The insurance company is just looking at what you got and assessing the risk and weighing that against the value of what's insured. Keep in mind they don't care about the value of the property as a package, most waterfront there is huge value in the land itself. They care about the building and contents.
For me being on an actual island my insurance co wrote me up a catastrophic policy essentially we put a price tag on the value of the building and contents, they weighted the fact it's seasonal, had me send a bunch of pics from the electrical service to the foundation piers, and underwrote the policy based on the risk which they rate as high all things considered. Was kind of funny to answer questions like I have no drive way, the nearest fire hydrant is right out front with an endless water supply, but in the end estimating response times and access I get why they gave me the policy they did.
FLL is right I insure EVERYTHING with one company and they give me steep discounts. Also pay attention to the actual coverage you carry as it can effect an umbrella policy if you carry one.
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