Individual homes and condominiums can be insured in Nicaragua with one of the five (5) local insurance companies.
Until recently home insurance in Nicaragua was written on a named peril basis. In other words, the insurance policies covered claims from events listed or named in the policy.
Now, however, most home insurance in Nicaragua or condo policies are issued on an “All Risk Basis” and cover claims from hazards not specifically excluded in the policy.
Subject to deductibles and coinsurance, all Nicaraguan insurance policies cover damages from the following main areas:
- Fire, lightning, explosion
- Earthquakes, tremors, volcanic eruptions
- Tidal waves, Tsunamis
- Hurricanes, heavy rains, tornados, high winds
- Labor strikes, student riots, and looting due to natural disasters
- Collision damage to your home by cars (other than your own) aircraft or falling objects
Optional coverage available includes contents insurance and forced robbery coverage are available.
These options are for personal belongings and appliances commonly found inside a house, so if you have a $14,000 Sub-Zero brand refrigerator in your kitchen, that needs to be specifically mentioned in the insurance policy. Types of property always excluded from Nicaraguan dwelling policies are basically the same as found in the U.S. or Canada i.e.; gold, silver, jewelry, precious stones, paper money, stock certificates, checks, stamps, commercial documents, and the catch-all “rare objects of art or collectibles”.
Auto insurance in Nicaragua works reasonably well and even the most common makes, like Toyota or Hyundai, should be individually quoted with all the insurance companies to obtain the best rates and policy conditions. Some Nicaraguan Insurance companies offer promotions or special policy discounts which are not well promoted or published to the public.
Fleet discounts are offered by most Nicaraguan Company underwriters and begin with a minimum of five (5) vehicles insured under one policy.
Brands such as Ford, Chevy, Volkswagen, BMW, Mercedes, and Izuzu are often charged more premiums, and/or have higher deductibles.
Nicaraguan auto insurance available includes:
- Collision coverage for your car
- Rental reimbursement coverage
- Liability insurance
- Extraterritorial coverage*
- Medical payments for occupants
*Extraterritorial coverage is used when a person drives an insured vehicle to another country such as Costa Rica or Honduras.
** Robbery coverage in Nicaragua only covers the total robbery of the vehicle. Therefore, it does not provide coverage for stolen hubcaps nor fog lamps.