What are the kinds of insurance available to me in Panama?
The answer is “any kind you need.”If you are moving to Panama or spending a large amount of time here, your insurance needs will be largely the same as they are “back home.”
You will want health insurance in Panama. If you are visiting, then check your health insurance for benefits when you travel. If you will be living in Panama, check with us for types of health insurance available in Panama.
If you will be driving a car in Panama you will want car insurance in Panama. For rental cars this is simple, but costly. You will pay a daily premium directly with the car rental company. For your own car you will want both collision and liability. Being an expatriate in Panama can mark you as a target for liability claims in the event of an accident.
If you are buying property, you will want title insurance in Panama whether you are buying titled land in the city or right of possession property in the interior of Panama. In fact, you will find it hard to get a mortgage without title insurance, much as in the USA. Beside title insurance you will want a multi-risk homeowners insurance to include fire, theft, flood, wind damage, etc. Be aware that in Panama payment on claims is on a depreciated value, so you will not get replacement value on older property.
A note on title insurance is that it is wise to have someone who is experienced in this area do your title search. If your title is challenged you may end up being paid for the property and needing to build again. Beside title insurance banks will often want a life insurance policy and fire insurance on your home.
