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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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70,000 homes paying $1500 a year is $105,000,000.
How far would that go? Lightning fires, lawsuits, sinkholes, every year and then a major catastrophe-tornado, hurricane, every10 years.
Hopefully we have some retired insurance people or actuaries that can comment.