condo insurance

rahim

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Aug 16, 2002
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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
 

Escott

Gold
Jan 14, 2002
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www.escottinsosua.blogspot.com
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
 

rahim

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Aug 16, 2002
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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
 

Ken

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Jan 1, 2002
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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.
 

rahim

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Aug 16, 2002
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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
 

Ken

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Jan 1, 2002
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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?
 

Dolores1

DR1
May 3, 2000
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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 <alex.cueto@francoacra.com>

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

rahim

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Aug 16, 2002
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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...
 

Dolores1

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May 3, 2000
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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.
 
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Ken

Platinum
Jan 1, 2002
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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?
 

Dolores1

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May 3, 2000
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For earthquakes, best to peg all shutters and bookshelves, cabinets, etc. to the wall so if there is a shuffle the items inside will not fall to the floor. Yes, earthquakes are always a risk, but the risk is much less than the annual risk of a hurricane that one has to regularly prepare for. Earthquake insurance usually comes with the package, and should be taken. Normally, houses such as those at Palma Real Villas are well built and will should not have any problems.
 

Ben

Member
Feb 2, 2004
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Condo Insurance Question

I hope it's OK to resurrect this old thread.

The administrator of our condo says several condo buildings in the Sosua/Cabarete area recently decided to drop insurance coverage due to the high cost, and are "self-insuring" instead. He recommends we do the same, but this idea frightens me since a loss would be catastrophic if there were no insurance to rebuild.

In the USA, condo associations always carry insurance on the structure and common areas, and the individual owners may elect to carry insurance on the contents of their unit. In my experience, no USA lender would even consider financing a condo that doesn't have insurance. In the DR, where a lot of deals are done without mortgages, there is no lender to demand insurance coverage so it seems to be up to the owners.

I have a few questions that maybe someone on the board can answer:

- Is it customary in the DR for condo associations to carry insurance on the structure?
- If so, roughly how much does it cost (per thousand dollars insured value)?
- If the association under-insures (takes out a policy for less than the cost to rebuild) how would the insurance company calculate its liability in the event of a loss?
- If the condo association takes out no insurance, can an individual unit owner purchase insurance to cover his share of the structure?
- How difficult is it to collect on a policy from a DR insurer?
- Does anyone know of U.S. or European insurance companies that insure property in the DR?​
Let's say a condo association were to self-insure by creating a pool that owners contribute to. In the first few years there would be very little money to pay for losses and the uncovered risk would be great. But after some time, the pool could become quite large. This raises a question of what happens when an owner decides to sell. Does he simply lose his contributions? Would the new buyer would be willing to pay extra to buy out the seller's share of the pool?

Appreciate your help and advice.

Ben
 

ashtoncrook

New member
Sep 5, 2005
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insurance with free quote..

hey, i also have a condo topurchase, i guess this helps! i was searching from the internet and i was able to find www.insurance-quote-free.com maybe you would like to try this one specially those who are not earning much. i'm looking for something like this, any one could help?