Does every homeowner have Sinkhole Insurance? (live, counties, regulations)

[chi_tino]

Originally Posted by bavariantransplant

All of this in my conclusion is the result of fraudulent sinkhole claims such as typical home or concrete settling that would be normal anywhere else in the country but in Florida, before there were thresholds that had to be met, were linked as a sinkhole claim. Now we all suffer, and so goes it...

Can you explain how we all suffer?

Several years ago when Citizens separated sinkhole policies from the standard policy, my rates dropped dramatically (about 30%). My house has a zero percent sinkhole risk, so I no longer had to contribute to that risk pool (rife with fraud claims). This was a very good decision by Citizens to isolate that particular risk.

[bavariantransplant]

A person who owns a home in one of the 10 or so counties designated as sink hole prone suffer from the inability to have proper sink hole coverage at an affordable price, rates that are higher and less options for insurance providers.

This I have personally gathered from talking with various insurance entities and the affect of the fraudulent claims.

[Leaving4Ca]

Originally Posted by chi_tino

Can you explain how we all suffer?

Several years ago when Citizens separated sinkhole policies from the standard policy, my rates dropped dramatically (about 30%). My house has a zero percent sinkhole risk, so I no longer had to contribute to that risk pool (rife with fraud claims). This was a very good decision by Citizens to isolate that particular risk.

Chi tino, what town are you in with a ZERO sinkhole risk? I think all of Florida was at least a small risk, based up the underlying soil.

[chi_tino]

Originally Posted by Leaving4Ca

Chi tino, what town are you in with a ZERO sinkhole risk? I think all of Florida was at least a small risk, based up the underlying soil.

There has not been a single sinkhole incident in Shore Acres since data has been collected (over 15,000 incidents in Florida). [source:floodinsights.com] There have been only a couple incidents in all of east central Pinellas County.

So I'm making the bold assumption that the sinkhole risk in Shore Acres is near zero. Waterfront property sinkhole risk is even lower.

I don't have a sinkhole rider on my policy, and my Citizens premium dropped dramatically when I essentially dropped the sinkhole coverage (via the state making sinkhole coverage a la carte).

I suppose if it was priced at less than $5 a year I would add it. That's about what I would pay for other equally-likely policies on my home such as meteor insurance, plane wreckage insurance, Godzilla insurance, etc.

[bavariantransplant]

Originally Posted by chi_tino

I suppose if it was priced at less than $5 a year I would add it. That's about what I would pay for other equally-likely policies on my home such as meteor insurance, plane wreckage insurance, Godzilla insurance, etc.

In the end I came to the same conclusion and file the idea of a true sinkhole appearing under my home the same as any other ultra rare event. The catastrophic insurance for the most part is fine with me. As a human I would be lieing if at times all the sinkhole hysteria doesnt make me think about it again.

I say true because a lot of what I am seeing in pictures and reading in description that a lot of homeowners claimed as "sinkhole" are no different then any other places around the country where homes settle, especially new homes. Fact is concrete cracks, new homes settle and drywall cracks, doors rub a little, these are all natural occurences. When the back half of your house drops 6" then yes, you have a sinkhole problem. This is not the majority of the claims and is the reason why individual greed for cash payout of claims under false pretense is what caused this mess.

For what its worth if you live ANYWHERE in ANY of these counties, you are classified as sinkhole prone and must have an inspection to determine the chances and subsequent rate you would pay. The inspection costs $180 and is split between you and citizen, $90 each.

Alachua
Citrus
Hamilton
Hernando
Hillsborough
Lake
Manatee
Marion
Pasco
Pinellas
Polk
Seminole
Sumter
Suwannee
Wakulla
Washington

[chi_tino]

Hooey.

I have owned multiple properties in Hillsborough and Pinellas and have never had a "sinkhole inspection", and no one I know has ever had to do this, either.

Where do you obtain your misinformation?

[HWTechGuy]

I believe to get the "optional" sinkhole coverage, you need this "inspection" done. At least that is how I understand it.

You don't need an inspection for standard homeowners coverage.

[bavariantransplant]

Originally Posted by chi_tino

Hooey.

I have owned multiple properties in Hillsborough and Pinellas and have never had a "sinkhole inspection", and no one I know has ever had to do this, either.

Where do you obtain your misinformation?

Hooey, lol???

Anyway, please see the above response by HWtech, this is if you want sinkhole coverage. That is afterall the conversation this thread is about.

[tom11011]

Originally Posted by chi_tino

Hooey.

I have owned multiple properties in Hillsborough and Pinellas and have never had a "sinkhole inspection", and no one I know has ever had to do this, either.

Where do you obtain your misinformation?

For me to add on the optional coverage, I had to have an inspection which cost money out of my pocket. It's not misinformation.

[chi_tino]

Yes, but the poster omitted the "optional" part. It was claimed that if you live in these counties, you MUST (their words, not mine) get an inspection.