Home Buying in Trinity>Question Details

Scott, Home Buyer in Trinity, FL

Sinkhole insurance in the Trinity area. Is it really needed?

Asked by Scott, Trinity, FL Sun Jul 19, 2009

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Fred Strickroot’s answer
Scott,

Like any insurance, whether you elect to carry it is based on your own personal assessment regarding risk. There are some areas in Florida which have more risk factors for sinkholes that others. I am not personally knowledgeable about any past sinkhole activity in Trinity, but that is not to say that a sinkhole cannot occur. Many people elect not to carry sinkhole insurance since the coverage, in some cases, virtually doubles the insurance premiums, however, to say that the Trinity area has less risk is not going to help if a rare event of a sinkhole should occur which could be financially devastating to a homeowner who does not have the coverage.

If you want to spend more time in your research, you might find the State of Florida Department of Environmental Protection and their Florida Geological Survey Data and Maps http://www.dep.state.fl.us/geology/gisdatamaps/index.htm. You can download a Subsidence Incident Report at http://www.dep.state.fl.us/geology/gisdatamaps/SIRs_database.htm both in datat base spreadsheet and map overlays for Google Earth.

Please visit our website at http://www.homenetyouteam.com to search for homes and use other resources that we have made available to our customers. You can also sign up for a free ListingBook account to search the MLS just like a Realtor, just look for the FREE ListingBook tab at HomeNet’s website. Our team looks forward to assisting you in finding a great home at a great value.

Sincerely,

Fred Strickroot, Realtor®, MBA, CDPE
HomeNet
Florida Lic. Real Estate Brokerage
2154 Seven Springs Blvd, Suite 103
Trinity, FL 34655
1-888-864-2758
727-478-8997
homenetyouteam@homenet.us.com
http://www.homenetyouteam.com
0 votes Thank Flag Link Sun Jul 8, 2012
Scott,

As an area Mortgage Broker who has unique access to info on this subject, I would like to share some info with you that others can't or won't.

Call me please 813 443 0808

Steve McRory

Pro Option Mortgage/ Florida

steve@pro-option.com

http://WWW.PRO-OPTION.COM

Ph: 888 662 4404
0 votes Thank Flag Link Sun Jul 8, 2012
Like i have stated earlier, most sink hole claims are just foundation settling,because some homes are build on sand, they tend to shift.
NOW very important to know that even though Pasco County is very high on the list of sinkholes, to my knowledge no homes have sank.
The figures that i obtained from the state were 5% in the state and 1% in the tri county area actually sink.
The laws keep changing every year, and about to change again soon, if you get property on a discount because of sinkhole, you might not get funding or insurance, unless its a repair sinkhole.
I am also a Licensed Home Inspector and have done many inspections on sinkhole homes, they r still standing.
So the final decision is up to you.
Get educated on the subject, and if you need more info go to myflorida.com and type in the search window sinkhole, it will give you all the info you need to know.

If you still need help call me....
Good luck.
0 votes Thank Flag Link Wed Feb 9, 2011
I highly reccomend it. I live in Trinity and have a confirmed sinkhole. I am currently recording my expereince in the blog below.
0 votes Thank Flag Link Wed Feb 9, 2011
Scott: Areas between Naples up to Crystal River on the west coast of Florida are known for sinkholes, especially Pasco and Hernando.
The Ground in this part of the state is like a honeycome with many void areas, .
Most sinkholes can cost up to $80k , maybe more depending on the size of the house.
It is advisable to get coverage, especially if it is an expensive home i would say $250k and up.
Only 5% of known sinkholes actually sink, the rest are earth movement or settling.
If you like to know more about sink hols got to the state web site, http://www.myflorida.com and type in sinkhole in the search window and will get all the info you need, i suggest all people do that to get educated about sinkholes.
many people dont want the extra coverage because their homeowners insurance policy covers catastrophic sink hole collapse,, which is what most people are concerned about.Its wise to have a home inspection done by a reputable inspector, not all of them are knowledgeable about sinkholes.
If you like a home inspector let me know.
The desicion you make can save youthousands of $$
If you need more info, call me.Click on my picture.
Good luck..
0 votes Thank Flag Link Mon Oct 11, 2010
Sinkholes and Pasco are buddies. There have been many sinkholes in the area over the years. At one time, I believe Pasco was the sinkhole capital of the state. many of the so called sinkholes were just settling from decayed materials that were buried when the homes were built. Still, I would recommend you buy sinkhole coverage.
0 votes Thank Flag Link Sun Oct 10, 2010
Parts of Florida have decay erosion which are sinkholes. Pasco County is one county where sinkholes are common. Trinity which is located in Pasco County is not known for sink holes but Florida is susceptible to decay erosion so I would suggest that you find out if a particular property that you are interested in purchasing has had a sinkhole problem and/or has sinkhole repairs.

One way to find out is to get a copy of the Seller's Property Disclosure Statement. The seller is asked if there has been a sinkhole problem. From there you may be able to ascertain if sink hole insurance is necessary.

~ Lana
0 votes Thank Flag Link Mon Jul 20, 2009
In Pasco and Hernando it would be advisable to get sink hole coverage, if you r planning to purchase property in those counties, i storngly advise to get a home inspection done, most knowlegeable inspectors should know what to look for.
If you u like an inspector i can provide one for u
Expensive neighborhoods are not excluded from sinkholes or other problems.
Good luck
0 votes Thank Flag Link Sun Jul 19, 2009
I live in Trinity and I have not see nor heard of sinkholes in any of the nearby neighborhoods. However; just adjacent to these neighborhoods are cow pastures with sinkholes still visible. Sooner of later one is going to open up in a neighborhood.

I recommend getting sinkhole coverage
.
0 votes Thank Flag Link Sun Jul 19, 2009
Comedian Flip Wilson had the best perspective on insurance. He simply said, "the iinsurance company is betting nothing is going to happen to you/your property while you on the other hand are betting something is going to happen."

Our recommendation is to be in touch with a local engineer for their opinion.
0 votes Thank Flag Link Sun Jul 19, 2009
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