RF & G is the best company in Belize. I know many people who have successfully filed claims with them. They have the financial capacity to pay and run the company well. Their policies are quite comprehensive, and they don't have the kind of escape clauses that caused the Katrina victims so much grief.
$8 per $1,000 is a good rate for here.
A wood house on the beach is $24-27 per $1,000.
You are not being ripped off if you are working with a company that actually pays a claim. Read the policy, as you may have made some assumptions based on previous experience that do not apply here. The biggest issue is under-insuring - if you do that and submit a claim you can have major problems.
If you have questions about policies with R F & G, call Wilfred at the home office in Belize City. He's in management and is both intelligent and helpful.