What's the cost of homeowner's insurance in Panama?

We have a one-bedroom condo in Panama City.  For comprehensive insurance for it (about 900 square feet), we pay about $950 a year.  For a freestanding house with more space, I imagine it would be more.

We have a one-bedroom condo in Panama City.  For comprehensive insurance for it (about 900 square feet), we pay about $950 a year.  For a freestanding house with more space, I imagine it would be more.

In Chiriqui province, where I live, home insurance is cheap. I pay about $250 per year for a normal size house. Most houses are made of cement blocks, ceramic tile floors, and steel roofs. It is almost impossible to burn these things down. Which is why insurance is cheap.

 

Caveat: this does not include coverage for theft. You can get it, but it is expensive and most people do not bother. My home was broken into once about 6 years ago. The thieves took an old laptop...

In Chiriqui province, where I live, home insurance is cheap. I pay about $250 per year for a normal size house. Most houses are made of cement blocks, ceramic tile floors, and steel roofs. It is almost impossible to burn these things down. Which is why insurance is cheap.

 

Caveat: this does not include coverage for theft. You can get it, but it is expensive and most people do not bother. My home was broken into once about 6 years ago. The thieves took an old laptop computer and some clothes -- plus cheese from the fridge!

It would cost much more than the old computer and clothes and cheese were worth to get theft coverage. My advice: don't bother.
 

The cost of home insurance in Panama depends on the value of the house.   I think it is about US$700 per year for an example 3 bedroom, 2 bathroom house in the Old Canal Zone.

The cost of home insurance in Panama depends on the value of the house.   I think it is about US$700 per year for an example 3 bedroom, 2 bathroom house in the Old Canal Zone.

My homeowner’s insurance in Panama costs between US $300 and $400 per year. However, a lot of people do not have homeowner’s insurance. Also it is only required if you have a mortgage. Most of my clients pay cash. They sold their home wherever they are coming from and they come here to Panama, buy a house, and pay cash. Once you get the housing component out of the way, you could drastically reduce your overhead expenses here in Panama. 

 

The house...

My homeowner’s insurance in Panama costs between US $300 and $400 per year. However, a lot of people do not have homeowner’s insurance. Also it is only required if you have a mortgage. Most of my clients pay cash. They sold their home wherever they are coming from and they come here to Panama, buy a house, and pay cash. Once you get the housing component out of the way, you could drastically reduce your overhead expenses here in Panama. 

 

The house insurance here in Panama is just like anywhere else; it just costs a little bit less money. The only reason why you might choose not to get it is because since the houses here are made of block and steel, you won’t worry as much what could happen to it.

 

In the United States, most of the people that have a home, have a mortgage and it’s the bank that requires the insurance. Most people in the US would probably forego it as well if they didn’t have a mortgage because it’s expensive and it’s a bit restrictive when you’re going to need it. I am not an insurance expert but I think likely most of the claims are fire-related. In Panama this danger is pretty significantly reduced because of the block and steel homes.  

 

(House in Valle de Anton, Panama, pictured.)

I own a small house just outside of Boquete - my homeowner's insurance is $165 a year.  Sure beats the $1,500 a year I paid in Texas!

 

(Home in Boquete, Panama, pictured.)

I own a small house just outside of Boquete - my homeowner's insurance is $165 a year.  Sure beats the $1,500 a year I paid in Texas!

 

(Home in Boquete, Panama, pictured.)

Our home is valued at $140,000 we have a 45,000 loan against it.

 

Her life insurance required is about $15 a month and homeowners required is $19 a month.

 

We own 3 cars paid for $120 is cheapest on a pick up truck we drive amount once a month $179 on hers she drives every and about $150 a year on my car.  The car was $600 a year same coverage in the States, liability only.

 

I have my insurance with...

Our home is valued at $140,000 we have a 45,000 loan against it.

 

Her life insurance required is about $15 a month and homeowners required is $19 a month.

 

We own 3 cars paid for $120 is cheapest on a pick up truck we drive amount once a month $179 on hers she drives every and about $150 a year on my car.  The car was $600 a year same coverage in the States, liability only.

 

I have my insurance with Kevin Bradly and he has never let me down.