Panama offers several types of insurance policies. Homeowner’s and Panama fire insurance are sold by many companies in Panama. Fire insurance premiums can be less or more depending upon the structure and its resistance to fire. For instance, cement and steel structures will cost less than wooden structures.
Other sections of this website will explain Panama car insurance along with Panama health insurance and the types of policies and coverages which are available. Auto insurance includes coverage for the other person’s vehicle and property and injuries along with the option to include the insured’s vehicle.
Panama life insurance policies are also explained including the difference between term life insurance and whole or universal life insurance policies. The amounts of coverage for death benefits should take into consideration the costs involved for relatives to fly to Panama and to ship a body back to the home country for cremation or burial. In addition, the costs for hotel stay, meals, and transportation should also be included.
Mortgage insurance is also explained in another section in this website. Banks will require the borrower to purchase life insurance naming the bank as the beneficiary so the mortgage will be paid off upon the homeowner’s death.