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Insurance coverage in Puerto Rico

Hello everyone,

Moving abroad requires adequate insurance coverage.

What type of insurance expatriates need the most in Puerto Rico: health, house or liability insurance? All of them? Do they come as a package?

Are there other insurance options to consider like critical illness, damage or property insurance?

Is it better to purchase insurance from an expat insurance specialist or from a local insurance provider?

And what about insurance costs?

Tell us about your experience in Puerto Rico.

Thanks!

Kenjee

Puerto Rico is an insurance hub and there are a lot of decent insurance agencies available.  Homeowners or renters insurance is available and I would recommend it the same as you would get anywhere.  I found these to be reasonably priced and they included hurricane and earthquake.  Auto is similar, though I haven't had direct experience with it.

Medical insurance, like medical care in PR, is more complicated.  If you are on your company's US plan, make sure that there are sufficient "in network" providers in PR to go to.  Aetna is the only one I am aware of which has good coverage here.  If you are insuring directly here, health insurance is available and is not terribly expensive but look closely.  Check if it covers care back on the mainland if you need to go there.

Try to go for a single company providing insurance for all your insurance needs. Whatever be the type of Insurance policy you are looking for, these days there are hundreds and more of insurance companies awaiting prospective buyers with another hundreds and more of policy types to choose from. Maximum choices in minimum price and lesser time are the watchwords! I have heard good reviews from some friends about a company and their services.
In addition would like to suggest you to go for multiple quotes to get the best options in hand.

I  have been trying to buy FEMA national flood insurance in PR - but cannot find an agent that will give me a quote.    Any recommendations?

Due to the high claim rate on flood insurance policies it is not possible for insurance companies to provide flood insurance due to the elimination of profit opportunities for the company. There are special requirements needed by the NFIP before a homeowner can qualify for a flooding insurance policy. Get all your doubts clear before buying one. Go through this reference,  for more information or help.

I've made a few phone calls for home owners insurance and flood insurance,  but haven't been able to get a quote either.  The home isn't built yet, but I 'm just looking a ball park figure.

EricBlocker :

Due to the high claim rate on flood insurance policies it is not possible for insurance companies to provide flood insurance due to the elimination of profit opportunities for the company. There are special requirements needed by the NFIP before a homeowner can qualify for a flooding insurance policy. Get all your doubts clear before buying one. Go through this reference,  for more information or help.

thanks Eric,

I contacted the web site and requested a quote.  I had NFIP coverage on my house in Texas, now that we are in PR on the beach, I need flood coverage through the federal govt to get a reasonable rate.  Lets see if these guys can offer a policy.

I have hazard insurance through my mortgage holder - Banco Popular. It offers flood insurance, if I want to tack it on, but because of the location of my apartment, the risk isn't worth the cost.

I'm finding out that quite a few people don't even carry property insurance.  We were quoted $5,000/yr....with MAPFRE.  Wondering if anyone else is willing to offer info on what you are paying annually and which company. thanks!

I am still trying to get flood insurance in PR.  Contacted the ins web site noted above - no reply from them.

I bank with Banco Popular, don't have a contract with them, but will ask about insurance.

Ditto about the company on this site...

If you have to pay more than 600 a year for regular home insurance, you are being ripped off. For flood, I have no idea.

Most people in PR do not cary home insurance unless they are forced by the bank due to mortgage requirement.

Rey,
You may be right. My brother recently purchased a home in Mayaguez. He is required to carry home owners insurance and flood insurance. His monthly total including his mortgage and all insurances,  is under $600 per month.
I guess it's all relative to the property you own but 5000k, does sounds a bit steep.

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