500 hundred dollars times 50,000 homes is 25 million dollars
 

At this point the solution to this sinkhole problem is all that matters. With all the people and all the talent of the people in the Villages it is hard to imagine that a solution can not be found. 500 dollars times 50,000 homes is 25 million dollars. It would seem that somewhere in that equation things could be worked out. Solving the problem is what is important. No one in the Villages should be subject to the kind of financial exposure that this problem can present. People should work together to help each other out which is the Villages Sprit

Or you could buy insurance.
 

Originally Posted by perrjojo https://www.talkofthevillages.com/fo...s/viewpost.gif Connie Wise Duff agency in TV at 352-259-0900..Julie is our agent. We have always had State Farm until moving here two years ago and had to go with another company. We just switched back yesterday. They are insuring new and existing. You must have and inspection which cost $60. Their rates are higher than our previous company.

I don't understand your post, Mr. Swofford.

Are you saying that the Developer who profited from selling homes in The Villages should be responsible if a home develops a sinkhole? I do understand that the financial repercussions of a sinkhole can be devastating, not only to the home owner, but to the entire neighborhood.

I'm not disagreeing with your thoughts, I'm just wondering if I understand your post.

I think the OP is saying each household pony up $500 and self insure. I'm in as long as I get the top job at $250k per year to determine who gets a payout. Or just let insurance companies handle it, I have a tee time to keep.

Tons of people, with tons of talent. Sinkholes have been known to frequent Florida for sometime now. It appears the sinkholes might be influenced by mother nature. Well it has been hard to predict mother nature over the last couple years (maybe more). We have certainly seen some "not the usual" weather all across the country for a couple years.

Well it only took you short order to decide what was the correct amount for me to pay towards this "pet project" of yours.:22yikes: I doubt anyone can solve the problem (unless we move all the homes north of Florida, but then the weather is not so good).


If all spirited residents banned together (potentially 100,000 people) against the insurance companies....they might just laugh and charge us more, do you believe we have a choice?

This is not a problem unique to The Villages. Nor is it unique to central Florida. Residents of all areas are at risk for such acts of God, just like earthquakes, tornadoes, hurricanes, forest fires, floods. No one should be subject to such financial risk. But it is what it is. You cannot live your life in fear. All you can do is tackle one challenge at a time.

I am not saying that your idea is bad, because it has merit. I am just saying we should take a deep breath and evaluate the real risk. Gather some data. Observe trends.

Also if you could get ALL homeowners to chip in each year, that would cover remediation for about 200-300 homes per year. ( a buddy of mine in Spring Hill just paid $125,000 to fix his sink hole) The math would definitely make it a harder sell. Not impossible but... The fund could be assembled to help pay the deductibles for a super high deductible policy covering all of The Villages, but that is tantamount to what is already in existence by insuring each home individually. A lot to think about, but in the meantime, just get insured.

It would be nice to have elabotrated on the real intent of this post, as TOTV people, will only try to surmise what was meant. Reading between the lines, is murky, at best.

It would be heaven, to not have had a sinkhole problem, anywhere.
Every area of the country has a weather problem, that needs to be addressed, from time to time.

We all have some level of concern, but nothing would ever stop me, from living in TV. That's me, and another hundred thousand people. :smiley:

The developer is a businessman, not a charitable organization. He is in business to make money, period, and he does so by selling a quality product that up to this point has consistently been in high demand. I would think that most Villagers bought here in recognition of the quality of the product being offered, with sinkholes NOT being a part of the equation (and they are certainly NOT limited to TV).

Now, if as a businessman he CHOOSES to show character and compassion by offering financial support to the small handful of Villagers who are directly impacted by a sinkhole, that is entirely up to him. Think, for example, of the woman with her $21,600 sinkhole deductible reported in the Village News, an excellent online source that is achieving higher and higher circulation and that helps balance the philosophy of the printed Daily Sun. How many Villagers are in a position to pony up a figure like this easily? However, he is certainly not OBLIGED to do so. There is certainly precedence for highly successful business people doing so (for example, Bill Gates and Warren Buffett, and others with their foundations in the present; Andrew Carnegie with his libraries in the past).

However, if he is “inspired” to show character and compassion to these folks by, say, the power of the Internet and its ability to disseminate information extremely rapidly and extremely intensively affecting his sales and thus his profits, I doubt anyone with a sinkhole in her or his backyard would turn down help dealing with an extremely high deductible. Granted this would not solve the overall sinkhole problem, which goes well beyond the boundaries of TV, but it would certainly aid him in the public relations area!

Beyond this, we’re on our own, keeping in mind the point of view of Benjamin Franklin, who suggested, “We must all hang together, or assuredly we shall all hang separately!” But that is entirely up to us….

I think self insuring is a great idea.

My former association did it for our malpractice coverage(the American Association of Orthodontists) and it saved me thousands over the years.

Probably the biggest factor would be getting enough people to buy it. If you could get everyone to chip in, i.e. make it mandatory, for a one time fee of $500 they would never need to pay anything again since that would generate $25,000,000 that could easily support an "administrator" etc. on just the investment interest it would generate.

I think the hard part of the whole idea would be the mandatory part. This is still a free country, although sometimes it seems less and less that way, and there would be numbers of people that would not want any part of it.

This would be an excellent solution to a problem IF, as was indicated to me by a couple of insurance carriers that I contacted on Friday, secondary sinkhole insurance goes away completely in the near future.

Again, if that were the case, all of Florida, not just the Villages, would be affected. But the sheer numbers of the residents in the Villages would make this possible.

Perhaps the question should be posed "if there was no secondary sinkhole insurance available, would you...?"

I would...and I'd even pay more into the pot.

Ok, I'm in but I want to be the administrator. I think $250k year is fair but I would only be available to adminsiter Monday and Wednesday and I need 6 weeks off in the summer and 12 holidays. Did I forget to mention I want full health care. Thanks for the great idea.

Imagine if it started all over again from the beginning and the land owner decided to drill a pattern of borings to determine if the geology was safe from sinkholes and if some were found he filled them before developing the area. That's what builders of bridges and large buildings do.

But since Florida's limestone and other materials underground degrade over time - and a long time at that - how often will you be requiring those test borings?

Elizabeth 52. what does secondary sinkhole insurance goes away in the near future mean?".

Secondly if one had both sinkhole coverage from insurance company and self-insured with village residents what would pay first?

Setting up a self-insured fund requires quite a bit of state regulations, etc It also includes errors and omission insurance liability insurance accounting requirements and audits, etc

Cathy H, I do agree with Beachbum though,,,,what may not be found today would not hold true tomorrow....ie erosion adn the amount of rain affects the presence and progress of a sinkhole area.

Also, wonder about who determines if a claim would be legit or not...some would be obvious and then there would be some that would want compensation for cracks and normal settling.

Also with large sums of money, you have to be careful about who does administer it and how does that person get compensated for their time etc. I have seen people give large sums of money to an organization to be designated for something and before you know that are many concocted stories and reasons for others to get their hands on it.

Also in regards to the developer, he has no obligation to give his money for this. It may seem like a great thing for him to do but you know there have been lawsuits against him whether justified or not and it may be that he is not in so gracious a mood toward the Villagers either. I don't the family so I can't speak for them.

It would be great if this could be implemented though.