Homeowners Insurance

[Ronald Crum]

Hello My wife and I just purchased a home in Pedasi, do they have homeowners insurance in Panama? what are the normal coverages? Do you pay the premium yearly, or monthly, do they have insurance agents? are there any agents in Pedasi?

[COUNTRY EXPERT – LINDA CARD]

Hi Ronald- thanks for your inquiry and Happy Holidays!

Yes, homeowners insurance is available in Panama. In fact, if you borrow funds to purchase a home with a bank mortgage, for example, insurance is a requirement. There are numerous insurance companies and agents in Panama and insurance is easy to obtain.

You would want to cover your home for at least it’s market value, if not more. Payment of the premium will be determined by you and the insurance company. Some home owners may prefer to pay by the year, some quarterly, and some by the month, so it depends on your circumstances.

To find an insurance agent in Pedasi I suggest your contact the realtor you worked with in buying your home. They should have this information and any other details you need to know about home ownership in Panama.

Also, you may contact an insurance broker directly. Here’s the contact info for a broker who serves many expats here in Panama:
Kevin Bradley; e-mail: kevin@panamakevin.com; website: http://www.panamakevin.com or contact sales executive Ana Isabel Ponce; tel. +507 322-1634; e-mail: ana.ponce@colasa.net. Kevin is a licensed, bonded insurance agent with 20 years serving the Panama market. He may also be able to put you in touch with someone in Pedasi.

I hope this helps and good luck with your move. Linda

[Emailonly]

You’ll be pleasantly surprised to find that homeowner’s insurance is only about $200 per $100,000 in price. The premium is paid annually. It does not cover contents but for an extra $50 per $100,000 value you can get contents covered too. These are the prices I pay in Chiriqui so I assume they are similar in Los Santos

[COUNTRY EXPERT- JESSICA RAMESCH]

Thanks everyone for posting/chiming in on this. Just a quick reminder that we post valuable contact information

Insurance broker Magda Crespo is mentioned in the Rolodex section of this website, and might be the best person to try for recommendations outside of Panama City:

Magda Crespo Insurance broker specializing in the Chiriqui region (local and international insurances); cell +507 6671-8800; email: magdac2216@yahoo.com. *Magda also brokers real estate in the Chiriqui region, see: http://www.mcpanamarealty.com.

Best,

IL Panama Editor Jessica Ramesch

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