Panama Expat Forum

Renters Insurance

6/2/2014 08:22 EST

I have a quick question please. I have been reading this forum for a few months now. My husband and I are most interested in retiring to Panama in the next few years. From all of your comments, I think the best way to move down is to rent long term to see if Panama retirement is right for us. My question is - as a renter, does one carry renter's insurance for your personal property like you would as a renter in the U.S.? Any info on this subject would be greatly appreciated!

BoqueteGirl

6/2/2014 09:15 EST

Renters insurance is not easy to get, if at all. Our neighbors looked into it when they decided to rent here in our gated community. They were told that you must have:

1. Bars on the windows and doors.

2. Security system.

3. Proof that you tried to protect your property from theft.

Etc. Etc. Etc.

Very difficult to be able to prove that you tried to protect property. Your word against the insurance company. Remember, here in Panama you just can't run to court to prove your position. So I would not waste my $$ on renters insurance. The insurance companies will tell you whatever you want to hear to take your $$. Keep your property secure, and get a loud dog. That is about as good as purchasing insurance.

One of our friends were broke into and they had homeowners insurance. The thieves pried open a window and cut the bar and the insurance company said they should have had better locks so the window could not be pried open. They looked for ways NOT to pay.

I would suggest you look for someone who has had a GOOD experience with an insurance company here in Panama and go from there. Good luck...

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lastresort

6/2/2014 10:05 EST

Thanks for the good info BoqueteGirl. It sound's like it could be a waste of dollars to insure.

panamajames

6/3/2014 01:20 EST

It definitely is a waste of dollars to insure here in Panama. We had house insurance from a company. They came and inspected the house and were satisfied that it was well built and would withstand damage. They took our cheque. When we had a flood in 2008, they refused the claim, saying the house wasn't built well enough. Lying, thieving, and let's think of some more good descriptive words. You can fight it if you want with a lawyer, but the cost to repair is much cheaper, much more effective, and that is how you learn the ropes. There is a real clown in Panama City who is sitting there smirking, hoping I won't mention his name.............

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