Property Insurance

twhitehead

Bronze
Nov 1, 2003
618
14
0
I have searched the board but have been unable to find specifics on costs and coverage of property insurance in the DR. Could someone please let me know approx costs to insur a home in DR valued at 100k US?
are you covered for theft and vandalism? Are you covered for hurricane/tropical storms?
Any information on this would be greatly appreciated...thanks tom
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
I don't have it right in front of me but ...

... we just got three quotes for Xanadu. The annual premium for replacement coverage ranged from 23,000 to 32,000. All of those causes were covered. Tropical storms, hurricanes, earthquakes, fire, explosion, theft, arguments with Escott, etc. The only thing that wasn't on the policy was flood, just like in the U.S. but we don't need to worry about that here. If Xanadu floods, Sosua will be under 300 feet of water.

Tom (aka XR)
 

JanH

New member
Dec 26, 2002
497
0
0
who did you get quotes from? I'll be getting quote from insurance carrier CL uses when we come in December. But I don't know who the carrier is.

were there deductibles on your quotes?

did it include personal liability?
 

twhitehead

Bronze
Nov 1, 2003
618
14
0
Thanks for the information. I didn't think the price was much different from what I am paying in Canada and I would think that my chances of some of these things occurring are much greater in the DR.
 

Escott

Gold
Jan 14, 2002
7,716
6
0
www.escottinsosua.blogspot.com
Bobby White from the Waterfront sells insurance. Try contacting him through the Waterfront Hotel. Just make sure you have Insurance to cover what you feel you will need and be careful to check it. You can leave out the arguements with Escott as long as you know where the Santiago Airport is located when you give directions! LOL
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
Now You Tell Me!

It was that "Escott" rider that was responsible for 1/2 the premium! I bought the insurance from Timex at his own recommendation. Does Tim give refunds?

Honestly I have only had time to glance at the policies. I thought it was a bit high for here, but I also had asked for a no-hassle, or low-hassle replacement policy. If it burns down, they rebuild it, and replace every TV and flower pot, and fork. Period. That always costs more. I will pull them out and post some details when I get a chance.

Tom (aka XR)
 

ecarignan

New member
Jan 9, 2003
302
0
0
www.commtech.ca
When I bought, I asked this board about insurance and everyone's answers back then was: Don't bother, if something happen, you'll never get refunded by the insurance comanies and they'll give you the run around.

It seems before the earthquake, no one was talking about insurance. Has this changed since the earthquake. Anybody with insurance coverage ver had to do a claim? What happenned?

Personnally, don't believe much in insurance. There's no way that the place can burn down (nothing flammable), theft should be (again I said should be) covered by the security premiums I'm paying every month to own in a gated/guarded, tropical storms are not very likely on this side of the island, that leaves earthquakes.

I'd like to find out how it works when people claim damages. It's hard to claim here in Canada, I figure it's probably 20 times harder in the DR.
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
ecarignan said:
Personnally, don't believe much in insurance. There's no way that the place can burn down (nothing flammable), theft should be (again I said should be) covered by the security premiums I'm paying every month to own in a gated/guarded, tropical storms are not very likely on this side of the island, that leaves earthquakes.
Really? Let me know where you buy your furniture for the place. I've been looking for a concrete or slate bedroom set (you know, with the matching gravel mattress?) to go with my red brick sofa and love seat!

Man, everything in your house will still burn. Depending on the construction it's not difficult to get fires hot enough to spaul the concrete right off the rebar, too, so don't be so sure about anything being incondition for anything but bulldozing should, God forbid, you ever have to find out. I am responsible for shooting, stabbing, yelling at, and/or shoeing away the criminals. No guards to blame for robbing my things here. Hurricanes and earthquakes of course are rare. But insurance is supposed to be a crap shoot or the companies wouldn't exist, they wouldn't make any money paying out continually.

I don't know about payouts. But I have received quotes from the same insurance comapnies that our property managers here use for all of the hotels, condos, apartments and houses they rent. So I don't expect to have a big problem if there's a claim ever.

Tom (aka XR)
 

ecarignan

New member
Jan 9, 2003
302
0
0
www.commtech.ca
Xanadu,

I'm sure you get my point that here, everything is made of concrete and tiles as opposed to Canada where everything is made of wood.

My main question remains, will the insurance companies pay easily if there are claims. Do every expats have insurance over there? Back when I bought was no, not everyone has insurance and did not intend to. Maybe things have changed.

If the insurance is not well priced and reliable, it may be time for me to think of insurance.
 

JanH

New member
Dec 26, 2002
497
0
0
Eric and XR - I know there's risk of couch catching on fire from cigarette, but I'm mainly concerned with personal liability - such as, a renter claims he broke his leg because of loose stone around pool.

or would a rental contract suffice since the renter couldn't get anywhere suing me in U.S.
 

JanH

New member
Dec 26, 2002
497
0
0
Ok, here's my concern, a fire in the bed. Wouldn't be so concerned if I wasn't there but every time we go to the DR Jan is like a mink in heat. Afraid we'll burn down the bed and kill the people next door from sound exposure.

I honestly think she would spaul the concrete off of a concrete bed.


P.S. You guys defend me on this one, when Jan reads it she'll cut my **** off.

Mr. JanH
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
A guy that who didn't know that he had a replacement (or two) ready, willing, and waiting for him in the DR wouldn't talk this way.
 

JanH

New member
Dec 26, 2002
497
0
0
Ken,

Just trying to make light of the subject. Your response is ???????
Were you offended?

Mr JanH
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
JanH said:

Just trying to make light of the subject. Your response is ???????
Were you offended?

Offended? Not at all. Just picking up on some of your innuendo in previous posts on the board.