- Thread starter Elgator
- Start date
Condo Insurance
As the owner of the property you'll want more than just liability and contents insurance. I assume you wish to insure the value of the property itself?
Shop around. Finding an insurance broker makes this a bit easier. Some insurance companies/policies are better than others. A policy can be cheap or it can be expensive. If it seems too cheap for what you have asked for, have someone fluent in Spanish read the policy before you purchase it (a good idea regardless of cost). Pay particular attention to what perils are covered, even more attention to what is explicitly not covered, what the various deductibles are and what will actually be paid out should you file a claim.
You need to be especially well insured if you plan on renting your condo when you are not here. Dominicans will settle for a few thousand dollars, foreigners will take you to the cleaners should they feel the need to come after you for something. Your insurance policy may or may not cover the kind of money you can be on the hook for if a claim for negligence (either on your part or that of your management company) involves the loss of future earnings of a foreigner for example.
There is always the possibility of renters causing damage to other people's property, a fire in your unit causes smoke damage to another condo, water leaks causing damage elsewhere etc.
Think it through and make a decision based on your needs and comfort level with the policy. Unfortunately, we all pay for insurance we most likely never use. However, if it is ever needed, having wasted all those premiums on a policy that doesn't cover you well enough is a waste of money. Just having some insurance is not usually good enough.
Shop around. Finding an insurance broker makes this a bit easier. Some insurance companies/policies are better than others. A policy can be cheap or it can be expensive. If it seems too cheap for what you have asked for, have someone fluent in Spanish read the policy before you purchase it (a good idea regardless of cost). Pay particular attention to what perils are covered, even more attention to what is explicitly not covered, what the various deductibles are and what will actually be paid out should you file a claim.
You need to be especially well insured if you plan on renting your condo when you are not here. Dominicans will settle for a few thousand dollars, foreigners will take you to the cleaners should they feel the need to come after you for something. Your insurance policy may or may not cover the kind of money you can be on the hook for if a claim for negligence (either on your part or that of your management company) involves the loss of future earnings of a foreigner for example.
There is always the possibility of renters causing damage to other people's property, a fire in your unit causes smoke damage to another condo, water leaks causing damage elsewhere etc.
Think it through and make a decision based on your needs and comfort level with the policy. Unfortunately, we all pay for insurance we most likely never use. However, if it is ever needed, having wasted all those premiums on a policy that doesn't cover you well enough is a waste of money. Just having some insurance is not usually good enough.