AmbergrisCaye.com Home Forums The Cayes Ambergris Caye Hurricane effects Sth End?

I understand that many locals can not in all probability afford to adequately insure a house on AC, if the rates are anything like what we pay here in the states (if not more). I was making that statement more towards the expat and local comunities that can afford to do so.

Some people from certain geographic areas are used to relatively low cost insurance policies for dwellings. Having grown up on the gulf coast, I am used to very expensive policies. I pulled my homeowners policies to check and am paying approximately $3400 US a year to cover a home, garage and contents. while some may think that is ridicolous,I look at it as cheap. Based on what we settled for, I would have to pay that exact premium to them for the next 60+ years to have not come out ahead. The home could be rebuilt for less than probably 200K. I have always been curious as to how that relates to AC policy rates. I will in all probability be a member of the expat population in around ten years.

Cement House is 1.185% of Insured Value per annum
Wood House 3.142% of Insured Value per annum.

That isn't contents just the house. Contents are:

Cement House 1.288% of insured value.
Wood House 3.348% of insured value.

Rates are from RF&G, the largest Insurance Co in Belize and are the highest of their three bands as The Cayes. Others are Mainland and Coastal Mainland.

Many owners of Wood Houses self insure (or not as the case may be) and I believe (but I'm not certain) most if not all Insurance companies will not insure Wood buildings now unless you are an existing policy holder.

Does one policy cover the home for all catastrophic events such as fire, flood and wind? We have to carry three different policies here to cover all possible events for the structure and contents.

Just did a quick back of the envelope check for like for like coverage. To insure exactly the same would be $4600 per year (structure and contents) if concrete(+1200) and $12000 if wood(+8600). Looks like concrete is the way to go hands down, sadly their is a lot of wooden structures down their.

Can you get discounts for huricane windows etc., or is it a one size fits all type deal?

Those costs are fanciful for many people (and not just "locals"), even supposing cover is available anyway. So perforce many people have no insurance cover.

Without digging out my policy for the exact coverage its all of those plus earthquake, air crash into the house (bizarely - that one stuck in my mind). Those are the base rates and discounts are avaialble for things like you mention, shutters etc. If you have a mortgage Insurance is a mandatory condition.

I simply look at it as what it will really cost for me to live in paradise with peace of mind. Knowing that one day we will have to potentially lock it up and walk away and possibly never see it again.

Thanks to the self insured around here, you can get some smokin deals on homes since the storm. Either from those who do not want to endure it again, or those who can not afford to chance another blow.

Some people can self insure and go through life without a scratch, others will go bankrupt. It is all a gamble same as going into a casino and putting it on a table (just different odds).

Having done the math, I do see your point about many not being able to insure themselves. I personally would never dream of moving to the island without insurance. That is just me, others opinions will obviously vary,it just depends on your experiences in life, how big your savings account is and if you feel comfortable laying it all on the line.

My one caveat to this argument would be, if I were renting and could just wave goodbye to whatever personal items I left behind and stood to lose less than say 10K.

billybob is a long time weirdo. IGNORE his insanity. he just LOVES to stir up trouble. he's been banned (again) let me know if you see him under another name....

I got a quote of just over $7,000US to insure my house on CC from RF&G. That was for hurricanes and everything. They put a value of $200,000US on the house. My house also has may fire extinquishers and does have a fire sprinkler system. Its expensive and I'm still not sure whether its worth it.

Ron - that's just for the house itself, not including the contents? And is it built of cement (with concrete pilings) or of wood?