In my experience, especially as a foreigner living abroad, there is no price for peace of mind. As part of buying my apartment in Medellin, Colombia, one of my top priorities was finding a home insurance policy to fit my needs.
Before buying the apartment I was apprehensive because it was in a small building (only four units) and they informed me that the building itself was not insured.
This meant that it was up to each of the owners to buy their own policies to protect their property.
While it is not common for Colombians to purchase an insurance policy for their home, as a property owner and someone who rents my apartment to foreigners it was critical for me to find a good policy that would cover the home in case of a fire, robbery or other damages.
Homeowners insurance services offered in Colombia by insurance companies have different options for what is covered depending on your needs. They also offer the possibility of renters’ insurance if you are looking for home content protection while you travel.
I chose to buy my policy through SURA but there are other insurance companies in Colombia offering home insurance policies including AXA Colpatria, Seguros Bolivar and Seguros Falabella.
To purchase my homeowner’s insurance through SURA I worked with a bi-lingual insurance broker Edwin Arrubla Cano who works for Seguros Generales Suramericana SAS.
He came highly recommended to me by my lawyer from Casacol, Mariana Goez.
Angela Berrio is also a great option as she is bi-lingual and has years of experience assisting foreign clients.
Edwin was highly knowledgeable and explained that with homeowner’s insurance, if at any time an event such as a fire, flooding, earthquake, other damages occur, and they are covered by the policy, SURA provides money to help replace what is affected.
SURA offers several homeowner’s insurance options including; Home Plan SURA, Global Home Plan, Classic Home Plan, Basic Home Plan. Here on SURA’s webpage, you can find a detailed list of policies and what is included.
With the help of Edwin, we decided on a policy that best fits my needs and included coverage for damages because of natural disasters, flooding, and domestic accidents. My policy also includes renter’s insurance and covers items of value inside the home.
With my insurance plan, Edwin could issue the policy and I would pay with my card from the United States. While different payment plans are available, I decided to pay for the policy for the full year, paying 900,000 COP (about $275USD). For this price, it is definitely worth the peace of mind knowing that my apartment was covered in case of severe damage to the property or theft.
For those who own properties, it is one of the biggest purchases you will make. While insurance policies don’t prevent unexpected damages like natural disasters or theft, it is imperative to be prepared for the “worst-case scenario” making sure that your assets are covered!
Do you own property in Colombia? What has your experience been like purchasing insurance?
by: Erin Colton-Enberg