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  1. #1
    Regular
    Join Date
    Dec 2005
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    Default Condo Insurance Part 2

    In the USA, the Condo Association buys insurance on the building and grounds and the individual apt. owner buys insurance covering the interior walls and ceilings, their personal contents and liability (ie. renter hurt when stove explodes). Does anyone buy the individual apt. policy or is it cost prohibitive, not available or unnecessary? I checked with one agent and they acted as if I was talking about something they had never heard of before which leads me to believe that individual apt. owners rely solely on the condo association policy and don't buy individual apt. policies in D.R. Am I correct?

  2. #2
    Bronze
    Join Date
    Jun 2004
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    Default Depends...............

    ................here in Costambar, I know of all different categories.

    I know of Complexes that have a master policy and some unit owners also have their own individual policies.

    I have 3 units in a building where there is no association and no master policy and I have my own individual policies.....(Two for each, one for the building and one for liability).

    I also have a friend nearby where they have a master policy for the association and they also have their own individual unit.

    I know that Monumental Insurance, writes both the master policies and individual unit policies...........

    ..........and, btw, I am an agent in the US and don't even THINK of comparing insurance policies, coverages, companies or agents.........here with the US....

  3. #3
    Platinum
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    Jan 2002
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    12,271
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    Default

    Denmay, I understand that some condos don't have insurance. However, El Neptuno, where I have a condo, does. The coverage the Association pays for is for replacement cost and covers the items that were part of the original construction, including cupboards, bathroom fixtures, etc. Whatever the owner has added in terms of improvements or furnishings is not covered.

    The value is based only on replacement of the building. So the coverage each owner has is much less than what we might want to sell our unit for. The value of the land, for example, not included in the insured value of each unit.

    Each owner has the option of taking out additional insurance on his unit to cover furnishings, etc. If bought from the same company that has the building insurance, the individual coverage is tied to the coverage for his apartment.

    Our coverage is with Seguros Popular and our agent is Angie Wolff of Sosua Business Services. I highly recommend both. Seguros Popular is one of the few who insure in dollars. Of course, this means we must pay the annual premium in dollars, but who wants to be covered in pesos? I recommend that you call Angie Wolff at 809-571-3451

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