Sinkhole Insurance

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  #1  
Old 04-10-2013, 12:42 PM
poromo poromo is offline
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Default Sinkhole Insurance

We are closing on our house in Gilchrist and need homeowner's insurance. Have received quotes from several insurance companies but none contain a loss limit on sinkhole insurance.
There is a very high deductible $35,000 but no loss limits. Does anyone's homeowner's insurance policy contain a maximum dollar amount the insurance company will pay in the event of sinkhole damage?
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Old 04-10-2013, 02:46 PM
784caroline 784caroline is offline
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The Maximun limit on sinkhole insurance would be the insured value of your house less any deductible..most likely 10% of value for gradual sinkhole activity or your standard deduction ($500, $1,000 etc) for catestrophic loss!

Note its not the actual value of your house because technnically you donot insure the land.
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Old 04-10-2013, 08:39 PM
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Villager Dude Villager Dude is offline
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Default Sinkhole

Quote:
Originally Posted by 784caroline View Post
The Maximun limit on sinkhole insurance would be the insured value of your house less any deductible..most likely 10% of value for gradual sinkhole activity or your standard deduction ($500, $1,000 etc) for catestrophic loss!

Note its not the actual value of your house because technnically you donot insure the land.
Does anyone have sinkhole coverage without a separate deductable ? If so who is the broker and carrier ?
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Old 04-11-2013, 07:40 AM
784caroline 784caroline is offline
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I believe you can get Catestrophic sinkhole insurance with no deductible from most isurrance carriers, BUt for a loss due to gradual sinkhole activity, you are lucky to get any coverage at all and if you do get insurance for that specific coverage it will be at a 10% deductible.
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Old 04-11-2013, 08:54 AM
janmcn janmcn is offline
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Keep an eye on the Florida Senate today as they debate SB 1770. Every time they debate property insurance rates, the consumer seems to lose.
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Old 04-12-2013, 02:31 PM
JourneyOfLife JourneyOfLife is offline
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Quote:
Originally Posted by janmcn View Post
Keep an eye on the Florida Senate today as they debate SB 1770. Every time they debate property insurance rates, the consumer seems to lose.
It looks like the default P&C insurer in Florida is the State of Florida and it is a non-profit insurance company.

Apparently many insurers have exited the market or not longer issue new policies because of certain risks.

The money has to come from somewhere.
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Old 04-24-2013, 08:45 PM
edbens edbens is offline
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We just purchased a courtyard villa. We did not get sinkhole insurance. Is this a must in Florida?
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