Hurricane Insurance

It's worth it if a CAT 4 or 5 hits and you don't have $ in the bank to cover your losses.

i know someone who did not have insurance during hugo-he wished he did

I've heard the opposite, had insurance but had great trouble getting a payout for repairs after a wind damage claim. So, flip a coin! 'Ive talked to many people who bank the cash amount of a premium as a method of insurance.

I've always had homeowners insurance and I always will.
Yes it cost a bundle but I don't have a spare $100K laying around to self insure in the event of a catastrophic storm.

I was very happy to have it after hurricanes Hugo and Marilyn.
If you have to fight with an adjuster, that's what you do to make sure you get your money. After Marilyn, they had either Canadian or Stateside adjusters here that had no idea of how expensive things actually were on island so they really were attempting to devalue replacement and restoration costs. We fought, I won.
Always take pictures of your belongings and property, both before and after,
and to show you've taken precautions and safeguarded your property.

We own our house free & clear - had insurance for the first few years but premiums were very high as was the deductible we would have to pay if there was a loss so 10 years ago we decided to self-insure. We figured that because the house is constructed of reinforced concrete block, has hurricane proof windows and tie down straps on the roof. Storm damage, if it were to occur should be minimal. So far we've been fortunate that we've never had a loss.

I invested the money I would have spent on premiums and now have a sizable "emergency fund" available should it be needed.

There's no right or wrong answer. You have to weigh the risks and your tolerance level and ability to handle a financial loss should it occur.

For what it is worth, since 1972 when we purchased our first home we've had only 1 insurance claim, that was way back in the early 1980's when our son hit a golf ball into a sliding glass window. Insurance company paid us around $450 to get the window replaced.

Thanks to all of you for your responses.

Everywhere that I have read about hurricane insurance says that the amount is 2-3% of the value of the home. Can anyone tell me what to expect to pay on a home that is assessed for ~$400,000 with NO hurricane insurance?

Unless you will be mortgage free not having hurricane coverage is not an option.

Most definitely.

It depends on coverage you want (are you insuring contents, other structures on property, etc., does it have excessive overhang of roof, storm shutters, etc.) plus whether structure is wood or concrete block. Wood is more expensive.

Expect anywhere from $3600 - $5000 or more, annually for no frills, concrete house only.
Best to call around for quotes.

If you qualify, you can get insurance thru AARP, Real Legacy based in PR.
Kreke Insurance on STT also gives excellent service. For STX, you'll have to have someone else chime in.

AFriend: a good alternate perspective.

You may also consider how well the house is built. If it's built like a fortress to withstand a CAT 5 and well off the ground to avoid any flood damage then self-insuring may be more of an option. Otherwise I'd be real nervous unless you are prepared to withstand a total loss. Re-build costs will be significant. Of course the better it's built the lower the premiums should be.

You may also consider how well the house is built. If it's built like a fortress to withstand a CAT 5 and well off the ground to avoid any flood damage then self-insuring may be more of an option.

Anybody who was here (STT) during either Hugo or Marilyn and saw how the accompanying min-tornadoes could completely wipe out a very solid structure while the equally solid structures on either side remained intact would strongly disagree.