Pinellas. Pasco, Hernando, and Hillsbourgh counties are the only ones affected at this time. Three lenders U.S. Bank, B.O.A., and Sunshine State S&L are requiring sinkhole coverage. Most other lenders are accepting the catastrophic ground collapse coverage as adequate coverage.
If citizens is your only insurance option then start the process EARLY. You should allow 4-5 weeks for this to get taken care of. If you do want the full sinkhole coverage, you will have to pay $90 to an inspection company chosen by Citizens to perform the sinkhole inspection. They will forward the inspection to underwriting to be reviewed to see if the home qualifies for the coverage. Keep in mind that there is no guarantee that they will approve the coverage. If they see stucco cracks (no matter how small), driveway cracks, or depressions in the yard then they have the right to deny the coverage.
Richard Vazquez, Artisan Insurance Group
The other $90 is paid by citizens