home theft

I.N.S. HOME THEFT INSURANCE
Extract

COVERAGE

Policy covers contents of the home appearing on a list, which is prepared by the applicant. List EVERYTHING within the house - not just high-risk items.  Items in the garden, patios, terraces, etc. can be included, but there will be a surcharge.

NON - INSURABLE ITEMS

Jewelry, gems, precious metals, furs, securities, cash, motor vehicles, animals, collectors' items, documents, priceless artworks, portable electronics.

REQUIREMENTS FOR THE LIST

Preferably made out in Spanish, with MARKET VALUE in Colones for each item.  Market value means your best estimate of how much it would cost to replace each item with one of a similar age and condition, purchased in Costa Rica.  INS requires full description of electrical items, cameras, mowers, bikes, etc.: makes, models, and serial numbers. Save trouble by using generics, such as “ladies clothing, C.95,000” or “toys, C.75,000” or “kitchenware, C.45,000” or “65 cassettes with values ranging between C.500 and C.2,500, total C.35,000”.  As INS has the option to pay the insured value for each stolen item or to replace it with one of similar age and condition, take care not to overstate the values on your list ‑ but you should revise them periodically to compensate for inflation, add new items, and delete ones that have been disposed of.

CLAIMS

Policy pays in clear cases of burglary: there must be evidence of a break in or intimidation.  A Police report is mandatory, with copy for INS.  Claims for “lost” items are disregarded.  Paperwork is considerable and settlements usually take about 60 days.  Deductible is 10% of value of stolen items, minimum C.50,000 per break in.

DAMAGE FROM BREAKING AND ENTERING

If the home belongs to you, policy pays for damage done to the house by a thief, based on tradesmen's bills for repairs.  This insurance does not cover vandalism.

PREMIUMS

Rate depends on the security and location of the home : there are discounts for good security, and surcharges for remote locations.  Average rate is 1.3% per year of total on list.  Rates (including 13% Sales Tax) for secure homes in secure areas can go as low as 1%.  Less protected homes in remote areas can go up to 1.7%.

LEAD TIME

Coverage begins usually 2-3 weeks after INS has received your signed application and list, and the home has been inspected by your agent.

MAIN POLICY PROVISIONS

If the home is to be unoccupied for more than 48 hours, it must be placed in the care of a guard and you must notify INS in writing one week in advance.  If there is a break‑in, you should advise INS or your agent within office hours, as soon as possible.

Rev.08/01