Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Sink Hole insurance denied to re-sale buyers
As a new villager who has just recently purchased a resale home, I was informed by 2 insurance companies that I have a 99.9 % chance of being denied sink hole insurance. The story goes you hire an engineering firm who comes out and examines the interior and exterior of your home. All ok go to step 2. Step 2 they then look at a 3 or 5 mile radius of your home and determine if there has been any suspect activity ( such as St. James Village) at this step 99.9% of sink hole applicants are denied insurance for there pre-owned homes. If your real estate agent is not telling you this you;d better ask up front. Talahassee needs to get involved if this is going on in the villages. Any one else having this problem? Let's get to the bottom of this and see if the insurance industry is acting in good faith and within the law.
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#2
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Most people are as happy as they make up their mind to be. Abraham Lincoln |
#3
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This topic has been discussed many times on this forum, and sadly will only get worse. If sink hole insurance is important to buyers, they need to make it a contingency in their offer to purchase. However, as you stated, it is not available in 99.9% of cases. Though not specific to sinkhole insurance, this article from today's newspaper reports what the legislature is working on today. Property insurance rates could go through roof under Senate bill | Tampa Bay Times |
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#5
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#6
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We purchased our re-sale home 2 years ago and never had a problem getting all hazard insurance. If you haven't talked with the insurance agents in Sumter Landing, call them tomorrow. My brother just purchased a re-sale as well and has it.
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#7
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Another Sinkhole Insurance thread The Saga of Sinkhole Insurance in Florida - Law Firm Williams Law Association, P.A. Attorneys Tampa, Florida WE also have tornadoes, alligators, and this is the lightning capital of Florida. Just so you know.
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It is better to laugh than to cry. |
#8
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To clarify (I hope), Gracie is talking about sinkhole insurance related to gradual damage associated with sinkhole acitivty......NOT catistrophic sinkhole coverage which every policy in Florida should have.
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#9
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That is right and thank you my friend, for the correction.
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It is better to laugh than to cry. |
#10
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as it was explained to me, I could not get sinkhole insurance on the pre owned I just purchased, but I am covered for a "catastrophic ground collapse" IF the county condemns the house as uninhabitable. Decided I just don't want to worry about it. Statistics are on my side.
I don't have elephant stampede insurance either, but a man in Sumter Square sold me some elephant repellent and it has worked since ever since I sprinkled it all over the lawn. As a matter of fact, it keeps them away from my neighbor's yard too. |
#11
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My agent told me sinkhole insurance is available only to the original owner. I have it. But if i cancel it i don't think i can get it back.
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#12
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I had sinkhole coverage for two years as a new owner. My renewal this year will not include the sinkhole coverage. It cost $138/yr but there was a $40,000 deductible, so all being said, I don't need or want the coverage as I'm sure I can fix minor problems related to sinkholes with $40k and if its more than that the catastrophic ground collapse coverage will probably cover the damage.
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#13
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Yes, she is. Also to the poster who said that the state needed to be involved, the state legislature is responsible for this when they passed insurance "reform" in the fall of 2011 which then took effect on 1/1/2012. Even NEW builds are effected depending on where you live and who your insurance carrier is. This is NOT a rumor, it is the truth. Your insurance agent can educate you about this, and you SHOULD get educated on these new laws.
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"I did not get into rock-n-roll just to pick up chicks. However..I was able to adapt". Ted Nugent |
#14
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You can't if you drop it.
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"I did not get into rock-n-roll just to pick up chicks. However..I was able to adapt". Ted Nugent |
#15
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Closed Thread |
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