Insurance

PROPERTY: In the same way that you would have your house and contents insured at home, you must insure your property here as well. The insurance of all the common parts in your complex or urbanisation is the responsibility of your Owners Association and sometimes that insurance would give some cover to privately owned parts of the building as well. However, the level of cover is generally not very comprehensive and would not cover your contents at all.
In some instances it is better to have your own insurance for your property and its contents. The premiums are not expensive and we can arrange this for you, if you so wish.

If you are unfortunate enough to have to make a claim from criminal activity then it is important that you go to the local police station and tell them the value of everything you have lost so that they can record it and issue a Certificate. Your insurance company will require the certificate from the police before settling a claim.

LIFE: Very often people enter into a contract to purchase a property in construction with stage payments intending to take out a mortgage to assist their purchase. It is worth considering what the circumstances would be if the breadwinner were to die beforehand. Would the surviving spouse still be able to obtain the mortgage and proceed with the purchase if he or she wanted?
 Also, if a purchase is completed with a mortgage on the property and the breadwinner was then to die, would the surviving spouse be able to maintain the mortgage repayments?

If it is perceived that financial problems could arise on the death of a purchaser, then it would be sensible to consider taking some simple life assurance to protect this eventuality. It need not be expensive and can save a lot of problems and distress.

If you are taking out a mortgage the lending bank may require you to take out some life insurance but it is generally inadequate. Why not discuss this with your insurance advisor back home and make sure that you are protected.