Condo Insurance

healimonster

Member
Sep 29, 2015
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16
Sorry for the broad question. But what is the deal with Condo insurance in the DR?

Does insurance exist against theft? Water damage? Flood? Earthquake?

I am assuming some of this might exist but has anyone ever been paid out on a claim?


Thanks
Heal
 
Aug 21, 2007
3,043
1,970
113
I live in Infiniti Blu. We have gotten quotes over the years for condo insurance. It is extremely expensive. What was quoted to us covered only common areas, and it was up to each owner to insure his own unit. To date, nothing has been purchased, although the discussions regarding the need continue.

I'll be interested in seeing how others respond.

Lindsey
 

cavok

Silver
Jun 16, 2014
9,527
4,045
113
Cabarete
Sorry for the broad question. But what is the deal with Condo insurance in the DR?

Does insurance exist against theft? Water damage? Flood? Earthquake?

I am assuming some of this might exist but has anyone ever been paid out on a claim?


Thanks
Heal

Our condominium has insurance for the common areas only. Insurance for the buildnings against earthquakes, hurricanes, etc. is very expensive.

Content insurance is available for individual owners that will insure against damage to the inside of the unit - furniture, TV.s, appliances, clothes. etc. The premium depends on the value you want to put on the contents.
 

melphis

Living my Dream
Apr 18, 2013
3,489
1,676
113
We insure ours for contents, fire, theft, liability and damage from other condos. It costs about 100usd per year. If you want total loss coverage like earthquake coverage your looking at about 1000usd per year for each 100,000 of value. So if your condo is worth 200k it will cost approx 2000usd per year.*
If you are the only one in your complex doing this you are wasting your money. You need at least 75% of all owners to buy it to make it work.*
According to my agent its still a waste of money as no company here will pay out a total loss on a complex for any reason.*
You may want to still get some basic content and liability coverage but its anyones guess if they will pay out on this either.
Hope this helps.
 
Jan 7, 2016
827
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We insure the contents of our condo through a company in Washington D.C. that insures all the property of State Department and Military personnel overseas. They also provide $1,000,000 US for personal liability and property damage (not the condo itself, but if you're involved in an accident, etc.). It is up to the Condo Board to obtain coverage on the common areas, and it is expensive. Our insurance covered a break-in at our place for the entire amount of the loss, less a $50 U.S. deductible amount. Included stolen cash and valuable jewelry. I was very pleased with their coverage. The company is called Clements Worldwide.