Individual homes and condominiums can be insured in Nicaragua with one of the 5 local insurance companies. Nicaraguan OLYMPUS DIGITAL CAMERAhomeowners insurance is written on a named peril basis. In other words, the policies cover claims from events listed in the policy only. Distinguish this from homeowners insurance in other countries where basically everything is covered unless specifically excluded.
In Nicaragua you read a policy for what’s included. Rates are somewhat standardized at $4.50 to 4.00* per 1000 of insurance coverage, although deductibles and policy benefits can vary from company to another. All Nicaraguan insurance companies cover damages from the following under their homeowner’s policies.
- Fire, lightning, explosion
- Earthquakes, tremors, volcanic eruptions
- Tidal waves
- Hurricanes, tornados, high winds
- Labor strikes, student riots, looting
- Collision damage to your home by cars or aircraft (other than your own)
Optional coverage available includes contents insurance for personal belongings commonly found inside a house** as well as robbery insurance***
* Rates are sometimes higher for houses directly on the beach or other locations viewed as risky by the Nicaraguan insurance companies.
** Except; gold, silver, jewelry, precious stones, furs, paper money, stock certificates, checks, stamps, commercial documents, and the catch all “rare objects of art or collectables”.
*** Though somewhat incredulously if no one is home when your house is robbed then Nicaragua theft insurance is invalid. If you leave your home alone, it is not covered, although that’s when you need the coverage the most.