Home owners Insurance in the DR

jrjrth

Bronze
Mar 24, 2011
782
1
0
I have been shopping for Home Owners Insurance, I am being told that it takes up three weeks from the time the policy is paid in full til the actual coverage and issuance date is in effect. This makes no sense to me, usual course of binding an insurance policy is: Bind coverage say on the 1st, pay per terms ie deposit, monthly,or in full etc, however coverage begins on the date that the policy was bound.:confused::confused:

Has anyone experienced this here before, and if one processes a claim do they pay, or am I waisting my money??? Any thoughts or comments would be greatly appreciated....I am covering dwelling, contents and general liability coverages...Mapfre had best coverages and premiums...
 

granca

Bronze
Aug 20, 2007
1,418
48
0
87
I do our house insurance through an Insurance Broker. The policy came into effect the date it started, I paid the premium half then and half a month later. Only ever had one claim - for a cooker which caught fire, the pay out was on an indemnity basis not new for old. The claim payment took for ever and a day with what seemed like thousands of forms to fill in. What a hell of a job I had subsequently to find a cooker with a grill (broiler).
 

jrjrth

Bronze
Mar 24, 2011
782
1
0
I do our house insurance through an Insurance Broker. The policy came into effect the date it started, I paid the premium half then and half a month later. Only ever had one claim - for a cooker which caught fire, the pay out was on an indemnity basis not new for old. The claim payment took for ever and a day with what seemed like thousands of forms to fill in. What a hell of a job I had subsequently to find a cooker with a grill (broiler).

Granca

Thank you for the reply, I actually just received my policy, the date that it was issued was April 7th 2011 and bound on the 11th when they recevied my full payment. I guess there was some miscommunication in translation with the broker and my "Spanglish" ha ha...I feel more comfortable knowing that they at least pay out on the policy claims even though it took you forever, but everything in the DR seems to take for ever....like Three weeks to get a copy of commitment of an actual policy...thanks again...