[mkleinman]

So what have you been told is the difference between "Catastropic ground collapse" coverage & "Sinkhole" coverage? Sounds like the same thing to me or a matter of semantics!?

[stwalker717]

A bigger question than where to get sink hole coverage is what is causing the problem in The Villages. These holes started from a culvert that was either installed wrong or with defective material which caused an underground water leak which lead to a large erosion problem which made sink holes.
I am no engineer, but when large amounts of water leak from drainage pipes your going to have major erosion. In the southern part of The Villages I am told they now use concrete pipe, in the old section they use steel. All street drains that can be are interconnected in The Villages, and feed into their man made ponds. Look at your neighborhood, these large culvert style pipes run underground in between many of our houses.
So the question is what is going on? Were the drains in Calumet installed wrong?? Did The Villages use cheap foreign piping that is corroding and collapsing in places 15 years after installation. Is this an isolated incidence or should we all be worried??? BIG QUESTION TO ME? They admitted fault was theirs in Calumet, but really haven't explained the how and why. Look at the pictures all over the web. This was a defective drain that caused a man made sink hole. I do not believe this is mother natures work!

[jnieman]

Originally Posted by mkleinman

So what have you been told is the difference between "Catastropic ground collapse" coverage & "Sinkhole" coverage? Sounds like the same thing to me or a matter of semantics!?

This has been discussed on here many times and it is not the same thing. Here is an explanation.


https://www.myfloridacfo.com/divisio.../Sinkholes.pdf

[Nancy Mandigo]

We could not get sink hole insurance because our house is over twenty years old. We are near Spanish Springs and the home was built in 1997. I don’t know why the age of the home makes a difference.

[aaffmom]

I have sinkhole coverage with a $1000 deductible and no inspection. Premium was higher than company I had with 10% deductible but I looked at it as an investment to protect me from paying $23,000 if I had a sinkhole claim which I hope I never do.

[aaffmom]

Originally Posted by mkleinman

So what have you been told is the difference between "Catastropic ground collapse" coverage & "Sinkhole" coverage? Sounds like the same thing to me or a matter of semantics!?

Not the same. Hugh difference.

[aaffmom]

Unbiased Financial Strength Ratings

[SixmileJohn]

USAA will insure in Florida if you are active duty military and you get stationed here (obviously does not apply to us'ns). I had Florida Family Insurance (obtained through The Villages Insurance) in '06 and was hit by the tornado '07. They were great. Don't know if they are still in business. I currently have ASI obtained through USAA with a sink hole rider and a flood insurance policy. 500 deductable and and the first 18k on sink holes.

[joshgun]

The Florida Office of Insurance regulation has a tool available online where you can find insurance companies that do business (HO, auto, Medicare supplement) down to the zip code with an example of the rate they may charge. This list is only a starting point because then you have to compare deductibles, co pays, exclusions, Best's ratings, S & P ratings, etc. If you can not do this research, which is understandable, then you should use a trusted independent agent and make sure they do the comparisons. On this list you will find National Insurance companies like Federated, Liberty and State Farm. However, those companies normally setup a Florida only company to limit their liability, so you have the name of the national company, but not necessarily the financial backing or rating.

[graciegirl]

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[aaffmom]

Originally Posted by Nancy Mandigo

We could not get sink hole insurance because our house is over twenty years old. We are near Spanish Springs and the home was built in 1997. I don’t know why the age of the home makes a difference.

Safe Harbor will include sinkhole. They require roof not be over 15 years old when written which has nothing to do with offering sinkhole but underwriting of roof

[GatorFan]

Not true. Allstate and State Farm offer

[Maddie2009]

Originally Posted by 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?

I contacted AllState Insurance. They don't write for themselves, but the agent found me Safe Harbor which is the same rating and a FL insurance company like American Integrity where I got my first year coverage through the Villages Insurance Agency.

I don't need sinkhole inspection, but general exterior and interior inspection by Safe Harbor. Much happier with the premium and the deductible. I contact the agent below. She is responsive and effective. Even the White House which is not far from my house in VA got a sinkhole in the yard now!


Teresa Jenkins Agent T: 352-259-3825 F: 352-259-7002 11962 County Road 101, Ste 305 The Villages, FL 32162

[Maddie2009]

Originally Posted by 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.

Agree with you about AM Best rating. But, no outside FL or cannot find one to insure us at TV. I was told by the agent that the company, Safe Harbor is insured by AM Best companies. Hopefully, FL Insurance Commission, or Authority will not let these companies belly up easily and we suffer badly. I would think they are familiar with the storms there? I am currently not far from The White House, put my TV home in FL's government's hand.

[Back9]

Originally Posted by 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.

Can't these Florida insurance companies RE-INSURE the local FL risk out to national companies? and spread the risk and then have the resources to pay?


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