[Rainger99]

After Helene, I think our insurance rates are going to go up next year.

It is having a major impact on several states. I haven’t seen any damage estimate yet but it is going to be in the billions!

[justjim]

Originally Posted by Rainger99

After Helene, I think our insurance rates are going to go up next year.

It is having a major impact on several states. I haven’t seen any damage estimate yet but it is going to be in the billions!

You are probably correct. Insurance costs are already a strain on senior budgets who are on a fixed income.

[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.

[Flyers999]

Maybe, maybe not. Helene looks like another Idalia to me. A Cat 4 that hit the big bend area. Idalia estimates were around $3.5 billion damage, although that figure wasn't just the Florida damage. This is a low figure compared to other storms through the years.

The Big Bend area of Florida is known for its vast woodlands and marshlands and its low population density relative to much of the state. It would be one of the cheapest areas of Florida to restore. Before Helene hit, they interviewed several people from Cedar Key, FL on the Weather channel and some said that homeowner's insurance was too expensive and they didn't have any. So, we'll save money there.

[OrangeBlossomBaby]

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.

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.

[mikemalloy]

Originally Posted by OrangeBlossomBaby

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.

Afe you familiar with reinsurance?

[Topspinmo]

I always amazed me that can get insurance at any price with 5 miles of coastal low lands let alone right next to ocean or gulf full well knowing hurricanes going to flatten and flood area.

[Topspinmo]

Originally Posted by OrangeBlossomBaby

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.

Tornadoes show up every year? Where? This is not Moore Oklahoma.

[Rainger99]

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.

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.

[dressler]

This may be the worst storm in the history of Florida. The wind and the rain does not cause the most damage. It’s the coastal flooding. I just got back from Madeira Beach and it’s like a war zone. Buildings have had complete walls caved in from 6’ ft plus walls of water hit the sides.. there’s 3 to 3 1/2 foot of ocean sand on golf Boulevard that is expected to take doers and pay loaders up to a week to remove working 24 hours a day. The storm surges was 2 to 3 feet higher than any storm surge ever to hit the state of Florida in history. Because most of the causeways are closed, people are using boats to take supplies back-and-forth to residence. They wouldn’t even let people walk over the bridges to get to their homes. We had to hire a boat captain to take us in. Most houses have had 4 to 6 foot of water in them. I would estimate the damages to be in the hundreds of billions if not even a half $1 trillion.

[Rocksnap]

I’m closing on a house in Shady Brook, which for now is labeled as a Flood Zone. Flood insurance was extra, thru FEMA. Basically doubled my insurance. Can’t wait till the FEMA map is updated.

[motherflippinpicker]

Originally Posted by Rainger99

After Helene, I think our insurance rates are going to go up next year.

It is having a major impact on several states. I haven’t seen any damage estimate yet but it is going to be in the billions!

I'm also concerned about the rates going up. We moved here from coastal southern Florida because our insurance rates were nearly $1000/mo. Insurance priced us right out of our home.

It would be nice if insurance rates weren't absorbed by all but unfortunately rates have gone up in nearly every state. Florida needs a few years free from hurricanes.

[danglanzsr]

Originally Posted by dressler

I would estimate the damages to be in the hundreds of billions if not even a half $1 trillion.

Insured losses from Hurricane, which wiped out Sanibel and large areas of Fort Myers’s Beach, were estimated at $29.4 billion. I would guess the damage in the Big Bend area would be less than that.

[ChicagoNative]

Don’t forget that most flood insurance is through FEMA, not your homeowners policy. Most of the damage is from water, not wind, so I’m guessing that insurance companies will find a way to deny claims. I think most of the losses are going to be borne by homeowners.

My old community in St. Pete was devastated by this. Cars and golf carts were floating away, and homes had up to 4 feet of water inside. I can’t even imagine how awful that must be.

[nn0wheremann]

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.

In most states that is called a mutual insurance company. If Florida it is a reciprocal insurance exchange. Usually these are niche products for specific types of risk (manufactured homes, waterfront homes) but lately seem to be new divisions of old companies trying to limit the risk to their core business, while extracting administration fees from the newer clients.