Sink hole questions...

[Cuda1447]

I'm in the process of making decisions concerning my new home. To my surprise I've found that insurance WITH sinkhole protection is a whopping 100% more than insurance without. That begs the question, is it really worth it to pay double the price when insurance in and of itself is kinda a scam? I'm vastly against insurance in most cases, but I don't really have any experience with sinkholes, know how common it is or anything else about it. I was hoping there was somewhere here with a bit more detailed knowledge on the subject that could lend some advice?

 

[Newbian]

Depends on where you live but being in Florida it's a common event sadly and thus why they can charge more for it.

 

[Cuda1447]

Well according to what I've found out the nearest sinkhole to where I am buying is 1.5 miles away. That apparently is quite a good distance, it is rare to be above 2 miles away from a sinkhole in any direction. That alone scares me, but at the same time, DOUBLE the price to protect against that? Geeez.

 

[Newbian]

I like this quote from the wiki's site on sinkholes:

The state of Florida in the USA is known for having frequent sinkholes, especially in the central part of the state.

:Q

 

[Bignate603]

Call around and get other quotes with and without it. You never know, some other places may be better.

 

[Cuda1447]

Funny thing about Florida (pasco county) apparently there is only ONE insurance company for home owners insurance right now. All the others are full (something I didn't realize could happen). I'm forced to go with Citizens insurance.

 

[MrDudeMan]

You just have to realize you are taking a risk. You might be fine, but you might get totally screwed without it. Chew on that for a while.

 

[nick1985]

Text

 

[Cuda1447]

Originally posted by: MrDudeMan
You just have to realize you are taking a risk. You might be fine, but you might get totally screwed without it. Chew on that for a while.

Tastes like jerky, beef jerky.

 

[SparkyJJO]

This is why I like the midwest.

Head west, you get wildfires and earthquakes.
Head east, you get hurricanes.
Head north, you get blizzards.
Head south, you get fire ants, scorpions, and sinkholes.

 

[lxskllr]

Originally posted by: SparkyJJO
This is why I like the midwest.

Head west, you get wildfires and earthquakes.
Head east, you get hurricanes.
Head north, you get blizzards.
Head south, you get fire ants, scorpions, and sinkholes.

You get tornadoes. That's not so special :^P

 

[Rubycon]

Originally posted by: SparkyJJO
This is why I like the midwest.

Head west, you get wildfires and earthquakes.
Head east, you get hurricanes.
Head north, you get blizzards.
Head south, you get fire ants, scorpions, and sinkholes.

What about tornadoes? Get plenty of those and blizzards too!

It would seem to me - like earthquake insurance it's going to be expensive because if you make a claim there's a chance your pad is totaled. It could probably be offset with a high deductible like $20k that way you basically are only making claims if you are seriously impacted. The idea that an entire house can fall in a hole scares me. :Q

 

[SparkyJJO]

Originally posted by: lxskllr

Originally posted by: SparkyJJO
This is why I like the midwest.

Head west, you get wildfires and earthquakes.
Head east, you get hurricanes.
Head north, you get blizzards.
Head south, you get fire ants, scorpions, and sinkholes.

You get tornadoes. That's not so special :^P

Dang it.

I've been here 14 years though and never seen one yet. The others seem more common for the other areas.

 

[lxskllr]

Hurricanes are about the worst of it for MD, and those are seldom bad. The last one of any consequence was Agnes(1972), and I barely remember that.