[Villageswimmer]

Originally Posted by dewilson58

These inspections..........$2k to $3k......costly, but In A Way, also another type of "insurance".

State Farm policy purchased yesterday. The sinkhole inspection cost us $23.

[rubicon]

Ground in Florida is built on limestone and especially vulnerable is the areas of western Central Florida.

the ground is giving way as either sinkholes or washouts
Is it because of the added water let by Hurricane Irma?

Gary and Ellen Miller of Apopka watched as their home was swallowed up by earth

Insurance will cover the cost of the home but will not fill in the hole FEMA may cover this portion for the Miller's if the ties to Irma (Orlando Sentinel 9/27)

the article did not elaborate on whether the house was subject to a washout or a sinkhole. It did not elaborate on whether the Miller's had (had not) sinkhole and/or catastrophic sinkhole insurance. so one can't tell why only the home was covered. I could guess but would prefer to inspect the premise, read the policy, confer with an expert then decide

Check you policies neighbors understand what is in them and if you are not certain call your agent

[ukbill70]

Originally Posted by Villageswimmer

State Farm policy purchased yesterday. The sinkhole inspection cost us $23.

Did you just purchase Sink Hole Insurance from State Farm or did you purchase Home owners Insurance plus Sink hole insurance. About a year ago my neighbor checked with The Villages Insurance and it would have added about $1000 to their premium and the deductible was around 33% of the value of the house, We both declined.

[Barefoot]

Originally Posted by spuds51

If you have sinkhole coverage, and you have a sinkhole anywhere on your property, they will fix it but there is usually a large deductible.

That's my understanding also. The Insurance Company will fix a sinkhole but with a HUGE deductible.
But everyone should check with their own insurance broker.

Originally Posted by Villageswimmer

State Farm policy purchased yesterday. The sinkhole inspection cost us $23.

Good to know! Is there a large deductible if State Farm is required to fix a sinkhole?

[valuemkt]

Catastrophic basically says your house will be condemned as uninhabitable .. I view the additional coverages such as ALL-PERIL, sinkhole, flood as add ons that are a buffer to normal policies filled with exclusions .. All depends on your SWAN quotient .. SLEEP WELL AT NIGHT

[aaffmom]

Nope. They are both writing. Best to call agent to get information.

[spuds51]

Of course, the houses sit on slabs. They check for signs of cracks in the walls and look at the ground surrounding the house. At least that is what I was told. So foundation was a bad choice of words I guess.
Someone else posted that there are several ins companies that will write sinkhole policies, and do not require an inspection. If this is true there has been a big change in the last four years. When we moved down here we could find no company to write sinkhole coverage. I told the realtor that it would be a deal breaker if I couldn't get it. They searched for two weeks finding no company that would write one in 2013. I ended up coming anyway but I contacted pretty much every company that has been listed on here. I will call again to see if something has changed.

Limited Sinkhole Insurance Available for Florida Residents on July 2016 | Buchanan Ingersoll & Rooney PC - JDSupra


I did find this, it tells a little about changes in the last few years





[/QUOTE]

[dotti105]

State Farm took such a huge loss when Andrew hit in '92 that they quit writing HO policies in Florida. After 15 yrs with out a Catastrophic Hurricane they just started writing policies again. We bought our home in 2014 and they did not offer HO in Fla at that time. Let's see how long they continue to write HO now after Irma.
Catastrophic Ground Cover Collapse is available now with out any extra fees. But it only pays if your home is condemned.
When we bought in 2014 Sink Hole Coverage was available at a reasonable price. When we renewed it was only available if you had it the previous year, so we have maintained our Sink Home Coverage.
It now is available to new policy owners at a much higher fee. But since we had it, we are keeping it. The odds of a sink hole developing in your yard is slim. But it if happens to you, it's a serious issue with lots of expenses. They bring in heavy equipment and pump the ground full of a slurry of concrete to protect your foundation and support the ground. Very pricey!
Nothing good about sink holes!

[Villageswimmer]

Originally Posted by ukbill70

Did you just purchase Sink Hole Insurance from State Farm or did you purchase Home owners Insurance plus Sink hole insurance. About a year ago my neighbor checked with The Villages Insurance and it would have added about $1000 to their premium and the deductible was around 33% of the value of the house, We both declined.

Ours is homeowners that includes sinkhole. Full replacement coverage. We could have had a $1000 deductible but chose a $5000 deductible to lower the premium. The policy was effective yesterday. The sinkhole portion is pending inspection which should take place within two weeks.

We always opt for higher deductibles, preferring to self insure to the extent we feel comfortable.