In Belize, we have something called “all-perils insurance.” All perils insurance covers everything from rental damages, flood, fire, and hurricane. All perils (including Hurricane) insurance is available here on buildings and structures through local insurance companies (Atlantic Insurance, ICB, RF&G, and Home Protectors are the primary providers). Insurance here is very reliable, and all insurance policies are re-insured through US carriers. Deductibles are normally 5% of the sum insured on storms and less for fire. 

There are a few ways insurance providers calculate annual insurance costs. One is $8 of insurance for every $1,000 of home value for concrete. And $30 insurance for every $1,000 home value for wood. 

Depending on the underwriters, insurance can also be calculated at 1% to 1.5% of the house’s appraised value in annual insurance for a concrete build. Insurance on a wood build is 2% to 2.5% of the house’s appraised value in annual insurance.