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!
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.
[email protected] If you want more information PM me.
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.
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.
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.
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!
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.
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.
RF and G for home, auto and great health insurance policies that include air ambulence and treatment here and in your home country.
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.
Peter, you are right about he rebar. I've rebuilt many walls and especially corners of masonry buildings damaged by rusting rebars. Many times the rebar shows up on the job very early and is already rusting and the power of the rust expanding and blowing out the block is amazing. I often thought it would be better not to use it at all. Filled end joints greatly increase the strength of the walls but that is seldom done.
Try Home protector 226-3690,hear most flexible .
They would not insure my clients wood building.Bet you a burrito they won't insure,unless bottom floor is concrete supported.Always remember insure up to replacement cost.Good luck
In some cases RF & G will insure all wood structures - however the rates are high - $33 per thousand. I have a wooden house insured with RF & G. I am happy with the company and feel that it would remain solvent even in the wake of a major storm.
RF&G does not insure any wood buildings.Mickeys has the best burritos
,they must have changed their policy.
P.S. looking for insurance now,for wood (doesn't look good).
Insurance for wood..I've heard that many use Viagra.
Thanks to all for your help and information. Much appreciated!!