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self insure wind

 
bobbycal
(@bobbycal)
Active Member

hey locals,

do you all carry wind insurance? are there any structures designed to mitigate damage.
i'd rather pay extra up front during purchase and not carry wind insurance. (or build all concrete, into the bank, with protection in the front/exposed side). did any older buildings make it through the 2 big hurricanes?

what are your thoughts?

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Topic starter Posted : April 14, 2015 2:53 pm
Alana33
(@alana33)
Expert

If you have a mortgage loan from a lender, you must have/keep homeowner's/windstorm insurance. In STT, there are some condo complexes that are not eligible for bank loans because they are self insured, among other issues.

Windstorm insurance rates depend on whether wood, concrete, etc., as well, as if building has large overhangs, the types or shutters installed, etc.

Costs are traditionally more for wood than for concrete buildings.

While expensive, I wouldn't be without it, in the event of other major hurricanes the likes of Hugo and Marilyn.

If you have a completely concrete structure, including the roof and minimal overhang on exterior, with one side tucked below a hillside/into a bank, it's probably the best you can get.

I think it pretty much depends on luck when it comes to damage from a storm. My older home built in '63 survived both Hugo and Marilyn, with its wooden roof intact unlike everyone else's home in my neighborhood, who were missing either the entire roof of large portions.

My house was concrete main structure with a wooden addition, a hip roof, 12" overhangs, a coated wood roof and tucked into the hillside on the southside which I've never boarded up or had to have shutters for. Still don't.

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Posted : April 14, 2015 3:16 pm
Exit Zero
(@exit-zero)
Trusted Member Registered

If you have a mortgage it is likely the bank will require windstorm insurance.
Hip roof styles are well designed to mitigate damage. Large overhanging roofs are potential disasters especially if the main roof beams are cantilevered to provide coverage.
Many older homes survived the past 2 major hurricanes - many homes built since the 1995 storm have much improved joint connections, better rated windows, shutter systems and landscaping plans and may have a higher survival chance but the localized effects of tornado type cells during a hurricane can change the odds dramatically.
Worth reading:

http://www.wtae.com/weather/Hurricane-categories-1-5-explained/459114

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Posted : April 14, 2015 3:18 pm
bobbycal
(@bobbycal)
Active Member

do you have any builder referrals? i'd like to build a solid concrete home there.

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Topic starter Posted : April 14, 2015 3:39 pm
Alana33
(@alana33)
Expert

What island?

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Posted : April 14, 2015 3:44 pm
Exit Zero
(@exit-zero)
Trusted Member Registered

Which island have you decided on? Building a house here will be an extensive project and not for the fainthearted.
This blog has some interesting building comments:

http://seasthedaystj.com/2014/03/31/price-of-concrete/

Your research will be paramount and enlightening and well beyond the scope of this forum -- but you will get a lot of opinions here of every kind -- I am sure.

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Posted : April 14, 2015 3:51 pm
wanderer
(@wanderer)
Trusted Member

i'd like to build a solid concrete home there.

From my research, as well as from my conversations with realtors and builders, you are virtually guaranteed to realize a substantial loss when the home is built in USVI. That is, if it cost you X to build a home, its market value upon completion would be about 0.7X.

Some people don't care. Perhaps they never plan to sell, or perhaps they don't mind losing on the investment. Just be aware that in USVI, building a home is almost always a losing proposition, purely from the financial point of view.

There is a lot of land for sale. In fact, too much, about 10 years worth of unsold land lots. The buyers are not rushing in to scoop those lots.

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Posted : April 14, 2015 3:55 pm
Alana33
(@alana33)
Expert

You're always such a ray of sunshine, wanderer!

Here's a blog about building on STJ from years ago.
Same many of same issues abound today but it's well written and often humorous.

http://www.bongobongostjohn.com/blog/index.html

Just make sure you have an excellent builder, a good contract and building schedule, address what happens in event of delays, a sense of humor, much patience and lots of $$$.

Depending on what you wish to build and finishes used, you're probably looking at $250 -$300 a sq. ft. minimum and upwards.

Good luck!

Which island?
The above is probable costs for STT.
STX May be less and STJ will be more.

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Posted : April 14, 2015 4:07 pm
bobbycal
(@bobbycal)
Active Member

saint croix.

i heed your warnings.

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Topic starter Posted : April 14, 2015 4:46 pm
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