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Old 12-28-2014, 05:27 AM
 
Location: Kent, Ohio
174 posts, read 276,880 times
Reputation: 152

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Can anyone give me the straight scoop on sink hole insurance in Marion County? I would love to move to Ocala and although I know it isn't the hottest location for sink holes, they do pop-up throughout the county. Obviously, my concern is that I buy a home and pay cash for it. A sink hole pops-up on my property and my insurance won't cover it. OR I have to buy sink hole insurance..............how much will that cost?
Some folks may argue that it isn't a big deal...............well, it is to me!!
Ever try selling a home with an un-repaired sinkhole?
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Old 12-28-2014, 07:01 AM
 
Location: Ocala, FL
4,022 posts, read 6,781,951 times
Reputation: 3835
Sink hole insurance is not automatically included with home policies, but you can pay extra to get it. There is no requirement to buy it, it is optional like flood insurance.
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Old 12-28-2014, 08:22 AM
 
Location: Kent, Ohio
174 posts, read 276,880 times
Reputation: 152
Default Sink Hole Insurance

Quote:
Originally Posted by dontaskwhy View Post
Sink hole insurance is not automatically included with home policies, but you can pay extra to get it. There is no requirement to buy it, it is optional like flood insurance.
That is interesting. I think I read that somewhere. It sure shouldn't be optional! However, that brings to mind the most important question; Is it affordable?
Being retired and paying cash for a home, I don't need any kind of homeowners insurance. However, if something went wrong, I sure couldn't afford to replace the home or repair a sink hole. I am sure that if I was financing, the mortgage company would require the insurance. I don't know why anyone would gamble with their biggest investment and not get the insurance?
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Old 12-28-2014, 09:44 AM
 
Location: Florida
4,965 posts, read 4,356,230 times
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Think of this as two policies. The first your regular home owners. You may want to add a hurricane option to it and or flood insurance. This policy will cover a sink hole if it makes your home uninhabitable. By FL law this coverage is in all homeowners policy.
The second insurance "policy" (added to the basic) is for sink holds that damage your property but the house is still livable. These are the problem policies. You can not get this rider on all property. You may also have to pay for testing of the ground to apply for the insurance. You need the actual property to get a quote. You may also have to work with a number of brokers until you find one that can get you the coverage. Sometimes you can get it on new construction but not the resale of the same house. Deductibles can be large.
It is a risk you may have to assume.
I think property in the area of water - ponds - has a higher risk and I avoid these properties.
The state web sit covers sink holds and has maps.
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Old 12-28-2014, 12:32 PM
 
Location: Kent, Ohio
174 posts, read 276,880 times
Reputation: 152
Default Sink holes

Quote:
Originally Posted by rjm1cc View Post
Think of this as two policies. The first your regular home owners. You may want to add a hurricane option to it and or flood insurance. This policy will cover a sink hole if it makes your home uninhabitable. By FL law this coverage is in all homeowners policy.
The second insurance "policy" (added to the basic) is for sink holds that damage your property but the house is still livable. These are the problem policies. You can not get this rider on all property. You may also have to pay for testing of the ground to apply for the insurance. You need the actual property to get a quote. You may also have to work with a number of brokers until you find one that can get you the coverage. Sometimes you can get it on new construction but not the resale of the same house. Deductibles can be large.
It is a risk you may have to assume.
I think property in the area of water - ponds - has a higher risk and I avoid these properties.
The state web sit covers sink holds and has maps.
Thanks so much for the info! So it sounds as though standard homeowners policies with a hurricane option are sufficient, but stay away from Flood zones. That is comforting to know. I guess that a sink hole that doesn't swallow my home shouldn't be a big concern, except that sink holes can get bigger over time. So if it isn't repaired, it could eventually get my home.
For what it is worth, I read somewhere that if you buy outside of a flood zone and they change the boundaries that put you smack dab into a flood zone, by law, you are automatically covered.
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Old 12-29-2014, 07:38 AM
 
Location: Florida
4,965 posts, read 4,356,230 times
Reputation: 5003
Quote:
Originally Posted by GoodDog2 View Post
Thanks so much for the info! So it sounds as though standard homeowners policies with a hurricane option are sufficient, but stay away from Flood zones. That is comforting to know. I guess that a sink hole that doesn't swallow my home shouldn't be a big concern, except that sink holes can get bigger over time. So if it isn't repaired, it could eventually get my home.
For what it is worth, I read somewhere that if you buy outside of a flood zone and they change the boundaries that put you smack dab into a flood zone, by law, you are automatically covered.
I do not know the costs of repairing sink holes but it could cost a lot. As I recall the ins. deductible might be 10% of the ins policy so I would expect bills in the thousands. Anyone know actual experience?

By the way building standards changed over time so the age of the home could influence the cost of insurance. Especially roof design and construction.

Last edited by rjm1cc; 12-29-2014 at 08:00 AM..
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Old 12-29-2014, 08:58 AM
 
1,830 posts, read 2,280,552 times
Reputation: 2623
Beware! The sink hole coverage in Florida is at best problematic. The existing policies are for a limited type of coverage and most claims are now being denied. Worse if you do have a sink hole the county adjuster will so note on the county records dropping the value of your house. Thus you are left with a loss of value and no effective coverage.
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