Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Hurricane/sinkhole Insurance?
Do most of you get this coverage ? Moving to our new house in Feb. We were told that with a 2 % deductible only NAMED hurricane damage is covered.
Also what about sinkhole insurance? Do most of you get it? Thanks for any advice. |
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#2
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Only named storms, does not have to be a hurricane
Quote:
We chose not to get sinkhole insurance. It seemed expensive and it had lots of caveats about what they would cover. See my quote below. I am not an expert, but my anecdotal evidence is that sinkholes happen to homes near ponds (and golf courses with ponds) and the ponds themselves. All the ponds were excavated and maybe disturbed the fragile structure. I have a map, someone local had plotted all the sinkholes in the area. The further north you live in the villages the worse it was (of course I live in the north). Google" Sinkhole map in the Villages" the full file name I downloaded is Sinkholes in the Villages MAP 2015-0615.pdf. I have something I copied off the internet but this is from an interview with an insurance agent: Comprehensive sink hole coverage is somewhat challenging while catastrophic ground collapse (CGC) is not. The insurance commissioner’s office requires every company selling homeowners in Florida to provide CGC coverage. Basically this coverage states that if a sinkhole opens up under your home and it is deemed unsafe for habitation then you are covered. Comprehensive coverage is just that ANY major structural damage while CGC is as described above. Hope this helps |
#3
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I recommend getting both coverages. But, I will usually choose a high deductible if the savings in the premium are significant enough.
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#4
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If you don't think it will happen, buy it and ask for a high deductible. If you think it will happen to you, buy it and ask for the lowest deductible. Remember insurance is a very highly leveraged financial bet. . . . when it pays off, like binary but random sportsguy |
Closed Thread |
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