**** If you have a bank loan from here they require you have property insurance to me which is a scam but it's a requirement also life insurance in case you croak.if your place has no loans attached to it I would not get it and tell them to go pound salt where the sun don't shineI apologize, condo insuranceI
IMO it's a waste of money. You can get content insurance but I have never heard of anyone actually collecting after a break in.
Insuring the actual condo is even a bigger rip off. The way my agent explained it to me is in the event of a catastrophic event all condos would have to be insured. If you are the only one that has (for example) hurricane insurance and your complex is leveled they can't just rebuild 1 unit and walk away payout insurance is not an option here.
The cost for all units to have total loss insurance is approximately $1000.00 USD for each 100,000 of value. So if there are 50 units worth 250,000 each the annual cost is in the $125,000 per year range. Never going to happen especially when you can't even get all the owners to pay monthly condo fees.
For $3,600 a year I could replace all my crap in two yearsIn the complex where I own my apartment there are 90 apartments and only 3 don't are behind with the monthly fees. The insurance is the largest part of the maintenance bill, my share alone comes in at US$ 300 a month. And we have full cover, even in the case of an earthquake which would cause a total loss.
It's really important to live somewhere with very strong administration. I have another property that I am renting to try out living there and I would never dream of buying as it is so badly run.
I think life insurance if you croak is a good idea. If you are paying a mortgage, it will pay it off so your surviving family/dependents aren't stuck with paying it off.**** If you have a bank loan from here they require you have property insurance to me which is a scam but it's a requirement also life insurance in case you croak.if your place has no loans attached to it I would not get it and tell them to go pound salt where the sun don't shine
Good luck collecting on a burglary claim in the DR. Not recommended..........Almost all condominiums have the building insured for damage by hurricanes, earthquakes, fires, etc. The only thing you might want to consider is content insurance which usually includes liability and theft insurance. It's relatively cheap. Get a quote and decide for yourself if it's worth it or not.
You obviously wouldn't buy content insurance just for the theft coverage. Punta Cana is susceptible to hurricanes. Content insurance is a lot like car insurance. Some people just get the minimum liability required. Other want full coverage with zero deductible. It's really an individual preference. In the US, everyone I knew had content insurance.Good luck collecting on a burglary claim in the DR. Not recommended..........
I swear I am part woman. I just can't wear cheap shoes, I have tried. I know I have more than 3600.00 U.S in shoes. Business shoes, evening shoes, walking shoes,golf shoes and steel toe boots for going in the mines. My preference is Italian of course.I think I'd need more than US$ 3600 just to replace my shoes - although admittedly I do have a bit of a thing about shoes.