I just called my insurance this am, because I got my insurance and it said sinkhole would be removed upon renewal. If I would like to maintain, call and they would give a quote and I would have to have an inspection done on home. So I called and spoke with the agent, I did tell him I wanted the quote. But his explanation was that the holes that we see, and that swallow homes and property would be covered by the catastrophic ground cover collapse which is on my policy. So I said if I come home and find this huge hole in my yard, you pay to have it filled or whatever they do to take care of it....his response yes under the catastrophic. So I said if I wake up and my garage has been sucked into a hole...he said catastrophic. So I said if my whole house & cars get swallowed...he says catastrophic. So I said what is sinkhole coverage, his response was sinkhole is slow destruction over time...for example cracks in your walls, doors that no longer close properly, floors and tiles that are buckling...he said the best way to describe it would be like a person who has an internal disease that they are unaware of that is slowly destroying their body. He did indicate that Sumter Co. is one of the counties that they are still able to write sinkhole coverage for....but that there are a lot of counties where sinkhole is no longer available.

When the going gets rough, the insurance companies get going. All insurance companies have pulled out of the coastal counties. Friends of mine that live in Pinellas County that had insurance with Nationwide for 35-40 all got dropped about five years ago. This is why the state run Citizens Insurance is the largest insurance company in Florida. There is no other insurance available in many counties.

That's my concern. I can understand paying more for a higher risk, but not to be able to get it, that's very risky. From what I understand, if your interior suffered damage, cracking, unusual settling, etc., you could loose your investment without coverage, or pay a fortune out of pocket to repair. I do understand catastrophic coverage, which is covered, but sinkhole damage could prove to be more expensive without coverage.

The future is here
 

Everyone has just now lost a minimum of 10% of the value of their home in five years from now we will say remember when we had great insurance and we had a 10% that there will be more sinkholes around that's why the insurance companies are bailing out,,, strap yourself in because it is going to be a ride full of the sinkholes just wait till they get a big one on the square where cannot be hidden, Insurance companies can tell the future with their financial issues at least they don't try to spit in the devils eye , by trying to take on a losing proposition.

We are glad to hear that it was grandfathered in with your company. Tks for the post...

New
 

It was for us as new construction. I have major and minor coverage. Village Insurance wrote us. And only one carrier in the new sections till time proves out coverage claimed.

I remember reading somewhere that Fla legislation is trying to relieve some of this stress. It was reported many were frauding insurance outside The Villages asking for sinkhole coverage when it was just normal settling.

Central Florida sits on the water aquifer and hence is more prone to sink holes. People in the Tampa area gave insurance companies fits over cracks found in their homes claiming sinkhole problems and rather than fight in court as to whether it was sinkhole or just the standard cracking which naturally occur due to settling insuranc companiese paid thousands of dollars to their insureds but the insured pocketed the money and did nothing. Sooo insurance companies decided to remove or alter their sinkhole coverage.

I am with a major writer and they offer catastrophic coverage meaning the event must be abrupt, the sinkhole must be visible, the sinkhole must have visibly damaged the home and the residence must be inhabitable... if all of the above do not occur you do not have a valid claim

I paid for an inspection and I am obtaining full sinkhole coverage upon my renewal. My homeowners insurance premium is about double what some have reported here but I worked in the insurance industry and so I understand the ramifications of going on the cheap. I had gone many years without any damage to my home until in 2001 when my home was subjected to a very wide and damaging hail loss in Minneapolis The insurance companies payout was about equal to the many years of premium payments made by me.

My sister-in-law lives in the Tampa area on a golf course and experienced a sinkhole loss which is now in the final stages of repair and the costs are well over $100,000 and climbing.

Choose carefully. I am as annoyed as anyone about the rising cost of homeowner insurance and/or the denial of coverages unless accompanied with additional premium. However this is the status in the state of Florida and Governor Scott sanctioned all of this so that Ctizens Property could relieve some of its obligations because even with reinsurance there isn't a sufficient amount availble by citizens to pay if a cat loss occurs and so the govenror is spreading the risks among other insurance carriers. Its that or taxpayers pay for homeowners losses What a State