Home Insurance in the Dominican Republic.
Home insurance can be an important purchase when living in the Dominican
Republic, and it is advised that you buy an insurance policy in order to protect
your home and your valuables. Insurance policies can provide assurance and peace
of mind in knowing that if something ever happens to your home, you will have
some way to replace what you have lost.
Getting a policy in the DR is more or less the same as it is in the US. You
start off by going to an insurance broker and deciding which accidents you would
like your policy to cover. Providers in the DR cover occurrences such as fires,
floods, break-ins, earthquakes, hurricanes and a variety of other accidents.
Providers also have full coverage policies that cover for all accidents under
Once you have decided on a plan, an inspector will go to your residence and
evaluate your home. This evaluation will determine the cost of your coverage.
The cost of your policy will depend on the size of your house (or apartment),
the neighborhood itís in, how old it is, and whether there is a high probability
of an accident occurring in the home, among other things.
Payment for your plan depends strictly on your provider. Some providers will ask
for a 30% advance, followed by monthly payments for your coverage, while others
will have other forms of payment.
It is recommended that homebuyers or homeowners purchase a policy that covers
hurricanes, floods and break-ins. Though it is rare for a hurricane to hit the
DR directly, it is somewhat of a precautionary measure. Also, flood insurance is
considered essential, especially for homes in low-lying areas. During heavy
rainfall some neighborhoods are prone to flooding, affecting homes, so a flood
insurance policy can be deemed a necessity.
Additionally, break-ins happen, so it would seem almost essential to have a
policy to protect your home from theft. Though many people in the DR have opted
for home security systems or night watchmen, these arenít full guarantees for
the security of your valuables. Even fire insurance should be seriously
considered when looking at insurance coverage for your home.
There are many home insurance providers in the DR, like Seguros Worldwide,
Seguros Popular, Unika, and Proseguros, to list some. Aside from purchasing your
policy here in the Dominican Republic, you can inquire with local insurance
providers in the United States, or with larger international providers, to see
if they have plans that cover purchases of homes in the Dominican Republic. If
you are happy with the service from a provider at home, and they offer service
in the DR, this might be the answer to your home insurance questions.
To decide which provider best suits your needs, you should call some of the
insurance companies and ask for details about their services and possible quotes
for your particular home. Also, you may want to ask a friend who is content with
the policy they have purchased, for advice.
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