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Section 17 - Insurances.

When you deposit money in a Bank, you previously check that you have FDIC insurance, to reduce the risks.

When investing in real estate one of the main -but very improbable risk- is that a fire destroys your apartment / building.

For this reason is a must to hire a fire insurance to protect your investment.

By Law all apartment buildings have to hire an obligatory fire insurance over the common areas (hall, entrance, elevators, exterior walls, etc). This insurance will be included in the home association fee (expensas).

You don't need to hire this, or worry about this insurance, the home association Manager will hire and pay it every month.

Additional to the common areas building insurance you should hire a fire insurance for your private unit. The main local banks will sell you this insurance, and it is usually not very expensive. You can also hire it from the most important local Insurance Companies. 

Having both fire insurances, the obligatory for the common areas and the private one for your apartment or unit, with major Insurance company or bank will mainly protect your investment.

 

 

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Last Update: 06 de October de 2011