[goodgrief]

Had no problems getting sinkhole and gound coverage south of 466a. We have been with USAA for 30 years. I think ASI was the underwriters for it. Policy is all wrote up now just waiting for close

[GatorFan]

If you can see the sinkhole it is catastrophic ground collapse. Condemned means that the county will require you move until repairs are made because until repaired your home is not safe. If you have a kitchen fire, the county is going to condemn your propery until the electric wiring is repaired because your home is not safe to live in. same thing.

Sinkhole, you can not see it. You may have some cracking in concrete, hairline cracks in stucco, etc. my parents always called that settling and cracking. Today people say I think I have a sinkhole.

Bottom line, if it is a catostropic group collapse the deductible is the same as if you have a fire, wind, lightning, theft, etc claim which is usually $500 or $1000 deductible.

Live and enjoy life. Worrying about a sinkhole vs catostropic ground collapse is in my opinion not something I choose to do.

[784caroline]

goodgrief

Believe it or not You are not insured by USAA. ASI is a cooperating agency that USAA is using as a convience for its members to provide homeowners insurance in Florida. USAA (the company) is NOT writing any new homeowners insurance in Florida with the exception of active duty military whose primary residence is in the state of FLorida.

What this means to you is USAA is not taking a financial risk with your policy, and the financial backing of your insurance policy is dependent on ASI's financial credit. If a claim occurs, USAA will still provide its adjusters (not ASIs) to resolve the claim.

Given the circumstances we have in the State of Florida its not a bad deal....but you are not insured by USAA. I have USAA and from what I hear ASI homeowners policy is more reasonable in price...cannot tell if its comparable.

Just curious what is your sinkhole deductible with ASI...with USAA its 10% of policy coverage. Ground collapse is $500.

[dkrhardy]

I see some folks saying that they cannot get sinkhole insurance, hmmmm. We closed 4 weeks ago and we got it. We are North of 466A and just West of BV.
Don & Kaz

[jnieman]

Originally Posted by dkrhardy

I see some folks saying that they cannot get sinkhole insurance, hmmmm. We closed 4 weeks ago and we got it. We are North of 466A and just West of BV.
Don & Kaz

From what I am hearing you can get sinkhole insurance on a new build. Not so easy on a used home at least not without an inspection which you may or may not pass depending on how far you are from a current sinkhole.

[784caroline]

Originally Posted by dkrhardy

I see some folks saying that they cannot get sinkhole insurance, hmmmm. We closed 4 weeks ago and we got it. We are North of 466A and just West of BV.
Don & Kaz

If it was a new build, you most likely can get it. Who provided your homeowners insurance that included Sinkhole coverage ..what was your deductible ? Make certain it was not simply Cat. Ground Cover collapse which all Fl homeowner policies have !

[goodgrief]

Originally Posted by 784caroline

goodgrief

Believe it or not You are not insured by USAA. ASI is a cooperating agency that USAA is using as a convience for its members to provide homeowners insurance in Florida. USAA (the company) is NOT writing any new homeowners insurance in Florida with the exception of active duty military whose primary residence is in the state of FLorida.

What this means to you is USAA is not taking a financial risk with your policy, and the financial backing of your insurance policy is dependent on ASI's financial credit. If a claim occurs, USAA will still provide its adjusters (not ASIs) to resolve the claim.

Given the circumstances we have in the State of Florida its not a bad deal....but you are not insured by USAA. I have USAA and from what I hear ASI homeowners policy is more reasonable in price...cannot tell if its comparable.

Just curious what is your sinkhole deductible with ASI...with USAA its 10% of policy coverage. Ground collapse is $500.

I was just looking at that on the USAA site and yep you're right. Didn't even realized they had done that But guess its good they had someone they have there customers deal with.

Its $500 deductable for anything (sinkhole, ground collapse, hurricane damage, total loss etc...) We didn't get regular flood insurance because we're on higher ground, basically the whole neighborhood would have to be underwater to get us . But we are covered for sewer issues or hole in roof type scenerio or pipe break. I think we were right at $730 for the policy. I thought it was very good and the house and contents are covered I really expected it to be higher with the sinkhole coverage but was pleasantly surprised As good as it gets with homeowners I suppose.

[allus70]

"If you have a current policy that has sinkhole insurance, you are grandfathered
in, but if you change insurance companies…BYE BYE
Currently NEW homes in The Villages South of CR466A are being allowed the coverage just as
an additional cost, no inspection required.
BUT, for Pre-Owned you are required to have a geophysical test which is about $7500 and even
if it is OK you still may not get it. http://www.sinkhole.com/deniedsinkho...nkholetesting/
Also, if you have so much as a hairline crack in any cement you are disqualified, also if there is
or has been a sink hole within a mile of your home you are disqualified." Lyle Gant

This has been a source of concern for us. What are the chances of your house being destroyed by a sinkhole? I'd say pretty low, BUT there still is a chance. Thing is, if it were to happen, that would be it. I could hardly afford to repair both my house and a sink hole without insurance.

Another concern is that if you were interested in purchasing a pre owned home and wanted sinkhole protection, you would be on the hook for a 7-10K geological test. Even if your house passed that test, if a sinkhole were to occur within 1 mile, the new owner would not be able to purchase insurance.

If you purchase new, yes, insurance is available without a test. Still,if you were to sell, it becomes a pre owned and the above conditions apply.

We were absolutely sure that TV was the place were were going to wind up in within the next year or two. We still want very much want this to happen, but this whole controversy has left room for some doubts.

If anyone sees this differently, or is aware of a solution of some sort is in the works, please let us know.

[jimbo2012]

There is a possibility that the FL state insurance laws will change in the future, but you can't name too many places if any, that natural disasters don't occur or are fully insured.

Alternatively you can buy new with insurance, and if you had a problem selling use the property as an investment rental (even can mortgage it out ).

[GatorFan]

You are not grandfathered in. Companies can drop sinkhole coverage on renewal and require an inspection for sinkhole coverage.