Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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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? |
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#17
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So you worked for M&M or were opposing counsel?
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#20
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#22
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And then there are the logistical and practical issues: Who would run the company and how would they be chosen? What sort of staff would you need, and with what backgrounds? What would you do with the pool of premiums? Who would create the investment policies and execute them? What safeguards would you have against staff or management absconding with funds? Who would create and execute the compliance policies? What would your legal team look like? Would you have in-house counsel, or contracts with law firms? Who would do the actuarial work? Would thousands of Villagers sign up to be insured by a loosely aligned group of amateurs just by word-of-mouth? Or would you need a salesforce? What would that look like and how would they get paid? |
#23
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Joe |
#25
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The sort of good news: the governor announced, "We are waiving all taxes on insurance premiums for a full year for homeowners' policies and flood insurance policies," a greatly needed step considering Florida's standing as the state with the highest homeowners insurance in the country.
In 2023, Florida homeowners paid the most for homeowners insurance with an average annual rate of $10,996 with six of the 10 most expensive cities in the country for homeowners insurance located in Florida. The U.S. average? $2,337, NewsPress reports. |
#26
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I am insured through a member-owned property and casualty exchange plan. I have mortgages so that is a nonissue. However, they would not issue a homeowners policy on my Florida property. There is your answer on this being a possibly.
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#27
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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. |
#28
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I lived on the FL east coast. My insurance dropped to about 25% of what it was, to a TV house about 66% of previous value.
However, my car insurance has somewhat slowly doubled since. Go figure. |
#29
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#30
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