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Anyone ever buy house insurance policy and file a claim?

At Home Center AIG General is selling home policies. The price is fairly reasonable. For example it costs $400,000 COP to insure a 300 million property, yearly.

For example:

if a pipe burst the policy covers any damages incurred to insured property as well as any damage to neighbors.

Get lock out of house? it covers locksmith costs.

Obviously, in the policy there's a lot of fine print... too good to be true

Anyone ever file a claim?

thanks

By Mamey on Sep 21, 2008, 16:26 in Friendly Talkzone.

miamimike says on Sep 21, 2008, 16:48:

I wouldn't trust the Saleman's pitch. have the fine print reviewed by some Attorney for a few bucks! Caveat Emptor, here or in Colombia. We just changed out master Condo Policy and you can bet it went for review by our Attorney.

No hay Peor Ciego que el que no quiere Ver o Sordo que el que no quiera Oir--Sarah Palin, Wasilla Alaska

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Noelito40 says on Sep 21, 2008, 17:35:

I took out insurance with Agricoles (against the tenant not paying bills), cost me 55% of the first month's rent. (mind you they were not that easy to deal with, they wanted all but a pint of blood from both me and the tenant before they would ok things. (My only hope is that if I do have to claim, things are easier!!??)

I also took out structural insurance on the property, cost me 440k on a property worth 150million, but I also added insurance against water/electrical damage (this is what you are referring to, cost me only another 48k, so roughly 480k in total). This insurance was with a friend of ours who works for Sur Americana. (If you are in Bogota and you want his details just PM me.

On the general matter of insurance what was strange for me was that I am accustomed to insuring my properties back home, whereas here I'd say that having properties insured is more the exception than the rule. I imagine it's a mix of being unable to afford it, with the mind set that it's a waste of money and they´ll never need it??

Noelito

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BillBigD says on Sep 21, 2008, 17:43:

gringoloid-You and I, with OUR Capital Gains! LOL
I really did laugh when I saw he was asking about AIG.

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miamimike says on Sep 21, 2008, 19:07:

That's Bush's going away present to the US Taxpayers! He wanted to make sure we have a long memory of him and to that end he accomplished that! LoL

No hay Peor Ciego que el que no quiere Ver o Sordo que el que no quiera Oir--Sarah Palin, Wasilla Alaska

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mark1 says on Sep 21, 2008, 23:16:

Can you get insurance coverage if you are a landlord and renting out your property?

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Mamey says on Sep 23, 2008, 06:45:

Noelito, thanks for the info. The sales people obviously have one thing in mind, thus, they just tell you what you want to hear.

When reading the insurance policy from AIG there's reference that there's no coverage if a pipe bursts and the pipe is CORODED, WORN, etc.. Well, what's the use of having insurance then?

I asked the sales girl about this, and her head started spinning... until she came up with... ummm! well if the pipe is PVC everything is covered. (although there's no mention of PVC pipe anywhere in policy) Well, not very reassuring. I will have to try talking to Agricola, Suramericana or one of those other companies.

I live in a high rise (28 floors) and the earthquake a few weeks ago got me thinking about a policy.

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