• 1 404 382 0398
  • 507 320 4310
  • +507 6103-4617
  • lisa@panamaequity.com
  • English
    • Español
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • List Your Property
    • Panama City Building Directory
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • About Us
    • Blog & Guides
      • Panama Guides
      • News & Insights
    • List Your Property
    • Property Management in Panama
  • Join Our Team
  • Contact Us
Menu
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • List Your Property
    • Panama City Building Directory
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • About Us
    • Blog & Guides
      • Panama Guides
      • News & Insights
    • List Your Property
    • Property Management in Panama
  • Join Our Team
  • Contact Us
  • About
  • Buy
  • Rent
  • Sell
  • Guides
  • Property Management
  • News & Insights
  • Join Our Team
  • Contact
Menu
  • About
  • Buy
  • Rent
  • Sell
  • Guides
  • Property Management
  • News & Insights
  • Join Our Team
  • Contact
  + 011 507 320 4310
1 404 382 0398
  • English
    • Español
BIOMA Pre-Sale One-Bedroom Luxury Condo For Sale in Costa del Este
Lots Of Outdoor Living In El Valle de Anton
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • List Your Property
    • Panama City Building Directory
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • About Us
    • Blog & Guides
      • Panama Guides
      • News & Insights
    • List Your Property
    • Property Management in Panama
  • Join Our Team
  • Contact
  • My Account
Menu
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • List Your Property
    • Panama City Building Directory
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • About Us
    • Blog & Guides
      • Panama Guides
      • News & Insights
    • List Your Property
    • Property Management in Panama
  • Join Our Team
  • Contact
  • My Account
  • English
    • Español (Spanish)
  • 1 404 382 0398
  • 507 320 4310
  • +507 6909 6781
  • lisa@panamaequity.com
Homeowners-Insurance-in-Panama

Homeowners insurance in Panama: how does it work?

By

Kent Davis

Posted in Exploring & Living in Panama, Legal – Insurance On November 17, 2016

Your new house or condo is an important investment that you’re looking to protect. A homeowners insurance policy can help you get that peace of mind. Whether you are considering purchasing a home in Panama, or already own one, there are several possibilities to insure your home.

Let’s explore the homeowner insurance options available in Panama.

How does homeowners insurance work?

In Panama, insurance companies insure the building (structure) and the contents under separate policies.

The home insurance options range from a standard fire insurance coverage to a multi risk insurance.

The standard Panama fire insurance structure policy includes coverage for fire, explosion, earthquake, windstorm, flood and common water damages. Note that this coverage is required for every mortgage issued from a Panama bank.

If you want to expand your insurance you can do so with a multi risk insurance package. This package consists of separate policies including additional protection against theft and personal / general liability.

Theft coverage is for break in with forced entry, as well as, assault inside and outside the residence. The damage caused to the structure in case of break in with forced entry is covered under this theft provision. Theft and damage to electronic equipment is also part of the package.

Liability coverage extends to damage you may cause to your neighbors property from a fire or water leak initiating in your residence. If a third party is injured on your premises, there is medical payments coverage and legal assistance.

This multi risk residential homeowners package has added benefits including reimbursement for stolen credit cards, locksmith service, plumbing and electrical services in case of a domestic emergency. Some packages include ambulance service, free medical consultation and even coverage for accident or death of pets.

How much does it cost?

The average annual premium for the fire insurance on most structures is approximately 0.01% of the value of the property. For example, a condo or house valued at $200,000 will pay approx. $200/yr.
The average “contents” multi risk package for $20,000 Fire / Theft limit with $100,000 liability protection is less than $100/yr.

Source: (Kevin Bradley)

10 Comments

  1. CAROL FAUBERT

    on August 9, 2020 at 12:34 pm said  

    Good Morning Kent,
    I am a Canadian, living in Vancouver BC, looking at a condo to purchasing. The one I am seriously considering is a 2-bathroom 2,-bedroom, condo in the Playa Caracol area, called the Gardens. It is pre-construction right now, but before purchasing it, I’m looking at all potential costs once the condo ownership is transferred to me.
    You are probably aware, this area is designed to accommodate tourists who prefer to live in a home environment next to all “the action”. I will need insurance, obviously. The risk is high because people are going to live there for “fun” primarily. TO MITIGATE BOTH YOUR RISK AND MINE, IS IT LEGAL in PANAMA, TO CHARGE SHORT TERM TENANTS A REFUNDABLE DAMAGE DEPOSIT? HOW MUCH $ or % can be charged to the tenant? Please tell me about your comprehensive coverage for condominiums located in that area. The one I’m looking at is 93.5 square meters. In Panama, is it customary to provide outside or inside measurements? This is the size they are assigning for this one, although they say that it could change to a larger or smaller size. I have a website. It’s down, due to the pandemic.

    Reply
    • Kent Davis

      on August 10, 2020 at 5:57 pm said  

      Hi Carol, thanks for taking the time to reach out regarding homeowner’s insurance in Panama, specifically for the Playa Caracol unit you are thinking about purchasing. I’ve sent you a private message, the gist of which is: Yes, you can absolutely charge tenants a deposit and there is no regulated amount. Customary is the first months’ rent, however on a vacation rental you may consider a rate based on the number of people, value of the contents, etc. Airbnb has a feature for that purpose. Cheers, Kent.

      Reply
  2. CAROL FAUBERT

    on August 9, 2020 at 12:41 pm said  

    CONDO Coverage, 93.05 meters squared. The GARDENS at Playa Caracol. 2-bedroom, 2 bathroom including furniture and fittings. COST of INSURANCE. and legal amount to charge the tenant as a damage deposit.

    Reply
  3. Matt Wilhelm

    on January 31, 2022 at 2:35 pm said  

    Kent, do you have the names of any insurance companies or recommendations for getting a policy? I can’t find much via google.

    Reply
    • Matthew Marx (PJ-0752-09)

      on February 1, 2022 at 6:23 pm said  

      Hi Matt, The company that I work most closely with is Assa. I’ll get you intro’d privately to the person I’ve been using for quite some time

      Reply
  4. Ramona Gilbert

    on December 31, 2022 at 6:01 pm said  

    Hello Kent, I am interested in obtaining condo insurance for my condo at the Royal Palm. Is there anyone you can connect me with to start the process. Thanks

    Reply
    • Kent Davis

      on January 4, 2023 at 8:55 am said  

      Hi Ramona, absolutely. Stand by! Have sent you that info privately.

      Reply
      • Andrea

        on June 7, 2023 at 1:53 pm said  

        Hello Kent, I am interested in getting a quote for condo insurance in Nueva Gorgona. Do you have any recommendations and/or contact information? Thank you!

        Reply
  5. James

    on January 6, 2023 at 11:03 am said  

    Hi, are you able to recommend a home insurance provider that covers the islands of Bocas del Toro? Many thanks.

    Reply
    • Kent Davis

      on May 16, 2023 at 2:32 pm said  

      Absolutely James, we’ve sent you an email introduction

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Search
Generic filters

Categories

Featured Properties

Featured
View Property

Lots Of Outdoor Living In one Of Panama´s Nicest Mountain Communities

Nestled on a tranquil cul-de-sac of a quiet street, this…

Bedrooms
4
Bathrooms
3.5
Area
600 m2
For Sale

$650,000

Featured
Rivage Avenida Balboa Panama Apartment for rent
View Property

Furnished Penthouse For Rent In Rivage, Avenida Balboa

Enjoy incredible views from every angle of this penthouse in…

Bedrooms
3
Bathrooms
3
Area
176 m2
For Rent

$2,500

Featured
Nuovo Bella Vista Panama condo for rent
View Property

Luxury Living In Nuovo By Armani/Casa: Corner Condo For Rent

This corner condo for rent has an ocean view and…

Bedrooms
2
Bathrooms
3
Area
109 m2
For Rent

$2,450

Contact Us

EDIFICIO SORTIS, OFICINA 20TH FLOOR OBARRIO, PANAMA
OFFICE: +507 320-4310
USA DIRECT: +1-404-382-0398
  • About
  • For Rent
  • Panama Guides
  • News & Insights
  • Contact
  • About
  • For Rent
  • Panama Guides
  • News & Insights
  • Contact
  • For Sale
  • List Your Property
  • Panama City Building Directory
  • Best Places in Panama
  • Property Management
  • For Sale
  • List Your Property
  • Panama City Building Directory
  • Best Places in Panama
  • Property Management
Facebook Twitter Instagram Linkedin Youtube
Send Email
  • English
    • Español (Spanish)
  • Account
  • Blog Posts
  • Pre-Construction
  • Join Our Team
  • Privacy Policy
  • Account
  • Blog Posts
  • Pre-Construction
  • Join Our Team
  • Privacy Policy
Copyright © 2023 Panama Equity. All Rights Reserved.

Wait!
Before you go...

Don't miss out on the inside scoop!

Learn How To Navigate The Real Estate Market and Live In Panama Like a Local


Exploring & Living in Panama

Enter your name and email address below to receive our best local insights about living, investing, and retiring in Panama. 

Your Privacy is protected.