Hurricane/Windstorm Insurance  

 

Maynard
(@Maynard)
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Joined: 11 years ago
Posts: 9
September 20, 2017 11:28 pm  

Just curious, what percentage of people on STX carry hurricane/windstorm insurance?


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NorthsideKevin
(@NorthsideKevin)
Advanced Member
Joined: 2 years ago
Posts: 49
September 21, 2017 10:13 am  

It will be interesting to see which companies "disappear" as they did in Marilyn, leaving re-insurers like Lloyds of London holding the bag.


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LiquidFluoride
(@LiquidFluoride)
Trusted Member
Joined: 7 years ago
Posts: 1937
September 21, 2017 10:55 pm  

Just curious, what percentage of people on STX carry hurricane/windstorm insurance?

I think it's mandatory for home owners.

There was a [URL="http://blogs.law.harvard.edu/abinazir/2011/06/15/what-are-chances-you-would-be-born/"]1: 400,000,000,000,000[/URL] chance of you being born: what have you done with your miraculous life today?


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ironheadUSVI
(@ironheadUSVI)
Advanced Member
Joined: 2 years ago
Posts: 253
September 22, 2017 10:41 am  

Just curious, what percentage of people on STX carry hurricane/windstorm insurance?

I think it's mandatory for home owners.

No one has ever forced me to insure a house.


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NorthsideKevin
(@NorthsideKevin)
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Joined: 2 years ago
Posts: 49
September 22, 2017 1:43 pm  

It's mandatory for mortgagor homeowners.


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ironheadUSVI
(@ironheadUSVI)
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Joined: 2 years ago
Posts: 253
September 22, 2017 2:10 pm  

It's mandatory for mortgagor homeowners.

Of course. But is isn't mandatory for homeowners.


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LiquidFluoride
(@LiquidFluoride)
Trusted Member
Joined: 7 years ago
Posts: 1937
September 22, 2017 10:42 pm  

It's mandatory for mortgagor homeowners.

Of course. But is isn't mandatory for homeowners.

Yeah... I'm a debt slave so I think in those terms

There was a [URL="http://blogs.law.harvard.edu/abinazir/2011/06/15/what-are-chances-you-would-be-born/"]1: 400,000,000,000,000[/URL] chance of you being born: what have you done with your miraculous life today?


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Scubadoo
(@Scubadoo)
Trusted Member
Joined: 5 years ago
Posts: 2252
September 30, 2017 8:56 pm  

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.


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LiquidFluoride
(@LiquidFluoride)
Trusted Member
Joined: 7 years ago
Posts: 1937
September 30, 2017 9:18 pm  

my friends / quasi-neighbors didn't have any insurance.. lost both their roofs.

There was a [URL="http://blogs.law.harvard.edu/abinazir/2011/06/15/what-are-chances-you-would-be-born/"]1: 400,000,000,000,000[/URL] chance of you being born: what have you done with your miraculous life today?


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Gumbo
(@Gumbo)
Advanced Member
Joined: 6 years ago
Posts: 490
December 25, 2017 3:52 pm  

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.


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Darkmuse
(@Darkmuse)
Active Member
Joined: 2 years ago
Posts: 10
May 21, 2018 8:23 pm  

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.

Grrr....


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