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#345418 - 07/18/09 10:05 AM Home Owners Insurance  
Joined: Oct 2007
Posts: 80
gabby Offline
gabby  Offline
Hi - I'm looking for information on home owners insurance on the island. I'm interested in 1) finding an agent, 2) finding out how much one should expect to pay per $100K, 3) is there a difference in policy and price between wood structures and other, 4) anything else you all think I should know on the subject.

I've searched (using " ") insurance, homeowners insurance and home owners insurance on the forum (and Goggled as well) but haven't really been able to find much viable information.

Thanks for your help!

#345423 - 07/18/09 10:38 AM Re: Home Owners Insurance [Re: gabby]  
Joined: Jun 2003
Posts: 969
Inplub Offline
Inplub  Offline
Try Southwind Properties they have an agent for RF&G Insurance. I am not sure, but did they not stop insurance on wooden houses years ago. If you want more information PM me.

Last edited by Inplub; 07/18/09 10:49 AM.
#345428 - 07/18/09 11:11 AM Re: Home Owners Insurance [Re: Inplub]  
Joined: Nov 2008
Posts: 395
Moose In Belize Offline
Moose In Belize  Offline
Condo or house? I would be shocked if you could find a company that would insure a wooden house in a country that has a high risk of hurricanes. Lots of people in Florida can't get insurance anymore, or it doesn't cover damage by hurricanes. Even many of the solid concrete AC condo complexes are having trouble getting reasonably priced insurance.

Moose Keep an open mind and something good may fall in.
#345429 - 07/18/09 11:22 AM Re: Home Owners Insurance [Re: Moose In Belize]  
Joined: Aug 2008
Posts: 3,046
Peter Jones Offline
Peter Jones  Offline
Wooden houses can be insured here, but the premiums are higher. My house is half concrete, half wood and the premiums were little higher than they would have been for an all-concrete structure. Wooden houses are at far higher risk of fire, but if they're properly built they will withstand extremely high winds. Whether the structure is concrete or wood, the key thing is how the roof is attached. If the roof can be pulled off by high winds then the structure will collapse, whatever it's built of. Another factor is the steel rebars used in concrete here - the salt air and water works through to then and they rust inside the walls, destroying any strength the wall had. Many older concrete buildings here show signs of rebar rot.

#345435 - 07/18/09 11:46 AM Re: Home Owners Insurance [Re: Peter Jones]  
Joined: Jun 2009
Posts: 109
HOT_Card Offline
HOT_Card  Offline
If you are buying an existing wood building that is currently insured, then you can probably renew that insurance - depending on who it is with. Getting insurance on a new wooden structure is more difficult. Also if you have a loan through a Belizean bank on the property ask them about insurance. Some have group policies that can cover your property at a much lower premium than organising it yourself.

#345473 - 07/18/09 03:51 PM Re: Home Owners Insurance [Re: HOT_Card]  
Joined: Oct 2007
Posts: 80
gabby Offline
gabby  Offline
Mine is have wood, half stucco. It withstood a direct catagory 4 hit with no major damage. I didn't finance it through a bank, but could I still buy into one of their group policies. Any agent recommendations any of you are currently using. Any ranges on what I should expect on quotes.
Thanks again!

#345475 - 07/18/09 04:10 PM Re: Home Owners Insurance [Re: gabby]  
Joined: Aug 2007
Posts: 592
GwenA Offline
GwenA  Offline
Try Marisa Azueta at Atlantic Insurance. 226-2938. I think it would be hard to give you ranges because there are so many factors, types of roofs, age, location and construction. You just have to shop around.

#345488 - 07/18/09 07:27 PM Re: Home Owners Insurance [Re: GwenA]  
Joined: Jun 2009
Posts: 109
HOT_Card Offline
HOT_Card  Offline
I suspect the group policies are only for their borrowers but no harm in asking - we used Alliance Bank and the policy is with RF&G.

#345517 - 07/19/09 08:49 AM Re: Home Owners Insurance [Re: HOT_Card]  
Joined: Oct 2003
Posts: 2,416
Katie Valk Offline
Katie Valk  Offline
RF and G for home, auto and great health insurance policies that include air ambulence and treatment here and in your home country.

Last edited by Katie Valk; 07/19/09 08:50 AM.

Belize based travel specialist
#345623 - 07/20/09 11:34 AM Re: Home Owners Insurance [Re: Katie Valk]  
Joined: Oct 2001
Posts: 5,917
Diane Campbell Offline
Diane Campbell  Offline
If you have true stucco (a finish applied over a wood frame) you will fall under the "wood" rate, not the "mixed" rate.
"Mixed" will apply if you have (I think) 50% of the structure being of concrete.
Different companies have different rates and also different levels of reliability.
Read your policy well so that you know exactly what your coverage is - and note that there are substantial penalties for under-insuring.
Every year the costs tend to go up a bit, but in general I think it's around $11 per $1,000 (1%) for all concrete and around $30 per $1,000 (3%)for all wood.

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