[jaimeG]

That's great that you have that coverage on your home. However, have you weighed the pro's and con's of that coverage. Please look into it to see if its as valuable of a coverage as you think. Some people do not actually know what the coverage really is and how it will benefit them. I know sinkholes are on all our minds and we want to make sure we are all protected. Just check the real costs of that protection and see if its worth it.

[janmcn]

Sinkhole reopens in The Villages - Daily Commercial: News


According to this article in today's Daily Commercial, crews are working around the clock filling the 65 feet wide by 70 feet deep with dirt trying to stabilize the hole. The work started yesterday and is expected to take 24 to 48 hours to complete.

The crews are working diligently to save the two houses, which so far show no signs of cracking or other damage. Nobody has been inside either house since Saturday.

Crews are also standing by to cut off the water if the hole spreads to the street.

[wereback]

checked it is

[elizabeth52]

Re: Who is King and where does he live......from the article posted in the Orlando Sentinel.

King, who owns a property-appraisal business in Leesburg, noticed the first crack in his 30-year-old home about two years ago.

Now cracks in King's home south of Leesburg near U.S. Highway 27 gape a half-inch and have gone the whole way through the concrete block, tearing drywall and leaving ajar doors and the spots where walls meet ceiling.

King, 76, is not alone, and chances are pretty high that a rising number of homeowners, especially in and near The Villages retirement community, will be in the same situation when summer rains start.

What's going on under that shifty Florida soil? Answer: sinkholes. Big cracks in homes now are often diagnosed as nascent sinkholes, thanks to ground-penetrating radar and other new technology.

That's what happened at King's house. There aren't any actual depressions in the ground where the earth has collapsed on itself, the traditional mental picture of a sinkhole.

Rather, the symptoms are cracks, doors that don't want to open and shut properly and nails that pop out of wood floors.

[justjim]

Originally Posted by wereback

One of the advantages to buying a new house is you can purchase sink hole
home insurance sure could be worth the money

Can someone tell us what is the rationale for an insurance company to insure a new home in TV and not a resale.

I'm not the brightest bulb in the ceiling but this makes no sense to me. The risk appears to me would be the same.

[Barefoot]

Originally Posted by justjim

Can someone tell us what is the rationale for an insurance company to insure a new home in TV and not a resale.

Jim, could you please explain why you think that sinkhole insurance is available for a new home and not for a resale?
We had a CYV and had sinkhole insurance on it. We sold it and purchased a larger home, and we have sinkhole insurance on this home also.

[janmcn]

Originally Posted by Barefoot

Jim, could you please explain why you think that sinkhole insurance is available for a new home and not for a resale?
We had a CYV and had sinkhole insurance on it. We sold it and purchased a larger home, and we have sinkhole insurance on this home also.

Was this before or after 2012 when the new law took effect?

[elizabeth52]

I took the advice of several TOTV members and called an insurance agent to ask my questions regarding sinkhole insurance. I just spoke to an agent in the Allstate office who indicated that they have been flooded with calls from people who already own property within Villages and people considering buying property in the Villages.

As most of you know, catastrophic sinkhole insurance is part of your homeowners policy, however, MOST incidents of sinkhole damage is not catastrophic. They currently will write a policy with a 10% deductible and pay up to a policy's limits. The homeowner is responsible out of pocket for everything under the 10% and anything over a policy limit. But he also said that he understands that in the very near future, even the 10% deductible will not be offered and there will be no sinkhole insurance available except catastrophic. He also said that if you currently have a policy with a less that 10% deductible, chances are that upon renewal, it will be hiked to the 10% or dropped altogether. He has heard of cases where the hike has occured after 5 years on new construction, but the more and more insurers are getting out of the sinkhole insurance business.

He also said that if your home is within one mile radius, your home is attached to that sinkhole as far as insurance and how it will be rated. It will also be noted on any inspection report if you go to sell your property.

I did call another Agency called Town and Country, but they said that no one was offering sinkhole insurance in Florida. They would not engage in any conversation and cut me off so I couldn't ask any questions.


Has anyone here experienced their sinkhole insurance dropped or changed? Or not being able to get it at all?

[Barefoot]

Originally Posted by janmcn

Was this before or after 2012 when the new law took effect?

So sorry if I misled anyone.
Our insurance policy has been renewed since 2012.
But the policy was first purchased prior to 2012.
So perhaps sinkhole insurance is only available to previous customers.

[Cathy H]

Oh, that darn rain again.

[NottaVillager]

All the laws regarding Sinkhole insurance (Not catastrophic ground collapse insurance) changed in Florida on 1/1/2012 following insurance "reform" enacted by the Florida state government. If you were a NEW policy holder in Florida as of 1/1/2012 your chances of getting sinkhole coverage in ANY home (new or resale) is almost nil. Our rep at Villages Insurance told us that she had only ONE Florida insurer who would write sinkhole insurance for NEW HOMES ONLY in The Villages. None of their other companies would write for it. If you purchase a resale home you can apply for sinkhole insurance, and they will send out a company to do an inspection. You pay 50% of the cost of the inspection, the insurance company pays the other half. Chances are no matter how good your inspection looks, your insurance company will decline to issue you a policy for sinkhole coverage. If all the planets & stars align and you do get a sinkhole policy it will come with a deductible as high as 30%. 30% of what?? Of the SALE PRICE OF YOUR HOME. So if you bought a house that cost 300K you will be on the hook for the first $30,000 of damage.

Sinkhole and Catastrophic Ground Collapse are NOT the same things although most people use the terms interchangeably. Catastrophic Ground Collapse insurance is REQUIRED on ALL policies issued in Florida. Sinkhole, which covers the less noticeable, happening-over-time damages is no longer required in Florida policies and as stated above is now almost impossible to obtain anywhere in FL.

The damages incurred by the homes in the current discussion fall under Catastrophic Ground Collapse, not sinkhole coverage.

Our Villages Insurance rep also told us that even those who currently have sinkhole coverage will lose it in the next couple of years no matter what your situation. This kind of coverage has basically passed into history.

[Abster]

Originally Posted by ilovetv

And as always, a person would be wise to buy a home of value they can afford to lose in case of an unforeseen event for which they do not have insurance or cannot get it.

I think many are buying far more house than they need and might be able to afford in the future. I'd err on the side of smaller and more affordable and fixed up really nicely, just for the eventuality of sudden skyrocketing inflation or other economic disaster that could make all the wheels fall off at once.

I certainly agree. We bought, paid for, gutted, renovated and professionally decorated a CYV. Our primary residence is elsewhere. If this place were swallowed up by a sinkhole, we'd be upset but it wouldn't break the bank. We're big believers in not living beyond your means. I seriously doubt a lot of these retirees are living within their means or actually own their homes. If disaster strikes, many will be hard pressed to recover.

[Bogie Shooter]

Originally Posted by Abster

I certainly agree. We bought, paid for, gutted, renovated and professionally decorated a CYV. Our primary residence is elsewhere. If this place were swallowed up by a sinkhole, we'd be upset but it wouldn't break the bank. We're big believers in not living beyond your means. I seriously doubt a lot of these retirees are living within their means or actually own their homes. If disaster strikes, many will be hard pressed to recover.

Where does this come from???

[mickey100]

We know a number of people that have what we consider lavish homes that are mortgaged, who haven't been able to retire completely, but are still working part time. I guess everyone's different. For some people a "show" home is important, even if they have to keep working to pay for it. If I was faced with that choice, I'd go with a little less home if it meant I could retire.

[Abster]

Originally Posted by Bogie Shooter

Where does this come from???

Well...when I walk with a small group or listen to people in a social setting here and they are talking about financing a golf cart or car or their home mortgage, it indicates (to me) they are living beyond their means. That's my own opinion of course - and it's probably correct!