[Maddie2009]

No, I don't think so either.

[marjie55]

I recently moved (2 weeks) into a 14 yr old villa and I paid 945.00 for coverage with Allstate and Castle Key insurance. My deductible is 3500 for hurricane and 10% of dwelling if sinkhole damage. Mine is much higher than yours and we have the same parent company, Allstate. I was told Castle Key was the only company (under Allstate) but the only company that offered sinkhole coverage in Florida. I am confused now?

[GatorFan]

Originally Posted by kellyjam

Interesting tidbit about sink hole coverage is that it only covers to the roof line. I wonder if The Villages would take care of the front or back yard and if so would they bill you?

Sinkhole coverage endorsement covers same for all companies who offer. Damage to structure.

[GatorFan]

Originally Posted by Retiring

You would think a sinkhole next door would hurt sales, but you might be surprised. I have found that many people who come to TV really couldn’t care less about sinkholes. Some even have a fatalist attitude, if I die in a sinkhole - oh well.

Personally I would not buy near a known sinkhole because that tells me more about the sub surface condition than an area without a sinkhole. But to answer your question, would a SH hurt sales, I don’t think it would.

One woman had a serious snake problem. She lived near a pond and the snakes were of the venomous kind. She decided to sell, don’t know if she left TV. Problems selling the home? None. Don’t know if she disclosed the snake problem but she said there were a dozen yellow snake traps around her property.

There is a lot more to TV than the lot you live on. People move to the community for all the “extra” stuff, golf, pickleball, clubs, squares, etc. Some come to TV for the golf cart aspect.

SH insurance is a big deal to some and not to others. I’m a big believer in insurance. I still don’t think most TV residents understand the difference in SH coverage. Most believe they are covered for that SH in the backyard, sadly they will learn they are not covered. I would not by any coverage from an insurance company that writes most of their contracts in FL. One good storm and you are a creditor of a bankrupt insurance company. Happened to me in NY. However, lawyer says when the bankruptcy is complete the State fund will take over claims. I may see a fraction of my loss in approximately 10 yrs.

Caveat Emptor.

Demotech Affirms the Financial Stability Rating(R) Assigned to Safe Harbor Insurance Company | Demotech News

[aaffmom]

Originally Posted by Misky1951

I would recommend going to The Villages Insurance. I recently got the sinkhole coverage without an inspection. You might be able to save some money.

What company did you get?

[Topspinmo]

Originally Posted by Henryk

I doubt very much TV would cover ANYTHING regarding "acts of God."

An what makes you think Insurance Company would cover them? better read the fine print with lawyer?

[GatorFan]

Originally Posted by Topspinmo

An what makes you think Insurance Company would cover them? better read the fine print with lawyer?

If you have the sinkhole coverage it would pay for damage. Why would it not?

[PapaPhil]

45 Years as a risk management consultant: The only rating system that matters is A.M. Best, which around 2012 declined to rate both companies mentioned because thy did not have the reserves to sufficiently pay claims. Demotech sprung up as an alternative to A.M. Best for rating the financial solvency of these small, mostly Florida-based companies. Their standards are laughable compared to A.M. Best; no insurance professional would consider them a reliable rating organization. Understand that the lack of a Best rating doesn't mean the companies haven't paid claims, only that their reserves (the amount of money available to actually pay claims) are to small to predict the likelihood of being able to pay claims in a catastrophic occurrence (i.e.: hurricane). Think of it as Consumer Reports vs some popup "best widgets of 2018" website.

[Misky1951]

Originally Posted by aaffmom

What company did you get?

US Coastal

[Quixote]

Our insurance is with AAA South. To get sinkhole coverage with a $500 deductible, we had to accept the 2% deductible for hurricane damage; and all other deductibles—including that for sinkhole—are $500. We were grandfathered into these rates, which leaves us feeling we have no choice in terms of considering a change in company or agent. After all the hype about Hurricane Irma, we had absolutely no damage and hence no claim. Gratefully!

I would guess that companies all over the state who from their point of view are stuck with this grandfathering are lobbying the state to be permitted to eliminate grandfathering. If this eventually succeeds, then presumably we start from scratch. Meantime, our policy covers homeowners, auto, liability, and golf cart—one package for all coverages, that is, one large premium paid in full each year. The premium package isn't outrageously costly, but as mentioned, we can't consider a change in insurance coverage which would necessarily eliminate sinkhole coverage at worse or change it to 10% of total coverage at best.

[OhioBuckeye]

Originally Posted by Misky1951

I would recommend going to The Villages Insurance. I recently got the sinkhole coverage without an inspection. You might be able to save some money.

I'm not so sure you can save any money because I've got my designer home Ins. by The Villages Ins. & it cost me between $800. & $900. a yr. which I think is a little high. Also I'm always a little leary about Ins. companies because it always seems when you do have to make a claim there's always a glitch in the contract that they don't want to pay. Just don't trust Ins. companies, even though you need the Ins.

[daca55]

I have sink hole insurance and I got it because a neighbor down the street from me had a sink hole on the rear of her patio villa. She had sink hole insurance. If she didn't to fix her house would have cost her over $150,000. With insurance she paid 10% deductible which came to $15,000. If your house is subject to a sink hole and it is not castrophic you better have sink hole coverage.

[regansings]

Call the Florida insurance department at 877- 693 5236. This is the department that admits companies to do business in Florida and maintains a record of customer complaints. They can answer your questions.

[jnieman]

Originally Posted by Maddie2009

Hi All, I am shopping around for home policy since the renew is higher and I didn't have a chance to compare and shop when I got American Integrity.

An All State agent found Safe Harbor in Gainesville,Fl who will cover my house with 1 year old roof and wind mitigation report to include sinkhole. Deductible for sinkhole is 10% of dwelling, hurricane is $500, other deductible is $1000 for a ranch home for $645. Yes, this is not the catastrophic collapse, but sinkhole.

I heard it's not easy to find sinkhole coverage. I also like hurricane deductible only $500 v.s. 2% of dwelling.

The question is if the company is good, financially sound. They are rated by the same people who rate American Integrity (i currently have). Anyone knows about this company or have a policy with them?

Any comments, opinions and or advice/warning? Thanks

Some companies will only give you coverage if they do an inspection on a pre-owned home. Sometimes you don't pass the inspection until after you have written the new policy and dropped the old policy. Then it is too late to get back your ASI sinkhole coverage. Ask your agent the percentage of homes that pass the sinkhole inspections. If it is a relatively new home it might be possible but on an older home worth checking. I used to do insurance quotes for Allstate and this issue came up a lot.

[GaryKoca]

I believe you are right that no non-Florida company will offer sinkhole insurance in Florida. Hartford, who insures our home up North, will not. But we did find a company through All in One Insurance in Lady Lake that provides good sinkhole insurance coverage.