Yes, insurance here is expensive because of hurricanes and possible flooding from such storms as find their way in to the Atlantic. The “replacement cost” on the appraisal is what the insurance companies look at when they decide what to charge you.  The appraisal does not go by square footage alone.  Other factors are what the house is constructed of and if it has hurricane shutters and clips.  When purchasing a home, the appraisal will have this information.  It will also have the three different ways the home was valued.    With a concrete, shutterd three unit home the insurance will be over $10k/yr.  Ouch!  That breaks down to about $850/month.  That is on top of the mortgage and taxes.  The different insurance companies do have slightly different rates, so shop and compare.

The bank will require flood insurance for beachfront, waterfront, and low laying areas, or a flood certificate if your home is not in a flood zone.  If you have rental apartments, I would suggest obtaining liability insurance.   Liability insurance does not cost much extra and it is well worth it.

Right now it is hurricane season.  The Louisana coast is getting hit with Gustov and Florida is getting ready for the next one.  The US Virgin Islands are in the hurricane belt.  We have not been hit since 1995 with a big hurricane, but we get some heavy weather even if the big storms dont score a direct hit. 

There are several precautions that can be taken to secure your home.  Hurricane shutters are a must!  They can be simple wooden shutters that are secured from the inside, they can be metal panels that have to be put in place, or they can be the fancy roll down kind with an electric switch. 

Having a generator on property is always a good idea even when there are no storms brewing.  Anyone on island knows WAPA can and will fail at any moment.  I dont even use my alarm clock anymore because I had to reset it 3-4 times a week.  Make sure the generator is powerful enough to run the water pump, the fridge, a few lights and fans, and the stove as well as the electric shutters or gate (if you have them).

Always keep a supply of canned food and fresh drinking water handy.  (I have heard a supply of rum can help  😉

Dont forget about your pets.  Keeping some extra food nearby for them will be one less thing to worry about later.