Quote:
Originally Posted by BrianL99
Self-Insurance and setting up an Insurance company, are 2 completely different tracks.
Anyone can "self-insure". Just don't buy insurance ... BINGO! You're self insured. Or even buy a policy with a $50,000 -$100,000 deductible ... you're most self-insured.
As for setting up an insurance company?
Insurance companies that have been in business for generations, are going broke and moving out of Florida. Even if the obstacles others have mentioned weren't real (they are), what makes you think a bunch of retired folks, setting up a mutual insurance company, would be better at it, than the pros?
|
The "pros" have been writing policies in the whole state. They've taken large losses such as the collaps of the Champlain towers and the damage done by hurricane Ivan. Because the proposed ins. company wouldn't be writing policies where there are high rise buildings or exposure to the extensive damage caused by hurricanes on the coast it could be successful. Additionally the need to turn a profit would not be there since the purpose of the company would be to provide property and casualty coverage to occupants at a reasonable cost.
I wonder about the risk is writing policies on Villages autos. Many sit in the garage for days at at a time with the owners prefering to use their golf carts for local trips. There are lots of questions my proposal raises but rates are getting to the point where such and idea should be at least explored.