I bought an apartment in santo domingo and now wondering what is the story with getting insurance on the place ....any recommendations or idea of cost involved
thanks in advance
thanks in advance
I bought an apartment in santo domingo and now wondering what is the story with getting insurance on the place ....any recommendations or idea of cost involved
thanks in advance
I have insurance from Seguros Banreservas via Franco Acra. You may contact them for a quote. It's not that expensive.
I bought an apartment in santo domingo and now wondering what is the story with getting insurance on the place ....any recommendations or idea of cost involved
thanks in advance
The biggest risk that I have come up with to your ownership of an apartment here could be earthquake. Hurricane could also be a potential factor, if CAT 4-5, however I still believe earthquake is the major risk. Flooding and fire in terms of the structure itself are non-factors since we are talking concrete. I am not including any personal possessions to be insured, only the structure.
I believe none of the insurance policies will cover you for earthquake or wind damage from a hurricane and if they did it would be quite expensive.
The cost Melphis says is about right. I also pay about half of one percent of insured value. Includes fire, earthquake, flooding, hurricane, explosion, strike, all kind of events.
I asked my insurance agent about structural insurance and his response was quite enlightening. As Rubio mentioned in a previous post his guy was .5% of the condo value per year. My guy was 1%. So lets split it at .75%.
So a $300,000 condo will cost you $2250 usd per year. Now say there's 50 units in your complex and a catastrophic event happens and they are all wiped out. According to my insurance guy if everyone of the 50 had a full claim on thier property the insurance company would have a 90 to 95% chance of not paying anybody a single cent.
The reason, insurance companies here don't split the risk on large projects. They just collect the money and decline payment.
He said the commission would be fantastic but its basically fraud.
Also if half are insured how does the rebuild process work as the people who did not buy insurance still have rights to their percentage of the land.
It gave me a headache so I just bought the content coverage and pray that we don't get wiped out.
It gave me a headache so I just bought the content coverage and pray that we don't get wiped out.