I actually work for a property & casualty insurance company in the states, and I can't agree with the above advice of going insurance free. I don't want to bore you with the typical 'insurance pitch', but without it many of the places struck by hurricanes last year wouldn't be re-opening. Now, with that said there are good insurance companies and bad ones. I'm not sure what insurance company options exist in the West Indies, but there must be other options other than Nagico. In addition, many places are either over-insured or carry deductibles that are far too low. Sasasal's advice above does have some merit. Carry the correct amount of insurance, select a high deductible that will protect your interests when total, catastrophic damage occurs, but save money in a 'slush fund' from these higher deductibles to cover lesser damage when it occurs. This will help keeps your rates under control by reducing the number of claims you submit.