FL sinkhole insurance changes and rate bumps

[MovingtotheCove]

We just got our renewal for our homeowner's insurance in FL and were disappointed to see the protection from sink hole loss we had in the past has been removed from "all perils" coverage and that deductible and given a 10% of insured value amount for future sinkhole coverage....the county is Polk and the overall rate when up 20% even with the decrease in covearge for sink holes through the increased deductible. Has anyone else seen large increase in rate for 2012 and/or changes in sink hole covearge deductibles?

[73ss454]

There has been an ongoing scam in Florida with sink holes. Most homes in Florida are built on sand and there are a lot of voids under the slabs. When we ripped up our flooring a few months ago we had cracks all over the place. I'm sure we could have put in a claim and got money from our ins company, we didn't do it. I've had a few friends have a guy come in with some sort of machine that will test for sink holes. They all got their mortgages paid off by the ins. company.

Bottom line is I'm glad they are changing the ins for these holes. Some how I know I'll be chipping into pay for these frauds.

[JOHNNIE36]

I'm also a Floridian that is going through the sinkhole coverage pains. I don't worry about it too much as we are not in a sinkhole prone zone like some in Polk and Pasco counties. I had a bump in my policy this year in the amount of $450. As usual, I went shopping and found a company that wrote me the same policy for $400 less. How? My new agent suggested I get a wind mitigation survey. No guarantees but my $100 investment in the survey netted me a savings of $300 in the first year, $400 for each of the next four years. The survey is good for five years and then has to be repeated. Why? Not sure I have the answer to that one.

Just read something in the newspaper about searching every other year for better rates on homeowners and car insurance.