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Florida Sinkhole Questions

Old 05-02-2011, 02:18 PM
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Default Florida Sinkhole Questions

For the past 5-6 years I've been reminding my wife NOT to let anyone give us a "free" sinkhole inspection. I figured my house would surely get labeled as a sinkhole home before it was over and I would never sell it (20 years from now or something).

Now I'm wondering if it might be a smart idea to have them come and inspect. I don't have any reason to think I have a sinkhole, but if they find something and I could get my house paid off, then why not! I'm not really a
"get over on the system" kind of guy, but Citizens is the only insurance I can get and I pay almost $4K per year. In addition, back in the boom I asked them if I could raise my coverage to follow the prices and they raised my coverage (and my rates) with very little trouble. Now with the market like it is I wanted to drop my coverage and it is not so easy! Anyhow, I'm thinking let them pay off my policy (if sinkhole activity is found) and I will have enough to pay my mortgage AND put the rest in the bank as my own insurance to replace my home. Anyone have any experience lately with how all this works?
Old 05-02-2011, 04:39 PM
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You better hurry up. From what I understand, there is a bill being pushed through our extremely willing legislature by the insurance industry that will only pay for 100% loss on sinkhole policies. I don't know all the ins and outs of it but you might want to check it out.
Old 05-03-2011, 01:58 PM
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I know, it seems like they are going to do something about all the claims, that is why I'm wondering the best move at this point.

Anyone else have any info?
Old 05-03-2011, 04:22 PM
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Not really, but would a sinkhole inspection be like a 4 point hurricane (wind mitigation) inspection? Either confirm a problem, or potentially remove you from the JUA pool?
Old 05-03-2011, 05:14 PM
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My insurance doubled this year and they dont cover sink holes anymore
Old 05-03-2011, 05:43 PM
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I'm not in an area known for such but I thought that coverage was only for something that happened quickly?

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