[cj1040]

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.

[ctmurray]

Originally Posted by cj1040

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.

The "named storm" was added to my policy, American Integrity, after the storms of 2016 and everyone wanting a new roof. The people who asked for a new roof early were successful. But the insurance company were losing so much money they have tightened up and now only a named storm (does not have to be hurricane level winds, just a named tropical depression) will they cover any damage.

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

[retiredguy123]

Originally Posted by cj1040

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.

I recommend getting both coverages. But, I will usually choose a high deductible if the savings in the premium are significant enough.

[CoachKandSportsguy]

Originally Posted by retiredguy123

I recommend getting both coverages. But, I will usually choose a high deductible if the savings in the premium are significant enough.

That is the best way to be covered for a very low probability event, and premiums which "you" think are expensive to you. "expensive" is a relative value opinion, given that you have the inability to accurately predict future catastrophic events which will only happen to you.

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