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  1. #1
    Bronze
    Join Date
    Oct 2005
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    Default Does Condo Ins. pay?

    Our Condo Admin. Wants us to buy Insurance. Replacement cost, but will pay for all other major repairs. We have read here that it's available and a lot of Condo Asso. have it. Our question is does it ever pay out or is this another scam? Example, Are they settlement cracks or caused by earth quake? It's hard enough to get money out of Ins. companies in the US. Do they really pay off here?

  2. #2
    Platinum
    Join Date
    Jan 2002
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    12,271
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    Default

    El Neptuno in Sosua where I live is insured for replacement cost. We are insured for a dollar replacement cost and pay our premium in dollars. We are insured by Seguro Popular, an affiliate of Banco Popular and our agent is Angie Wolf.

    We are covered against many things, but don't expect to be reimbursed for settlement cracks. We would be covered if damage done by an earthquake. When we had the 6.4 earthquake a couple of years ago there was almost no damage, so had nothing to claim. However, recently there was a serious electrical surge caused by a malfunction of our system. A lot of damage was done to electronics in the apartments and the insurance company paid.

    I can only speak about the company we have our insurance with. The fact we have an agent who goes to bat for us helps a lot, too.

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