In Costa Rica, there is only one authorized company to sell you insurance, it is called INS and it is government owned. Although it is also fine to get insurance from abroad to cover your Costa Rican assets.
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You can get insurance from INS over the counter at its offices or you can go through an Agent. The price is going to be the same, but an Agent will surely get you a better deal.
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Value of items being insured is determined by the applicant, using Actual Cash Value (i.e. depreciated value). INS does not have appraisers and, for cars, there is no Blue Book.
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Insured values and premiums are in Colones (the national currency). Currency devaluation makes it advisable to periodically revise values.
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All policies have deductibles, which in most cases are fixed by INS: there is nothing to choose between. Deductibles average 20% per claim on most types of policy.
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Insurance binders do not exist: formal applications have to be completed and signed, and in most cases the item must be inspected and the premium paid before insurance becomes effective.
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INS, probably because it is a monopoly, is among the largest and most solid insurance companies in Central America. It reinsures internationally a large percentage of the risk.
AUTO INSURANCE
Insurance is obtained once you purchase your license plates, but additional insurance is recommended. If your car is insured anyone with a driving license can drive it. INS offers additional car insurance. This additional car insurance is called Seguro Voluntario de Automóviles. This insurance cover both damages caused to third parties as own damages and works with degrees of being insured, levels A and C being the basic levels of civil insurance (B is only for specific situations such as rental cars), and level H (additional risks) being the highest level of insurance.
HOMEOWNER'S FIRE AND NATURAL DISASTER POLICY
Provides coverage for the house, the house plus its contents or just the contents against the following:
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Coverage "A" (Basic coverage) - Fire and Lightening
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Coverage "B" - Wind, Hurricane, Cyclone, Falling objects, Explosions, Smoke etc
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Coverage "C" - Floods, Landslides
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Coverage "D" - Quakes, Tremors, Volcanoes
Rate is 0.2436% per year for ABCD based on the estimated cost of rebuilding: in other words, the value of land should be disregarded. Example: insurance for a house worth $100,000 would cost $243.60 per year.
HOME THEFT INSURANCE
This insurance covers theft and burglary in your residence. Both your possessions and the damages are covered, except cash, jewelry and securities. In order to obtain this policy you need to provide a detailed list of your belongings and a copy of your residence card. The premises insured will be inspected by a risk evaluation team of the insurance company.
MEDICAL INSURANCE
You can choose from many different options, so be sure to consult your agent about the possibilities. This is a policy that is highly recommended in Costa Rica, but not the same case while abroad. Pays 80% of expenses due to accident or sickness, based on a list of providers who are affiliated to the plan. Dental work, cosmetic surgery and eyeglasses are paid if they are required as a result of an accident, but checkups and pre-existing conditions are not covered.
