[weblearner]

Hi folks, i have recently been looking to purchase a sinkhole property in the Bay area, but am now having second thoughts. Looking in either Clearwater, Tarpon, or New Port Richey. Curious which area would be best to avoid these. One of the repaired sinkhole homes i had look at had a really lumpy yard with a couple of holes in the front yard that were almost a 1ft deep and maybe 5-6 inches in diameter. From what i understand they only repair underneath the house and pool (if there is one). Has anyone here had any experience with either purchasing or owning one, and also what might your advice be for someone like myself who is currently in the market?

[Sunshine Rules]

Best advice I can give is to read the following articles carefully:


https://www.abcactionnews.com/longfo...epair-industry

Seventh home condemned after massive Land O'Lakes sinkhole


One of the two original sinkhole homes in this case had previous sinkhole repair work done.....

[jghorton]

IMO, most sinkholes are like icebergs with the bulk of the hole underground. They tend to grow as the surface level collapses into the underlying hole (which also expands). It doesn't sound like your sinkholes are that large, but, unless you are getting a really amazing deal, why take the risk?

[Sunshine Rules]

Plus sinkhole damage may not be covered by your homeowner's insurance policy because the law defines sinkhole damage differently from catastrophic ground cover collapse. Actual sinkhole coverage is now more likely a rider to your policy and the coverage very limited.

[chopchop0]

Sounds like buying used tires.

[Thundarr457]

Here is my take on sinkholes:

I advise anyone looking to move to Florida watch this PBS show Nova called Sinkholes - Buried Alive

https://www.youtube.com/watch?v=l6tOug5ZFAw

They gave an example that if you had 50 acres you wanted to sell, you don't want to know if there are sinkholes because then you couldn't sell it. If a developer bought it they don't want to know because they put in all that infrastructure for nothing. The local government doesn't want to know because then they wouldn't get tax revenue. So in the end it falls on the homeowner.

I asked my realtor about sinkholes and he said they won't insure homes within a mile of one. I asked what would happen if one opened up within a mile of an existing development, would they cancel everyone's insurance? He had no answer for me.

The insurance is expensive and only covers "a catastrophic ground collapse" that destroys your home, if its only partly destroyed you may not be covered plus there is a huge deductible.

When you sell the house you will have to disclose its on a sinkhole and no one will touch it.

[kyle19125]

Originally Posted by Thundarr457

I asked my realtor about sinkholes and he said they won't insure homes within a mile of one.

That's 100% false.

[LKJ1988]

I would never touch one for free. Once a hole always a chance it will reopen. With us going months with no rain and then having under ground water pumped away like crazy it's no wonder we don't have more.

[chopchop0]

Originally Posted by LKJ1988

I would never touch one for free. Once a hole always a chance it will reopen. With us going months with no rain and then having under ground water pumped away like crazy it's no wonder we don't have more.

Yup, just need to add fracking and we'll be set lol

[jghorton]

Originally Posted by Thundarr457

Here is my take on sinkholes:

I asked my realtor about sinkholes and he said they won't insure homes within a mile of one. I asked what would happen if one opened up within a mile of an existing development, would they cancel everyone's insurance? He had no answer for me.

The insurance is expensive and only covers "a catastrophic ground collapse" that destroys your home, if its only partly destroyed you may not be covered plus there is a huge deductible.

Of course, if one was really interested in insurance facts, one would ask an Insurance agent, not a Realtor.