When you are moving to Panama, the least of your worries that is on your mind is an insurance to protect the house you just bought, and it shouldn’t be.
Why do I say it should´t be? You see, Panama has a large number of options when it comes to Insurance companies, and an even larger number of products that guarantee the safety of your investment.
Right now, there is a market of 30 insurance companies that can offer you options and plans that can help you provide protection to your property and yourself.
But let´s get to the point that you´re interested in, HOUSE INSURANCE.
Whether you are really worried about the safety of your house, or the bank is asking you to get insurance so you can guarantee the mortgage, it is an important topic when it comes to moving to a new house.
Let´s start with the basics which is Fire Insurance Coverage.
Daily activities, including cooking, may leave you exposed when it comes to fire risk. Your home is probably your most precious asset, not just because of its cost, but also its use and value to you.
Failing to insure it against fire damage could put you in a precarious financial situation if you leave yourself no recourse in the event of a fire.
Now, if you really want to get the whole deal, then a Combined Residential Insurance is the product you want when it comes to guaranteeing the safety of your home. This insurance offers you coverage to the structure of your house, the content in it, Family liability, and, in most cases, includes “To door” assistance.
The structure insurance assures your property in cases of natural disasters, fire, and vandalism. It also guarantees coverage in case flood or damage caused by water. In the case your house is not safely habitable, this insurance counts with the benefit of reimbursement for additional living expenses. The content insurance protects your items against all the risks mentioned in the structure insurance.
The other product that is included in your Combined Residential Insurance is the Family Liability Coverage. This coverage protects your family from possible liabilities that may come from every day activities.
And last, but not least, and a very helpful part of this Insurance policy, is the “To door” assistance. This service provides you with general services, like locksmiths, plumbers, electricians, ambulance and even a doctor, to your door with just one call.
In conclusion, we are not saying that you´re destined to have to use your house insurance but when it comes to it, it’s better to have it and not need it, than to need it and not have it.