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House Insurance

Posted By: Beachdog

House Insurance - 08/07/02 02:31 PM

I would be interested in finding out what companies some of you 'boarders' are using to insure your homes on the island. What to look out for and any problems with filing claims.
Any info would be greatly appreciated.
Posted By: mayatravel

Re: House Insurance - 08/07/02 03:03 PM

F&G, formerly Roe Insurance, which I use for home, vehicle and health. They have a great health insurance plan specifically for Americans living overseas that includes air ambulance, great rates and great coverage. Contact Joyce Perdomo at <[email protected]>.
Posted By: sanpedroslim

Re: House Insurance - 08/07/02 04:46 PM

We used Regent Insurance in Belize City. They came highly recommended. We dealt with Johny Valdez - 02-73744. Good luck.

[This message has been edited by sanpedroslim (edited 08-07-2002).]
Posted By: susangg

Re: House Insurance - 08/07/02 05:35 PM

We pay $705 per year (US dollars) to ensure our two condo units. We use Regent Insurance. When we had damage from Hurricane Keith, they were very prompt and businesslike in evaluating the damage and paying the claim, so we are quite satisfied with their service.
Regent is in Belize City but they have a local agent in San Pedro for payment acceptance.
Posted By: ChilledOut

Re: House Insurance - 08/07/02 06:41 PM

Like many we use Regent to insure both our home and boat and when we compared them to others find them very competitive. We are also looking at health insurance via British Fidelity which provides treatment in many countries including the US and Mexico. Like Regent they are based in Belize City but have an agent on the island.
Posted By: kcbc

Re: House Insurance - 08/08/02 01:22 AM

I have had both Insurance Corporation of Belize and also Regent Insurance. Used both to insure our home and vehicle. Never did have a claim with ICB but after we switched to Regent our home was damaged by Hurricane Iris. When we checked rates both companies had the same rate schedule and the only reason we switched was because we knew the local Regent sales agent better than the ICB person.
We never did receive a policy just because we come and go and it never made it down to our agent. Thought that might result in a problem but it did not. Things we learned were under law if you have damage you only have xxxx amount of days to notify the company. It is listed in the insurance policy somewhere. You can be required to have several estimates submitted regarding the damage. In the case of Hurricane Iris there is a deduction from your check. Can't remember the figure but if they say you are going to get 10,000, you are going to get 10,000 less the deduction. Several of these things were surprises to us but that is what you get when you don't take the time to get your policy and then sit down and read it. Can only plead that we never planned on Hurricane Iris coming ashore and ripping the roof off our house.
Overhaul it was less a hassle than I thought it would be and the adjuster was there within days and our check was available in a timely matter.
Posted By: rickcheri

Re: House Insurance - 08/08/02 02:18 AM

We just got IBC, on a recomendation from a very respected Local there.. Our house is not finished yet, but got it insuranced anyway..
More than the cost to rebuild. And there plans are very good, compared to here in the states. Fully covered!!!!!! let us know, and I can put you in contact.. Thanks, Rick

[This message has been edited by rickcheri (edited 08-07-2002).]
Posted By: hunters

Re: House Insurance - 08/09/02 11:05 PM

Are all of your structures cement or are they wood or mix? I heard rumor that they are no longer insuring wood for hurricane. I would assume wood would cost more to insure any idea how much more and if it is available?
Posted By: ChilledOut

Re: House Insurance - 08/09/02 11:19 PM

Ours is concrete but some friends of ours just took out insurance on a wood structure with IBC. When they were looking they were told that each insurance company have a quota of wood structures they will insure and in some cases this has already been reached. It is more expensive to insure wood but it is available.
Posted By: Beachdog

Re: House Insurance - 08/10/02 05:36 PM

Thanks everyone for all your insight! This is exactly the info I was looking for and it will certainly help.
Posted By: rickcheri

Re: House Insurance - 08/11/02 01:26 AM

Ours is a mix, Concrete foundation with pilars down to bedrock, then tied in like a checker board at ground level, then up 8' and tied in again. The house is treated pine on top of that, all drilled into the foundation. Very secure. Hope this helps.
We have insurance on it know, even though not finished yet, and will update when done. Thanks, Rick
Posted By: Diane Campbell

Re: House Insurance - 08/25/02 11:17 PM

Most insurance companies here have a strange custom of insisting that you buy a policy BEFORE you can read one! After head-banging around with all of them, I bought from F & G (Roe) because they allowed me to read a policy first, and because at the time they were the highest rated in terms ability to pay claims. You should also note carefully that both over-insurance and under-insurance result in pretty severe financial penalties/adjustments if you do have to collect on a claim. You need to accurately insure and be able to verify the amount you have insured for. The adjustors are pros and you don't get away with inflated values.
Posted By: KC

Re: House Insurance - 08/26/02 04:18 AM

AHA! An expert!

Kathy, waving "hi" at Diane [Linked Image] (hoping to never file a claim)
Posted By: kathyw

Re: House Insurance - 09/06/02 05:00 PM

Another big Hi to Diane. Will be down in Oct. or Nov. We'll come down to see you Bob and catch up on all the new gossip.
Ric & Kathy W.
Posted By: KC

Re: House Insurance - 09/06/02 07:22 PM

Kathyw,
If your plans include the last week of nov, would also love to meet you. A bbq at Los Encantos?

Kathy
Posted By: kathyw

Re: House Insurance - 09/09/02 05:18 PM

KC (Kathy)
Would love to meet and have a BBQ. Still havn't made definite plans. Will let you know when we do. We did try to meet you on one of our trips. We came up North in our boat and we were greeted by Diane's dog and the caretaker. He said everyone had gone to town. We left the next day and didn't get up that way again.
Kathy W
Posted By: KC

Re: House Insurance - 09/09/02 05:33 PM

Kathy,
I do remember that we were going to try to meet once before. I'm sorry to have missed you. I have wondered what happened. The good news is that this time we have a phone at the house, so you can call and make sure that we will be there!

Let me know when your travel plans are set. Short trip for us, 11/22-30.

Kathy
Posted By: kathyw

Re: House Insurance - 09/11/02 10:26 PM

Kathy
As soon as our plans are set, I will let you know and get your phone number from you.
Hope to see ya soon
Kathy W
Posted By: susangg

Re: House Insurance - 10/19/02 05:10 AM

Ay AY AY! My insurance for our two condo units DOUBLED!!!!! From $705 per year to $1,400 (that's US dollars folks) per year....
Bummer.....That is Regent. Has everybody else's gone up that much too???????
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