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Old 08-21-2011, 08:34 AM
 
Location: Spring Hill Florida
12,135 posts, read 13,219,488 times
Reputation: 6009

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What many fail to understand is that Citizens is the only insurer I know of that offers the sinkhole coverage anymore. Most of the other insurers only have catastrophic coverage. Citizens needs to get out of the sinkhole repair business thanks to all the fraud involved in sink hole claims. Due to a change in state law a few years ago, private insurers are no longer required to automatically include sinkhole coverage in homeowner policies. Instead, the policies protect for more limited circumstances, like those of catastrophic ground cover collapse damage.

For Citizens policy holders, it is just a simple matter of dropping the extra sinkhole coverage and staying with the catastrophic coverage which is part of the standard policy.

Any sinkhole repair company is going to tell you that there is a sinkhole on the property. Its just a matter of how deep they drill a hole to find one.
Then homeowners bring in lawyers and public adjusters to prove their claims. Worse is, people take that money and use it for other things and never repair the sinkhole they claimed.


Houses here are not falling into the earth. Catastrophic ground collapse is pretty rare here. However, settlement cracks, ground depressions and other construction related problems do occur frequently.

That is why the increase in rates is being touted. Citizens is simply paying out millions more a year in these claims than they are taking in.

Seems after the end of the construction boom, lots of people suddenly got into the sink hole repair business.





Quote:
Originally Posted by SassySpice View Post
And here's another reason they will be leaving: Sinkhole insurance rates that if approved by the FL board of insurance will go from 400 - 2000%!! And that's on top of your regular homeowners insurance policy. Anyone who's got a mortgage will be forced to pay it by their lender. I'm sure Spring Hillan can tell you all about it since their county Hernando is subject to the highest increase, over 2000%. Whether sinkholes are common or infrequent in certain areas of FL, just the idea of my house falling into one & me along with it is enough to terrify me. Palmetto bugs, gators, insects that live all year round, mold, hot steamy humid weather that make my joints act up, well thanks, but no thanks. It's a nice place to visit but I wouldn't want to live there.


Some Citizens sinkhole rates could rise thousands of dollars - St. Petersburg

 
Old 08-21-2011, 08:41 AM
 
Location: Spring Hill Florida
12,135 posts, read 13,219,488 times
Reputation: 6009
Yes chris, things were better 17 years ago. That was before the "great recession" which affects the entire country. Not only FL.

Things were cheaper everywhere. The economy was excellent almost everywhere. Nothing singles out FL in this problem.



Quote:
Originally Posted by ChrisA70 View Post
It may take people longer to go back when they came here 17 years ago when it was whole different world, a different Florida. Things were cheaper, the economy was excellent... Etc.
 
Old 08-21-2011, 08:43 AM
 
Location: Spring Hill Florida
12,135 posts, read 13,219,488 times
Reputation: 6009
I lived in Orland from 88-2005.


Quote:
Originally Posted by hiknapster View Post

Kind of funny to realize that I probably lived in Orlando at the same time as Chris and Spring Hillian. Who knew!
 
Old 08-21-2011, 09:24 AM
 
Location: The Conterminous United States
22,553 posts, read 47,266,881 times
Reputation: 13391
Quote:
Originally Posted by Spring Hillian View Post
I lived in Orland from 88-2005.
I lived there from 1996 to 1998.

Loved it, too. Unfortunately, I had to move to Fort Myers.
 
Old 08-21-2011, 09:27 AM
 
Location: Arctic Tundra, MA
3,633 posts, read 8,518,906 times
Reputation: 1736
Quote:
Originally Posted by Spring Hillian View Post
Yes chris, things were better 17 years ago. That was before the "great recession" which affects the entire country. Not only FL.

Things were cheaper everywhere. The economy was excellent almost everywhere. Nothing singles out FL in this problem.
Right. What I meant was, it was a lot less of a worry to move to and from anywhere, jobs were plentiful, things were cheaper. Everywhere.
 
Old 08-21-2011, 09:30 AM
 
663 posts, read 769,281 times
Reputation: 1142
Quote:
Originally Posted by Spring Hillian View Post
What many fail to understand is that Citizens is the only insurer I know of that offers the sinkhole coverage anymore. Most of the other insurers only have catastrophic coverage. Citizens needs to get out of the sinkhole repair business thanks to all the fraud involved in sink hole claims. Due to a change in state law a few years ago, private insurers are no longer required to automatically include sinkhole coverage in homeowner policies. Instead, the policies protect for more limited circumstances, like those of catastrophic ground cover collapse damage.

For Citizens policy holders, it is just a simple matter of dropping the extra sinkhole coverage and staying with the catastrophic coverage which is part of the standard policy.

Any sinkhole repair company is going to tell you that there is a sinkhole on the property. Its just a matter of how deep they drill a hole to find one.
Then homeowners bring in lawyers and public adjusters to prove their claims. Worse is, people take that money and use it for other things and never repair the sinkhole they claimed.


Houses here are not falling into the earth. Catastrophic ground collapse is pretty rare here. However, settlement cracks, ground depressions and other construction related problems do occur frequently.

That is why the increase in rates is being touted. Citizens is simply paying out millions more a year in these claims than they are taking in.

Seems after the end of the construction boom, lots of people suddenly got into the sink hole repair business.
I'm confused so set me straight. My SIL lives in Spring Hill & said her homeowners insurance is Hartford, they still have a mortgage so are you saying she has a choice, she can pick & choose what can/cannot be covered in her policy, or will her mortgage company require she has full coverage on the house which is what I have read in articules so far?
 
Old 08-21-2011, 10:41 AM
 
Location: Spring Hill Florida
12,135 posts, read 13,219,488 times
Reputation: 6009
She's probably been with Hartford for a while because NOBODY is writing home insurance in Pasco and Hernando except Citizens.

As far as sinkhole coverage, the catastrophic coverage is most likely required, however, the comprehensive insurance (which only Citizens offers) is not.

They should ask their mortgage holder what their specific requirements are.

I have Citizens and have had Citizens for 6 years. I always had the option to carry the comprehensive sinkhole coverage or not. It costs me a bit more than $1,000 a year. Obviously, if the rates are going to skyrocket, I am dropping it and will just have the standard sinkhole coverage which comes in to effect when your house falls into a hole. I.E. Catastrophic Collapse, which as I stated earlier is quite rare.

I guess nobody notices that retail centers, stand alone mega stores,
gas stations, public buildings and other commercial lands don't have
sinkhole repair companies fixing their properties. Its always homeowners.

Insurance is a product. You can pick and choose what coverage you want to buy. If the mortgage company is demanding certain things,
change mortgage companies.

The west coast of Fl from northern Hillsborough to Citrus is on
limerock. Its a geological thing.


Quote:
Originally Posted by SassySpice View Post
I'm confused so set me straight. My SIL lives in Spring Hill & said her homeowners insurance is Hartford, they still have a mortgage so are you saying she has a choice, she can pick & choose what can/cannot be covered in her policy, or will her mortgage company require she has full coverage on the house which is what I have read in articules so far?
 
Old 08-21-2011, 11:06 AM
 
663 posts, read 769,281 times
Reputation: 1142
Quote:
Originally Posted by Spring Hillian View Post
She's probably been with Hartford for a while because NOBODY is writing home insurance in Pasco and Hernando except Citizens.

As far as sinkhole coverage, the catastrophic coverage is most likely required, however, the comprehensive insurance (which only Citizens offers) is not.

They should ask their mortgage holder what their specific requirements are.

I have Citizens and have had Citizens for 6 years. I always had the option to carry the comprehensive sinkhole coverage or not. It costs me a bit more than $1,000 a year. Obviously, if the rates are going to skyrocket, I am dropping it and will just have the standard sinkhole coverage which comes in to effect when your house falls into a hole. I.E. Catastrophic Collapse, which as I stated earlier is quite rare.

I guess nobody notices that retail centers, stand alone mega stores,
gas stations, public buildings and other commercial lands don't have
sinkhole repair companies fixing their properties. Its always homeowners.

Insurance is a product. You can pick and choose what coverage you want to buy. If the mortgage company is demanding certain things,
change mortgage companies.

The west coast of Fl from northern Hillsborough to Citrus is on
limerock. Its a geological thing.
Ok thank you for your reply.
 
Old 08-22-2011, 08:20 AM
 
2 posts, read 2,378 times
Reputation: 10
Recently purchased a home here and relocated to Fl, and we love it. Our home is off the trodden path, in one of the smaller towns, and well away from the tourist areas. This means lower cost of living and VERY friendly people.If, however my wife and I decide to visit one of the attractions or the beaches, we put on our tourist attire and have a go. We are in central Fl, so it's all within a 90 min. drive.
I t does appear, however, the larger cities are frequntly on the news with problems, but that pretty much holds true throughout the U.S.
If I may add, my wife and I are recently retired......
 
Old 08-23-2011, 10:40 AM
 
Location: Ocean Ridge
154 posts, read 313,045 times
Reputation: 109
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jobs,safety,security,serenity
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