Home Owners / Rental Insurance Panama?

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Do I really need Home Owners or Rental Insurance in Panama? Does my maintenance fee pay for fire insurance? Are there any risks of natural disasters and are they included in my policy?
Does it cover the my belongings? How much are the premiums, can somebody give me an example?

2 Comments
  1. Reply
    chris_sockets
    July 21, 2011 at 3:28 am

    panama city panama? or panama florida

  2. Reply
    Insurance in Panama
    July 21, 2011 at 4:06 am

    Hi Lauren,

    My name is Ursula Kiener Ford and I am an insurance broker in Panama. I would recommend for you to get a Home Owner’s or Rental policy. Unlike in the US or other countries your maintenance fee just covers for the common areas and each individual owner/renter is responsible for their apartment.

    If you decide to get a mortgage in Panama, the bank will require a Fire (Home Owner’s policy). This policy covers your property for fire, any natural risk, and flooding. Natural disasters are very unlikely in Panama (we had a large waterspout/ windstorm in December and there are minor shakes along the Costa Rican border) , but it is always good to be protected.

    In Panama we do fire (which covers the walls, the ceiling, and the roof) separate from contents. A fire policy for a $ 200,000 apartment/house would be $ 210 annually. And for your belongings you can rate theft at 25%, 50%, and 100%. For example:an apartment in Panama City insured for $ 25,000 in content at 50% for theft would be $ 144.38 annually.

    For more information or to get a quote please contact me at forlacol@gmail.com or by phone (507) 6676-5151

    I also sell other types of insurance, such as life, health, title, car, civil responsibility, among others.

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