[Luv2travel]

I am trying to understand the risks involved in these coverages under my HomeOwners policy The Sink Hole coverage costs a fairly high premium and comes with a huge deductible (like 10% of the total coverage). As I understand it covers the slow cracking in walls, concrete etc. caused by a slow moving Sink Hole. The other coverage, Catastrophic ground cover collapse is where a hole suddenly appears on your property. This coverage, I believe, also has to damage your home or there is no coverage and is must be sudden. This is covered without any additional premium or any special deductible.
My question for the forum is: Does anyone know if the problems experienced in the Villages over the past couple of years resulted from Sink Holes or Catastrophic ground cover collapse? If the latter, does anyone know of any claims in the Villages for Sink Hole losses? Thanks in advance for everyones input.

[Gordon82]

We recently bought a new home in TV and went through this with our agent when we got home insurance. She said that in 7 years, she has never seen a claim against the Sink Hole coverage (e.g. where a slow moving fault threatens the foundation). However, many people get it for peace of mind. It costs $300 a year, and includes a 10% deductible on the value of your policy. I went ahead and got it. For less than a dollar a day, I think having to pay 10% of the value of my home instead of hundreds of thousands of dollars in the unlikely event this occurred is worth it.

For the catrostrophic events that make the news, where all or part of your home is "swallowed" in a sudden event, you are covered with most Florida policies according to what she said.

[Sandtrap328]

Those real big holes in the ground that are well publicized are the ones under catastrophic ground collapse coverage.

The Florida legislature and insurance lobby changed coverages in sinkhole insurance in 2011.

[Phanatic Luvr]

I am not positive but have heard it is considered "Catastrophic" if the home becomes inhabitable at some point. Unfortunately, you just never know here in Florida.

[janmcn]

Originally Posted by Luv2travel

I am trying to understand the risks involved in these coverages under my HomeOwners policy The Sink Hole coverage costs a fairly high premium and comes with a huge deductible (like 10% of the total coverage). As I understand it covers the slow cracking in walls, concrete etc. caused by a slow moving Sink Hole. The other coverage, Catastrophic ground cover collapse is where a hole suddenly appears on your property. This coverage, I believe, also has to damage your home or there is no coverage and is must be sudden. This is covered without any additional premium or any special deductible.
My question for the forum is: Does anyone know if the problems experienced in the Villages over the past couple of years resulted from Sink Holes or Catastrophic ground cover collapse? If the latter, does anyone know of any claims in the Villages for Sink Hole losses? Thanks in advance for everyones input.

Sink hole!


This rather lengthy thread has lots of info and photos of a sinkhole that opened up six months ago in the Village of Buttonwood. From what I understand, homeowner's insurance with catastrophic ground cover collapse would not pay to repair this large sinkhole because the two houses involved were not damaged. Luckily the homeowner had sinkhole insurance.

The man who repaired it said the costs to fill in the hole would be between $200,000 and $300,000. If you are able to buy sinkhole insurance, it would seem like the prudent thing to do.

There are many threads on sinkholes, if you do a search on this forum.

[joldnol]

Look at this map, all of those circular lakes are sinkholes....


https://www.google.com/maps/@28.810965,-81.653642,9z

[Sandtrap328]

Originally Posted by janmcn

Sink hole!


This rather lengthy thread has lots of info and photos of a sinkhole that opened up six months ago in the Village of Buttonwood. From what I understand, homeowner's insurance with catastrophic ground cover collapse would not pay to repair this large sinkhole because the two houses involved were not damaged. Luckily the homeowner had sinkhole insurance.

The man who repaired it said the costs to fill in the hole would be between $200,000 and $300,000. If you are able to buy sinkhole insurance, it would seem like the prudent thing to do.

There are many threads on sinkholes, if you do a search on this forum.

I was told by my insurance agent that the homes were covered by the catastrophic ground collapse as The Villages Safety office declared them unsafe to live in. That is when the catastrophic ground collapse coverage kicked in and paid for the repair. Sinkhole insurance did not cover the damage.

[janmcn]

Originally Posted by Sandtrap328

I was told by my insurance agent that the homes were covered by the catastrophic ground collapse as The Villages Safety office declared them unsafe to live in. That is when the catastrophic ground collapse coverage kicked in and paid for the repair. Sinkhole insurance did not cover the damage.

That's the way I understand it also, but these two homes were never declared uninhabitable. As I recall, there was no damage to the homes, inside or outside. It would be nice to hear from one of the owners.

BTW: welcome to the forum. Are you new to TV also?

[Topspinmo]

Don't AAA offer sink hole insurance?

[Kelsie52]

Originally Posted by janmcn

That's the way I understand it also, but these two homes were never declared uninhabitable. As I recall, there was no damage to the homes, inside or outside. It would be nice to hear from one of the owners.

BTW: welcome to the forum. Are you new to TV also?

Both homes were declared uninhabitable, Mainly because there was no water service to either home ---

There was some damage inside one of the homes also the golf cart driveway
was 70 feet below the home.

[mulligan]

Back to the op's question. The difference appears when a county (not villages public safety) building inspector puts the condemned sticker on the front door. That's catastrophic.

[Kelsie52]

Originally Posted by mulligan

Back to the op's question. The difference appears when a county (not villages public safety) building inspector puts the condemned sticker on the front door. That's catastrophic.

That is correct --the county building dept made the decision --the Villages other than to direct traffic and keep the public away from taking selfies in front of the hole --really did nothing for the homeowners --it was the homeowners insurance policies that kicked in