Homeowner's Insurance

[GRETCHEN SOLDAT]

Do most Eucadorian or expat homeowners have this insurance? If so, can you recommend reliable providers?

And a big thank-you for removing the “annoying icons”!

[COUNTRY EXPERT – WENDY DECHAMBEAU]

I’ve only met one person who has homeowner’s insurance. With most structures being built with brick or block, fire is a low concern. In the mountains our only real concern is earthquake damage and with better construction techniques these days it’s not common for newer buildings to be damaged in a quake. That doesn’t mean it couldn’t happen, it’s just something that I think most expats are betting against. On the coast flooding might be a concern depending on where your house is situated so maybe a few expats have insurance down there.

I’ll check with my friend who just purchased insurance for his newer house and ask him what company he used, then I’ll update you here.

[NICK LAZAZZERA]

I live in Cotacachi and have homeowners insurance from the Bank of Guayaquil. It covers fire, structural damage, loss of contents and theft protection with a $500 deductible. Homes may be better built these days, but the construction is still sloppy. The strength of the reinforcing bars that are used are diminished by up to 50% because of poor placement and embedment in the concrete. The short cuts that are taken compromise structural integrity. If you couple this with a lack of adequate compaction of the ground under the house, you will find cracks developing over time as the building settles. This being said, the mountain areas are fairly stable and I can’t see any catastrophic damage occurring except in a big earthquake.

If you have an account at Bank of Guayaquil, go talk to them.

[COUNTRY EXPERT – WENDY DECHAMBEAU]

UPDATE: My friend tells me that he received his insurance through a company called QBE. He worked with their Ibarra office but is not sure if they have offices in other parts of the country.

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