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Thread: condo insurance

  1. #1
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    Default condo insurance

    My husband and I are in the process of purchasing a condo in Punta Cana area... we are told we have to get insurance and that there is no insurance on the building? seems odd.

    Does anyone have a recommendation of an insurance company for condo structure and contents.

    Any words of wisdom is greatly accepted..

    thanks, denise

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    That is odd. How do you rebuild if not the whole building. I have one condo where I am responsible for everything outside the walls in case of need to rebuild such as kitchens and baths along with lighting fixtures, a/c and heating system. I actually have 3 condos with insurance in this manner. No insurance whatsoever? Are they NOT attached?

    The fellow that owns the Waterfront in Sosua also sells insurance. Bobby White is his name and you can get in touch with him through the internet to the Waterfront Restaurant and Hotel.

    Scott

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    Thanks for the reply... it is one unit in a building of 3 condos .... so there are common walls.... which is why i'm perplexed...

    I'll track this guy down you mentioned and see if I can get details..

    thanks for your time

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    The condo where I live, and where Escott also has an apartment, has insurance on the entire building. This is paid for from the monthly fees charged the owners. Owners have the option of getting their own insurance, on contents, for example, but the structure is covered by the insurance that we all contribute toward.

    Have you talked with owners of the other apartments in your building? I think you should find out what they are doing. Maybe they would be interested in coverage that covers the building, with each contributing toward the premium.

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    That is what I was expecting from our condo dues of 75.00 month.. but am told it does not... they are under construction right now and the other owners are from various countries...

    We've gotten so many differnet answers that I may need to keep asking.... I can not believe they would leave it up to the owners to take care of the roof being damaged?

    Thank you very much for you information... I think this forum is great to share experience and not reinvent the wheel..

    Regards, denise

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    I pay quite a bit more than $75/month. Are you telling us that your condo complex is still under construction? Are there any units finished and occupied? Have you irrevocably committed yourself to buying the unit? Where is it located.

    If I were considering the purchase of a unit and was told that the only insurance I would have would be that I bought myself, I would certainly be doing a lot of investigating before making the purchase. Sounds very bizarre to me.

    What does that $75/month go for? Do you pay all your own untilities? Is there security and who pays for it? What about maintenance services?

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    The exception to the rule is the condominium that is ensured as a building. Normally, condominium owners insure their own property. There is insurance within the insurance that will protect you from collapse of the building, a fire in the building that affects your property, etc. Once the owners move in, then they can agree to ensure the building, but this is not the norm in the DR. I live in a condominium and coincidentally was talking to my insurance broker about how there was a market to be developed selling insurance to buildings. For example, I live in a building that is not insured.

    Have the agent go through all the items so you can choose depending on your budget. Insurance is now expensive. Be sure to take out electronic device insurance -- todo riesgo, the best investment you will make insurance-wise.

    My recommendation would be to purchase insurance from a broker. There are several such as Franco Acra, Ros & Asociados, Bancalari. They have more pull to get better deal for you and the insurance company will treat you as an individual better if you are part of a group. I do not know if he speaks English, but my broker is Alex Cueto at <[email protected]>

    Also contact Luis Ros at Ros & Asociados, or Papo Bancalari at Bancalari & Asociados. Check the phone book.

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    The condo's are in Palma Real Golf a Sol Melia project .... there are some already finished in the adjacent area... I'll see if I can find someone... most do not live there full time.. no one around when I was there in September..

    Thanks for the leads on insurance will be a new "adventure" to see what I can get and for how much...

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    Your only problems in this area would be a hurricane -- if for example, you have a delicate terrace area outside, but if it is concrete, then you may only lose your gardens (some plants could be brought inside). Maybe you could insure your garden -- check with your agent. Hurricanes are not common -- believe Hortense in 1996 was the most recent one and that after about 50 years of no hurricane in the area. But they are always a possibility one has to prepare for every year.

    Otherwise, the other problem to ensure against would be theft, but that also is minor because this area has good security. Of course if you keep valuables in the house, you should take out insurance.
    Last edited by Dolores; 10-15-2003 at 03:45 PM.

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    Dolores, thanks for clarification. I didn't realize that our condo is an exception to the rule with respect to insurance.

    Regarding risks, what about earth quake?

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