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I am in the process of purchasing a home on the east end of st croix. I am trying to shop for "reasonable" homeowners insurance. HELP! Are there no major insurance companies on the mainland that write coverage? Can they? Any imput will be greatly apprecaited.
Posted : December 29, 2004 5:39 pm
Your agent should be able to refer you to a few insurers that are licensed to provide policies on homes in the VI.
I use Guardian (STX # is 692-6600).
And, I wouldn't count on any "reasonable" quotes if compared to mainland costs. My insurance alone is over $7000/year and my home is solid masonry with hurricane shutters.
Posted : December 29, 2004 5:50 pm
Im curious, do a lot people go 'naked', meaning that they forgo the insurance?
Posted : December 29, 2004 8:22 pm
If they own the property outright, yes, there are non-insured people. If you have a mortgage, the bank will require insurance. As Onika says, not many reasonable policies. The company has to be licensed by the VI to sell insurance, limiting the number of companies and reducing competition (and increasing costs.)
Posted : December 29, 2004 8:58 pm
Dibs
if you go for the big deductable that may help lower your premium
Posted : December 30, 2004 12:12 am
If you are a member of AARP you can receive discounted homeowners insurance through them. Not a huge discount but better than nothing. We saved about $1,000/year
Posted : December 30, 2004 5:01 pm
Onika, you say you pay $7000 / year, what is the approximate price of the home, and is it near the beach? Are all home insurance prices this high?
Terry
Posted : January 31, 2005 2:58 pm