Home Insurance Companies in Tampa Bay (Largo, Spring Hill: mobile home, purchase, inspection)

[wsamon]

I'm in the process of closing a home purchase and am evaluating my insurance options. Federated National came in with the lowest quote and better coverage than most others, so I'm leaning that way. Does anyone know if there's anything wrong with them that I should be aware of?

I also received quotes from Security First and Universal Property for about $200 more, but Security First's coverage is substantially lower for personal property and loss of use. Prepared gave slightly better coverage, and I can even get non-catastrophic sinkhole coverage for about $130, but they are about $400 more (with that coverage). Do I really need sinkhole coverage in Largo though? I thought most of the sinkhole problem was in Spring Hill.

[HWTechGuy]

I think it's something to keep mind of anywhere in the area - Dunedin (destroyed two homes), Holiday (two in a mobile home park in the past month), and of course the one that swallowed that poor guy out in Seffner...

[HWTechGuy]

Yes, I understand how sinkhole coverage works, as I own a home and have insurance. Every homeowners policy covers catastrophic.

Personally, I didn't go for optional coverage because realistically, if there's structural damage to any part of the house - it's going to be condemned.

That goes a long way into getting you covered under the catastrophic coverage.

Catastrophic ground cover collapse” is defined as “geological activity that results in all of the following: 1). The abrupt
collapse of the ground cover; 2). A depression in the ground cover clearly visible to the naked eye; 3). Structural damage
to the building including the foundation; and 4). The insured structure being condemned and ordered to be vacated by
the government agency authorized by law to issue such an order for that structure.

I also understand there's usually an inspection involved if you want to get the optional coverage. One crack in the driveway, walkway, or something like that can be enough to cause them to not issue the supplemental coverage.

[wsamon]

Thank you for the information. They all have catastrophic sinkhole coverage - if it totally wrecks the house, etc. The difference is that only the one will pay out if a sinkhole, say, destroys my pool, or one bedroom, but the rest of the house remains liveable. I don't know if that difference is worth $800 / year more for the same coverage, or $400 / year more for lesser coverage. I hadn't heard of the Dunedin sinkholes, so thank you for mentioning that! I think that's the closest I've heard of any sinkholes to where the house is located.

This particular insurance did not require an inspection for the optional coverage, which is pretty nice. I came to the conclusion that the only way they would provide this optional coverage without an inspection is if the chances of a sinkhole occurring on the property are so low that the coverage is not worth getting.