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Opinions on insurance
My DH and I are buying a house in New Port Richey in the neighborhood Waters Edge. I know a lot of New Port Richey is sinkhole prone so I am trying to decide whether or not to get sinkhole coverage on my homeowner's policy.
The house we are buying is brand new (just completed in February) and will have a 1 year warranty provided by the builder along with a 10 year structural warranty.
Homeowner's insurance without sinkhole coverage is less than half of what it will be to have the sinkhole coverage. Now without the coverage, even if the house sank, we are covered under catrastrophic for repairing the hole, but the cosmetic stuff won't be repaired. Basically sinkhole coverage will fix any cosmetic stuff (cracks in the walls, flooring, cabinets, etc) that become damaged with a sinkhole.
According to Allstate, he doesn't reccommend the sinkhole coverage because he assumes the 1 year warranty will cover any cosmetic damage done by a sinkhole, but I am thinking that won't be the case.
My uncle lives in Tanglewood which is not too far from Water's Edge and he has had a sinkhole. My parents live just slightly further away and they had a pretty awful sinkhole. So I am kind of nervous.
What would you do?
Re: Opinions on insurance
I'm under the assumption in that area, you are required to have sinkhole coverage.
I understand saving money on not getting the coverage but it is worth the piece of mind to me to have it.
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Thanks!!