What do property tax and property insurance cost and what about hurricane risk?
Property insurance (good – includes hurricane) costs are readily obtainable. Property insurance costs approximately 1.5% on concrete structures and approximately 2.5% on wooden structures. All the condos at Sunset Beach Condos are concrete structures. Deductibles are normally around 5% for storms and less for fire. Also, taxes are approximately 1.5% of the assessed value which is usually 10 to 30% of the market value. Furthermore, Ambergris Caye was hit by a hurricane twice in 1942 and again in 2000. No one was seriously hurt, insurance companies paid nicely and the island was back to full speed within 60 days.
