I'm sure I'm not the only one who's struggling to obtain simple sinkhole insurance (sinkhole endorsement). It's ridiculous, I must have asked at least 40-50 carriers, went through Citizens in the end. I might have found one , but the price is about $1000 more annually than my current insurance. I've heard several people say the sinkhole inspection report looks good, no cracks, nothing looks bad,etc. Only soil indexes were too high , whatever that means.
This concerns me deeply. Suppose that I do ever have a sinkhole at that property, than what!?? Then it would certainly be impossible to get coverage again, as I'm sure than that this higher premium carrier would drop me.
What are others doing about this?
I live in Florida btw and so is my property.
Oh, and some carriers even mention that they can drop sinkhole coverage during a policy period. Makes it even worse.
Does your current policy have an exception for sink holes?
No my current policy didn't want to add sinkhole endorsement , just plain catastrophic.
I surely can't be the only one with these struggles ?
@Cynthia B. It is difficult to get the sinkhole endorsement because of a few bad actors more than 10 years ago that helped clients file fraudulent claims. When the legislature wouldn't do anything about the carriers had no option but to remove the coverage. It is unfortunate and does not leave us with many options.
We do have a few carriers that offer sinkhole coverage without an inspection in certain areas. Your best bet is to find a quality insurance agent that represents a large number of carriers. That is your best bet to get your requested coverage - though sometimes it just isn't always possible.