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Old 04-16-2015, 08:03 AM
 
Location: holiday
77 posts, read 108,040 times
Reputation: 68

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So I know insurance companies have to cover catastrophic ground collapse, but what if it's just cracking or out in the yard? Is it cheaper to just repair than get the extra insurance rider? Just trying to decide what to do since it sounds like insurance will only cover it if the whole house is condemned.
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Old 04-16-2015, 08:09 AM
 
Location: East Tennessee
3,928 posts, read 11,600,605 times
Reputation: 5259
My comprehensive sinkhole coverage is an extra $300 per year. Our house is not in an area with a lot of activity, but there has been some. I would assume that makes a difference in premium cost. If I were you, I'd at least get quotes. It's hard to know what's best. To have it and not need it feels like a waste of money. I justify it as peace of mind - LOL. But to need it and not have it, could be a financial hardship.
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Old 04-16-2015, 08:37 AM
 
2,729 posts, read 5,202,404 times
Reputation: 2357
No question I will have a full coverage, and I personally do.

You would be smart to include that. Just ask this question: why did the insurance companies lobbied overtime to get this separation in the first place? (Insurance used to cover both type of sinkhole by default). How many spectacular ground collapse are occurring in Florida (even in your locality that you plan on buying) vs. the more common ones that doesn't end in spectacular collapse? The number should tell you about your risk level. If anyone would forgo the sinkhole activity coverage, they should probably forgo the catastrophic collapse as the risk for those are very low. Insurance companies are in the business of making money. "Extra rider" language is to make you feel it is a luxury when it is not-on average it cost them more if they have to cover a large area. Think about it!
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Old 04-16-2015, 09:22 AM
 
Location: Spring Hill, Florida
3,177 posts, read 6,823,614 times
Reputation: 3592
From my understanding you have to have an inspection to get the comprehensive coverage. One crack in your driveway or sidewalk and no comprehensive insurance for you. Does anyone know if this is the case?
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Old 04-16-2015, 11:58 AM
 
3,826 posts, read 5,805,690 times
Reputation: 2401
Depends of the crack (size, location, width), but I will not be surprise if insurance company will exclude anything what has any cracks as of now... in fine print.
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Old 04-16-2015, 12:25 PM
 
Location: Castle Rock, Co
1,613 posts, read 3,238,517 times
Reputation: 969
if the house is in spring hill/brooksville id have it without a doubt... if your more in hillsborough/st pete i would get quotes and see the prices.. if its 2-300 a year id probably get it.. if much more, id risk it personally..
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