Do you have US Home Bank as your mortgage company? (Hernando: renting, insurance)

[SunshineState]

This is a warning for anyone with US Home Bank Mortgage Company.

Recently legislation in Florida for Pasco and Hernando Counties automatically dropped sinkhole coverage from Citizens Insurance policyholders and then you have the right to purchase it back at a very high rate.

Well if your mortgage company is US Home Bank you are REQUIRED to carry the sinkhole coverage. The letter a neighbor of mine received reads...and I quote
"We understand from speaking with many insurance agents located in Florida that catastrophic ground collapse has been added to these policies in lieu of sinkhole coverage. However, our research has indicated major differences between these two perils. A sinkhole is the systematic weakening of the land supporting your home. If damage attributed to a sinkhole were to occur to your home, your property could still be deemed livable by your local authorities. A catastrophic collapse is a geological activity that results in all of the following conditions: 1) an abrupt collapse of the ground cover, 2) a depression in the ground cover visible to the naked eye, 3) structural damage to the building, including the foundation, and 4) the insured structure must be condemned and ordered vacated by a government agency. While we understand the financial burden caused by the current insurance situation in the state of Florida, we are required to ensure your home is covered in the event of damage. Sinkhole damage not only causes significant damage, but the repair costs are very high. Without sinkhole coverage, a homeowner would have to bear the burden of the cost to repair the property while maintaining their monthly mortgage payment.

Please contact your insurance agent to verify this coverage is included in your policy."

So much for our elected officials reducing our high insurance premiums, now they are even MORE!

[pottymouthgranny]

If you are moving to Florida, Don't buy or build a home. Renting is a much safer option

[Mermaidart]

And never ever take out a home mortgage with US Bank aka ASC aka a Wells Fargo subsidiary.We ended up having to hire a an attorney to help us remodify one of their ridiculous home loans. It's a company that will give you the run around. It doesn't surprise me in the least that they'd pull a stunt like expecting you to buy even more insurance( to cover their a$$es.)
Read ALL paperwork from them very carefully and contact an expert if you have any questions regarding their nonsensical policies.