One of my neighbors, whose home was the first one built on our street in 1991, and 600 ft from the dunes, was just told this week by their insurance company that they had had for 15 years ( no claims), that there home can be insured, built not for the full replacement value. The owners noted, the payout if something drastic occurred, would only pay out the assessed value on the home. Holy crap, that wouldn't even rebuild the home with the price of labor and materials these days. I'm, so glad we are closing and moving March 17 away from the beach, our insurance went from 5723 a year, plus 1250 for flood, to 2810 and not flood required.