Just curious, what percentage of people on STX carry hurricane/windstorm insurance?
I got full windstorm insurance for the condo insides this year from Lloyds of London and that wasn't cheap. HOA insurance covers the building. My main concern is the roof going off since everything else is concrete and steel and the windows and sliders all have hurricane shutters. I think it's Murphy's law that those with insurance don't get damaged. I'd guess a lot don't have it if they're not required to. There are low interest government loans for those that don't but that doesn't help with the principle cost to repair.
I have no insurance either. The cost that I was given was ridiculous (wood constuction), no damage to the house. Neighbors house is concrete, roof and some walls gone. From what I have seen of Irma destruction, If I were building out of pocket again I would have a solid pour cistern and foundation. The rest would be wood frame and Hardee siding.
The real question though is why aren't major insurers licensed to sell policies on the USVI? Is it that they don't want to offer products here, or is it that the existing companies have a solid monopoly and therefor can charge whatever they want?
I have a solid stone home built in the 40's with large galleries, concrete roof, no surrounding trees, shuttered windows, etc... Due to construction and location it has Never had a storm claim since it was built but we are still paying almost 5times what a similar structure would cost to insure stateside.