A couple questions (Tampa, Valrico: insurance, how much, buying a home)

[negreenUSF]

I'm currently in the process of buying a home in Land O Lakes. My question has to do with insurance, I'm sure the answer is in these posts somewhere but there is just TOO MANY!! I talked to citizens and they gave me a quote WITH sinkhole coverage and without....$1700/yr with and $689/yr without!!!! I want to know what other people think about the new "no sinkhole" coverage idea and whether it's worth the risk. What are the chances of a sinkhole? They way I understand it, I'm covered in the event a complete loss but not if the foundation cracks for example. Does anyone have any ideas about what to do!? Are there any websites that will tell me exactly what street a past sinkhole claim was on? Does anyone know how much it would cost on average to repair a sinkhole that wasn't covered? Is it worth this AMAZING savings???? The home is in Lake Padgett Estates East...has anyone heard of sinkholes there. Sorry for the ambush of questions but I want to gather more facts before I make a decision on this. Thanks in advance for the help!!!

[deckardc]

Originally Posted by negreenUSF

...$1700/yr with and $689/yr without!!!!

Just curious, are you new to Florida? Most of us would kill for those insurance quotes. I pay $3100 a year and I don't live in a flood or sinkhole zone. In my opinion, if you live in Pasco Co. I would go with the sinkhole coverage. It's better to be safe than sorry regardless of whether there has been a sinkhole in your neighborhood or not. Funny thing about sinkholes, they were never there before they first appeared.

[negreenUSF]

Ya I realized that my quotes overall were very low compared to what I was reading on the forum. I moved to FL a little over a year ago and was nervous about buying because of all the insurance and taxes talk! Citizens also offered us a 10% sinkhole coverage for $1400 so we might take that. I just have this idea that insurance agents try to convince to get coverage on something that really has a 1 in a million chance of happening! Thanks for the input.

[Keeper]

I had a friend who lived in Lake Padgette estates. It is a really nice area. To help you decide about the insurance check out this info from Pasco County
Probability: The West Coast of Pasco County is particularly prone to sinkhole damage due to its physiography. The probability of a sinkhole occurring in the County is high, however the individual risk is not great. An average of six sinkhole incidents are received per month during the rainy season, dropping to an average of three reports per month during the dry season.

Vulnerability: Since the number of people affected by sinkhole damage is relatively small and the economic costs are not high, the vulnerability, as compared to the other hazards is low. The West Coast of Pasco County is particularly prone to sinkhole damage due to its physiography. The probability of a sinkhole occurring in the County is high, however the individual risk is not great.

For additional information on what to do if a sinkhole opens on your property, please visit our Sinkhole page.

Hazards Analysis (broken link)

[mike28]

I also moved to Florida, in the town of Valrico and pay $1,200a year the sinkhole question was never brought up to me is this area known for that? I hace security first insurance.

[Keeper]

I could be wrong but there haven't been a lot of sink holes in Tampa. More in hernado and the east side of pasco. Maybe other counties but those I do remember seeing in the newspaper.

[Mike Peterson]

Originally Posted by mike28

I also moved to Florida, in the town of Valrico and pay $1,200a year the sinkhole question was never brought up to me is this area known for that? I hace security first insurance.

The reason you weren't asked was because as of Oct 1st the catastrophic coverage is optional. Previously this was not an option. You had to have it.