurance as I don't think they are offering sinkhole insurance anymore.

Did I read that sinkhole insurance recently became unavailable? Not sure of this.

Bill of Bill-n-Brillo posted something about insurance lately.

What was it?

We bought it from villages ins. I checked out USAA and they would charge me the same price,500 just for sinkhole. With villages ins , I was told if I didn't get it when I was signing up for regular homeowners I would not be able to get it later on. I bought a new designer last nov.

Yes, I was told the same by Villages Ins. as above when we bought our home in July 2013. I was told it was only offered by one company and had to be added to the policy at the initial purchase - could not be added later. Our policy is with Arch Royale and for an extra $200 per yr. we elected to add it.

Make sure that whoever you purchase from that there is a clear understanding of what the deductable will in case of a problem and definition of exactly what is covered. Varies greatly. I closed in April 2013 and found that the Villages insurance offerd the best coverage...For what its worth!

Don't believe everything you read on this blog.

I understand that if you would like sinkhole insurance, even on a new purchase, they require an inspection. The inspection cost $140. but that doesn't guarantee that you will be able to purchase the insurance. You could be disapproved because of your location.

Good Advice
 

Good advice. I checked with USAA and they will not write home insurance in Florida unless you are still in the military. When we bought in March, The Villages Insurance was the cheapest for the amount of coverage AND they wrote the sinkhole insurance also.

I think these postings are correct. We got sinkhole insurance at the time we bought the house and since we are no longer snowbirds, we had to change the insurance policy. Insurance people told me that I was able to transfer the policy but now the deductible unfortunately was $25M. At that time I was told that had I not transferred, I would not have gotten the insurance. As many of you know that State Farm which I had for many, many years will not write homeowners insurance in Florida anymore.

If you can get gradual sinkhole insurance, is any company now offering it, either for new construction or in 2013 renewals, with less than a 10% deductible?For a house insured for $300,000, that wouyld be a $30,000 deductible.

Catestrophic Sinkhole deductible can be as low as $500 just like fire or other losses.

Deductible now included on renewed insurance
 

I was lucky enough to get sink hole insurance from The Villages Insurance Agency. That was 2 years ago and a small deductible would be applied if an incident were to take place. This year as I examine the new policy, we still have the insurance but a new deductible is calculated. There is a 10% deductible for sinkhole damage based upon the value of the home. If your insurance covers you for a 250,000 home your deductible would be 25,000 before insurance kicks in.
Policy through ARK.

Perhaps if it was a blog, it is not.

It is a forum