Apartment insurance, where to get it and prices

rubenpriego

New member
Feb 28, 2011
464
0
0
Hi there, I am thinking about the fact that I will have to buy an insurance for my apartment in Bavaro.

Anyone can recommend me a good insurance company and more important, how much they can charge you annually for an apartment about 120,000$ worth?

If you can tell me if those insurances cover natural disasters it would be great to know.

Also interesting to know if there is any company which buying them apartment and medical insurance they offer you a better price.

I am not in DR yet, so I start searching for this matter in this fabulous forum.

Thanks a lot
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
You should start by checking to see what insurance, if any, already covers your apartment. The condominium where I live in Sosua has insurance that includes the replacement cost of the apartments. Owners who want insurance to cover the cost of any major improvements, furniture, etc., can be a supplementary policy, but the major coverage is part of the general policy that all owners are assessed for to pay the premiums.
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
you mean that in your condo monthly expenses insurance is included, right?

At one time insurance was included in the maintenance fee, but then we pulled it out and handled it separately. The reason was that people shopping for apartments, and realtors who sell them, only talk about the maintenance fee without saying what is included. Therefore, with insurance in the maintenance fee, our apartments looked costly in comparison with condos that had no insurance or didn't include it in maintenance fee.

So now it is a monthly expense, but separate from the maintenance fee that covers operating costs, etc.
 

rubenpriego

New member
Feb 28, 2011
464
0
0
could you tell me for example how much you pay monthly for your apartment insurance?

I have no idea about prices.

Txs
 

Squat

Tropical geek in Las Terrenas
Jan 1, 2002
2,239
168
63
It should be between 450 and 500US$/year, I guess... Let me know, I would be interested... Usually the big problem is "cana" roof, as there's a surge in the risk of fire. Also if you are within 300m of the sea...
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
It should be between 450 and 500US$/year, I guess... Let me know, I would be interested... Usually the big problem is "cana" roof, as there's a surge in the risk of fire. Also if you are within 300m of the sea...

I live in a condominium and am covered by the condominium policy that also includes the common areas. So what I pay is my share of that and is more than I would pay if just insuring my apartment. Our insurance is with Seguros Universal and includes general liability protection on or off the property for each owner in the amount of US$27,500 (RD$1 million). We are insured in dollars to protect against an uncertain peso, so pay for the insurance in dollars. Many companies only insure in Dominican pesos.
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
Anyone can recommend me a good insurance company and more important, how much they can charge you annually for an apartment about 120,000$ worth?

If you can tell me if those insurances cover natural disasters it would be great to know.


I should also mention that just because you paid US$120,000 for the apartment, that doesn't mean for insurance it is worth 120,000. Part of that figure is the land the building sits on and another part is the building it is in. A house is one thing, an apartment is another. If I sold my apartment, I would have to get more than $150,000, but my coverage for 100% of the replacement cost using the same quality of materials as used in the original construction is only for about $67,000. I can buy supplementary coverage for my furniture and upgrades, for example if I had replaced the wood doors with teak wood doors, the full replacement of the apartment is covered for only $67,000.

Natural disasters are just some of the things we are insured against. If there were riots in town, like we see on the TV in the Arab countries, we are insured against damage from that, also.

The company that we are insured with is affiliated with Banco Popular.