[shcisamax]

Why do you assume at $100 you would not have 100% sign up? The people who reported the additional cost to their insurance reported twice as much. Also, I was just throwing out those figures. I have no idea if there are 40,000 homes. I just took the 85,000 (apx. population) and divided it by two...it is an avenue that might be explored. And my understanding is the 85,000 will be 110,000 in the near future. If the insurance companies are going to cover it, there is no need but if they are going to not cover it going forward, or only pay 90% on the significant damage, the villagers should look at the possibility to insure themselves. It would be definitely less expensive and better coverage. Of course, you are right about the definition of coverage. This would not be for cracks in the foundation but for a big hole on your property and associated issues..like your house goes missing.

[GatorFan]

This would be a question for your State representatives. The State of Florida Regulates and approves everything insurance companies in Florida do including premiums, deductibles, coverages, cat funds, guarantee funds, Citizens recoupment fees, you name it they control it.

[shcisamax]

So TV could not self insure? Set up a fund to cover sinkholes? But of course the insurance companies wouldn't be thrilled to see someone moving in on their territory and they are huge contributors to political campaigns.

[OldDave]

I've only been on here less than a week and only started thinking of moving to the Villages a bit before that. (We hope to move in summer of 2013.) I was already afraid of hurricanes, and terrified of gators. NOW it's sink holes. I appreciate all of the posts on this thread. I am puzzled about however, that only one person mentioned Citizens Property Insurance Corp. I've read this several places. This appears to be a state run agency that does provide Sink Hole coverage. (and I agree from my reading that everyone with home owners is covered for the complete eating of your house..or actually just making it unliveable.

Is there a reason no one seems to use Citizens? Is it not a good deal? Does it also cover hurricane damage? Perhaps this isn't the right thread, but is hurricane damage covered my normal homeowners in Florida, do you need something else? Do you need the federal flood insurance?

Sure appreciate any help, and I've really enjoyed meettingfolks on this site. Very friendly, helpful, and some of you are very funny...which I really enjoy.

[shcisamax]

I wonder if there is gator insurance....OldDave, I'm with you on the gator issue. Found myself on google last night learning about gators vs crocs. Glad I am not moving/living on a lake down there. I would never sleep. I was told by the sales agent that when they get to be 5 ft the gator police come and take them away. But still, with those choppers, 4 1/2 feet is going to hurt.

[GatorFan]

To set up a self insurance fund, you need State Approval and the fund is regulated by the state. I am sure insurance companies would welcome you to set up a self insurance sinkhole fund.

[shcisamax]

Too bad. I didn't even know there was a problem until this thread was posted.
Gatorfan: It's good to have someone on who really knows a lot about this. Maybe you have a suggestion or idea as to how everyone can get covered? I guess the question is: What insurance companies will cover sinkhole? for new owners.

[Posh 08]

Originally Posted by shcisamax

Too bad. I didn't even know there was a problem until this thread was posted.
Gatorfan: It's good to have someone on who really knows a lot about this. Maybe you have a suggestion or idea as to how everyone can get covered? I guess the question is: What insurance companies will cover sinkhole? for new owners.

On my Pro/Con list it's one of the BIG cons.

[shcisamax]

Honestly, when I went on the geo map...it only goes to 2008, it just didn't look like there was anything on there in Sumter. maybe a couple. Marion is a mess. Either I am not reading that map correctly, and if I am not, I would love someone to correct me, or the holes weren't there in 2008 or they didn't get listed.

[JimJoe]

Originally Posted by shcisamax

Honestly, when I went on the geo map...it only goes to 2008, it just didn't look like there was anything on there in Sumter. maybe a couple. Marion is a mess. Either I am not reading that map correctly, and if I am not, I would love someone to correct me, or the holes weren't there in 2008 or they didn't get listed.

A lot of building in Sumter county has occurred since the information was obtained for the 2008 report. Would increased building either increase the likelihood of sinkholes or the reporting of them?
JJ

[janmcn]

Originally Posted by OldDave

I've only been on here less than a week and only started thinking of moving to the Villages a bit before that. (We hope to move in summer of 2013.) I was already afraid of hurricanes, and terrified of gators. NOW it's sink holes. I appreciate all of the posts on this thread. I am puzzled about however, that only one person mentioned Citizens Property Insurance Corp. I've read this several places. This appears to be a state run agency that does provide Sink Hole coverage. (and I agree from my reading that everyone with home owners is covered for the complete eating of your house..or actually just making it unliveable.

Is there a reason no one seems to use Citizens? Is it not a good deal? Does it also cover hurricane damage? Perhaps this isn't the right thread, but is hurricane damage covered my normal homeowners in Florida, do you need something else? Do you need the federal flood insurance?

Sure appreciate any help, and I've really enjoyed meettingfolks on this site. Very friendly, helpful, and some of you are very funny...which I really enjoy.

Citizens Insurance is the state run insurance of last resort only available to people who have no other options. From what I read on this forum, there is still property insurance available through private companies in The Villages. All the major insurance companies pulled out of the coastal counties in the past several years. When and if this happens in TV, your only option is Citizens. Citizens provides all the same coverage as normal homeowners; ie hurricane, sink hole, etc. for about the same price. Hopes this helps answer your questions.

[shcisamax]

Good question.

[GatorFan]

https://www.citizensfla.com/about/Ci...ssessments.cfm

[PaPaLarry]

Hot spot for sinkholes

Sinkhole claims to insurance from 2006-2010. Percent is percent of statewide total, which was 24,671. The Tampa Bay area had 72 percent of the total claims in the state.

Hernando 6,036 24.5%
Pasco 5,932 24.0%
Hillsborough 4,450 18.0%
Pinellas 1,466 5.9%


Source: Florida Office of Insurance Regulation

[PaPaLarry]

OIR Business UnitsUpcoming EventsPublic Records RequestAssociations, Boards and Councils Consumer ResourcesAgents/Agency ServicesSearchSite MapHome

Sinkholes
Florida has more sinkholes than any other state in the nation. Section 627.706(2)(a), Florida Statutes requires authorized insurers to cover catastrophic ground cover collapse, but damage, outside a catastrophic ground cover collapse, caused by a sinkhole may not be covered by your policy if it does not specifically include sinkhole coverage. For more information on what every Floridian should know about Sinkholes and Catastrophic Ground Collapse, see the Department of Financial Services guide. For tips on settling your sinkhole claim where to find help, click here.

For more detailed information about Sinkholes and Catastrophic Ground Collapse in Florida, please see the following studies Web sites:


Sinkhole Data Call Report -- 2010
Deloitte Sinkhole Report -- 2006
Insurance Study of Sinkholes -- 2005
Sinkholes in Florida (County Maps) Fla. Center for Instructional Technology, University of South Florida
Areas of Sinkhole Occurrence: Florida, 2008
Dept. of Environmental Protection

Office of Insurance Regulation News Releases on Sinkholes:

/PressReleases/viewmediarelease.aspx?ID=3669 /PressReleases/viewmediarelease.aspx?ID=2657/PressReleases/viewmediarelease.aspx?ID=2550 /PressReleases/viewmediarelease.aspx?ID=2423

During the 2010 Legislative Session, the Office identified increased sinkhole claims as one of the cost drivers affecting homeowners rates. The Office heard from the industry that there has been a substantial increase in the frequency of claims, and that these claims are being filed outside the traditional sinkhole alley in Hernando and Pasco Counties. In August 2010, the Office issued a data call to commercial residential property insurers to collect claims data related to sinkhole frequency and severity of claims, and the geographic location of those claims. On November 8, 2010, the Office issued its report based on the data provided (see first Web site link, above).