Home insurance

Chloe03

New member
Jul 13, 2011
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Hello and nice to meet everybody. My apologies if my question has already been addressed in some other thread, but I browsed through the forum and couldn't find related subject.

We are a Canadian couple who bought a condo in Bavaro, Punta Cana recently. We would like to purchase a home insurance to cover the property from things like fire, water damages, hurricanes, earthquakes....so are wondering what will be a reasonable annual insurance premium for a $150,000 US coverage? We have been quoted $1,300US and it seems high, way higher than Canadian home insurance. Any information you can share is much appreciated. Thanks in advance.
 

jrjrth

Bronze
Mar 24, 2011
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That's in the general area of cost for the DR....make sure you have liability insurance in the coverage ...some do not have it...look at the coverage limits as well....we utilized MAFRE Insurance they had the best coverage for the dollar amounts....however I have heard it difficult to process a claim for loss with any carrier in the DR...
 

Chloe03

New member
Jul 13, 2011
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Thank you for your response and for the tip, I will follow-up regarding the liability insurance. The company that quoted us is La Monumental de Seguros, have you heard any feedback regarding this carrier? Thanks again.
 

CaptnGlenn

Silver
Mar 29, 2010
2,321
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Our condo is nearing completion, (PROBABLY September), and we're beginning to think about insurance. Other than possible loss of personal possessions / contents, (due to fire or theft, etc.), and liability; do the policies cover catastrophic loss, such as hurricane or earthquake? I know there is a value limit, and also a percentage deductible; but in the event of a total loss do they cover the value of the condo / investment? Obviously if the worst were to happen, the complex would not be rebuilt anyway. Do they ever really pay? It's my understanding that many owners do not even carry insurance.
 

Ken

Platinum
Jan 1, 2002
13,884
495
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Our condo is nearing completion, (PROBABLY September), and we're beginning to think about insurance. Other than possible loss of personal possessions / contents, (due to fire or theft, etc.), and liability; do the policies cover catastrophic loss, such as hurricane or earthquake? I know there is a value limit, and also a percentage deductible; but in the event of a total loss do they cover the value of the condo / investment? Obviously if the worst were to happen, the complex would not be rebuilt anyway. Do they ever really pay? It's my understanding that many owners do not even carry insurance.

Talk with the agent you are considering, but generally they cover hurricane/earthquake, etc.

The investment isn't covered, replacement cost using the same sort of materials used in the original is. That will be considerably less than the purchase price of the condo because the land it sits on is not include, neither are such things as the profit made by those involved in the construction, etc.
 
Nov 10, 2010
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i have my home insured with ARS humana in POP for around a 100k for $530 a year ive been with them for about 5 yrs and the premiums lessen each year
 
Feb 20, 2011
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USD 1,300 seems to be in line for -all risks- coverage, we are paying about the same in Punta Cana with MAPFRE.
Unfortunately home insurance premiums are a lot higher in the DR, when I compare home value / premium ratio I come up with about 400% higher in the DR.