Quote:
Originally Posted by mikemalloy
This may have been the straw that breaks the camel's back as far as private insurance is concerned in Fla.. Between the high rise collapse in S. Fla. and 2 major hurricanes in a relatively short time, I think that they're about to head for the hills (away from the coast.)The state is going to have to create some type of insurer of the last resort.
I think we have an opportunity to help ourselves. The Villages is not located anywhere near the coast. Tidal surge damage is not an issue. We are not near a major river and with the good water management here, major flood damage does not seem to be a significant risk. The vast majority of the homes hear have been built under codes that enable them to withstand significant winds.
In short, our risks as lower than many Fla. homes and much lower than those located near the coast. We should have enough homes that we could begin our own captive insurance company. The risk could be partially laid off on reinsurers and I'd home it would be at a reasonable rate considering our reduced risk.
We can either keep subsidizing those that choose to live under tidal surge threat or we can insulat ourselves for paying more than we should for insurance.
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Absolutely not. We've moved south enough in The Villages for some of the homes to be in direct line of the tornadoes that show up every year. If you lose 10 homes, your "captive insurance" would have to pay out for ALL of them. PLUS damage to nearby homes, plus hotel costs for those who are displaced, plus the contents of their homes - and you'd still need to be able to pay out for ALL the homes if (god forbid) some catastrophe should hit the entire community with any damage or loss. Don't forget the more recent sinkholes at properties south of 466a lately - insurance covers that too.
Paying out a few million dollars total when you're a company getting premiums from tens of millions of homes scattered around the country - is not the same as paying out a few million when you're a community paying in premiums to cover only a few thousand homes, all located within the same concentrated 70-square-mile area.