- Thread starter Deyvi
- Start date
Home Insurance- Earthquake coverage
Sorry Ken, I'm not famliar with El Neptuno. Perhaps the monitor will give us some leway as to where you are located and type of business. What insurance companies might offer this? Seems that this info would be most important to DR1's.
I don't know that this is a good price or not, but it's in line with what I've been led to understand... that at least in the Cabarete area the annual premiums are about 1% of insured value.
I would have a hard time to trust a local company for disaster insurance.
Disaster strucks at once, usually. I have my doubts local companies would have the "back" to be able to fulfill their liabilities would disaster struck on a large scale in this country.
Can anybody share their experience about the handling of 2003 earthquake damage claims?
... J-D.
Disaster strucks at once, usually. I have my doubts local companies would have the "back" to be able to fulfill their liabilities would disaster struck on a large scale in this country.
Can anybody share their experience about the handling of 2003 earthquake damage claims?
... J-D.
Didn't have any - just a few plaster cracks, nothing structural. We do have EQ coverage (I added it to our policy in August 2003 as the EQ struck in September & the company has called me a bruja ever since
). Our cost is RD$32,480 per annum including hurricane damage, water damage etc. We did claim once for a leak around the time of Hurricane Georges when we were in our old house (but same insurance company) & that got paid without even a visit from assesor. But........it was a small claim & they had much bigger problem areas to visit.We live on an estate with excellent security so theft/burglary is not a significant risk.
We were advised by a real estate agent that most gringo houses are concrete and rebar so what is there to burn down? They are also built to earthquake and hurricane standards. If there was a natural disaster which affected houses such as these any D.R. insurance company would not be able to pay out and the cost of insurance from an overseas insurance company was out of proportion to the risks involved, a view we agree with.
So we carry no insurance, and keep our fingers crossed that we are not struck by lightening, but the costs of repair would probably not exceed the insurance premiums saved.
We were advised by a real estate agent that most gringo houses are concrete and rebar so what is there to burn down? They are also built to earthquake and hurricane standards. If there was a natural disaster which affected houses such as these any D.R. insurance company would not be able to pay out and the cost of insurance from an overseas insurance company was out of proportion to the risks involved, a view we agree with.
So we carry no insurance, and keep our fingers crossed that we are not struck by lightening, but the costs of repair would probably not exceed the insurance premiums saved.
El Neptuno is a Condo Complex in the El Batey section of Sosua; Ken serves in some capacity (sorry Ken don't remember in what capacity) on the Condo Board. This would be the overall building insurance policy held by the Condo Board vs. the individual owners policies on their contents; I assume.
Gregg