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A question about insurance in Puerto Rico?
This is a question for someone of the skills of Darth or others who seem to post a lot. As an American (OK, I don't know what to call myself as everyone who is born in PR is an American citizen)......ok, as a mainland (kinda. I live in Key West......we view mainlanders probably the same as you do) gringo who is contemplating a move to PR, whats the deal with insurance? I understand that there is no requirement there to have auto insurance. I would assume that anyone who finances a car HAS to have insurance, just like in the states. However, if a large number DON'T have insurance, does that make "uninsured motorist coverage" outrageously expensive. Does PR have Allstate, State Farm, and other mainland companies or is it all local companies?
Finally, what is the cost of homeowners insurance? I am not asking for an exact price, obviously, but is it reasonable compared to the states?
Darth: thank you kindly for the time you took to answer. The question about homeowners is compared to where I live. We have to have homeowners insurance. That isn't too bad. However, we also have to have flood insurance through the national program. Again, not outrageous. However, where we get hosed is on wind insurance. It can run as high as $1000+ per month to pay for it. It can be a deal breaker.
6 Answers
- 1 decade agoFavorite Answer
A question about insurance in Puerto Rico?
* False, you got more than one, but it is OK.
whats the deal with insurance?
* Depends on type of Insurance.
I understand that there is no requirement there to have auto insurance...
* Wrong, there is a law requirement that every car must be insured. You can get it from your own insurance company or get a basic one offered by an group of insurance companies workking as a cooperative formed by the government.
I would assume that anyone who finances a car HAS to have insurance, just like in the states.
* Yes, they are.
* When you go to a car dealer to buy a car you go through the paperwork of financing and insurance right there. You can use the insurance company of your prefference or use one proposed by the car dealer.
... if a large number DON'T have insurance...
* Not the case, every car on the streets has to be insured. That is the law.
Does PR have Allstate, State Farm, and other mainland companies or is it all local companies?
* There are mainland insurance companies like GEICO operating in PR.
* Not sure if Allstate, State Farm are doinmg business here or not. We got also local insurance companies.
what is the cost of homeowners insurance? is it reasonable compared to the states?
* I have never purchase a homeowners insurance at the states to be able to compare. I would say it is reasonable, but really do not have the data.
* $1,000 a month just for homeowners insurances? !!! That is wayyyyyyy more than here. Required homeowners insurance in PR is ussually paid as part of the monthly mortgage payment and it is less than $100. That covers for water, fire, and wind related damages. You may take an additional insurance for flood.
Source(s): ... someone of the skills of Darth ... * (red face) - Anonymous6 years ago
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RE:
A question about insurance in Puerto Rico?
This is a question for someone of the skills of Darth or others who seem to post a lot. As an American (OK, I don't know what to call myself as everyone who is born in PR is an American citizen)......ok, as a mainland (kinda. I live in Key West......we view mainlanders probably the same as you...
Source(s): question insurance puerto rico: https://shortly.im/17tP7 - Anonymous6 years ago
This Site Might Help You.
RE:
A question about insurance in Puerto Rico?
This is a question for someone of the skills of Darth or others who seem to post a lot. As an American (OK, I don't know what to call myself as everyone who is born in PR is an American citizen)......ok, as a mainland (kinda. I live in Key West......we view mainlanders probably the same as you do)...
Source(s): question insurance puerto rico: https://tinyurl.im/e/a-question-about-insurance-in... - 1 decade ago
Just wanted to confirm all of our Sith Master answer and to add the web page of the Commissioner of Insurance of Puerto Rico (english version) just in case that you need any official answer on that matter. That's the Government Office which deal and enforce all insurance issues in Puerto Rico.
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