This section provides a resume of the Insurance Information you need to know, STRATEGIC INVESTMENTS S.A. and its staff, this sister company has been helping ex-pats on insurance matters for almost 10 years now, to give optimum service, since 2008 he has his main office in the same building as PACHECO MARIN & ASOCIADOS.
They are known for giving an excellent insurance advice and service to the foreign community in Costa Rica.
Our newcomers friends and clients always find in its office, pleasant service and effective help with its risk management system.
We offer the following advantages:
- We have specialized staff for the main lines of insurance: Health Insurance Automobile Insurance, Fire and Natural Disasters and off course Claims.
- Unimpeachable reputation.
- We are the official insurance office for Residencycr.com and Pacheco Marin & Asoc.
- All our staff are bilingual English-Spanish.
Many people hear about the great health system when visiting or moving to Costa Rica, but if you relocate here, you are also going to need to research your insurance options, and we´ll help you out.
It is necessary to know INS (Instituto Nacional de Seguros) is the only company that has the government support. They sell all kinds of insurance through our office, including medical insurance, auto insurance, home insurance, and so forth.
All insurance plans are reasonably priced, and work well for many who relocate to Costa Rica. Regarding the discounts we can get for you, we handle GROUP POLICIES for residents with 30% off, so be sure to ask about all your options.
All types of insurance are available, Automobile, Health, Homeowners, Liability, Equipment, Theft, workers compensation, and so on. Your need for any of these will depend on what your activities will be in Costa Rica.
INS offers medical insurance, there is a limit of $200.000.00 or $2.000.000.00 (according to the plan chosen) per year, and it does not cover pre-existing conditions. Claims are based on a table rating types of treatment administered. Costs vary with age and sex. This plan pays 90% of prescription drugs, examinations, doctor visits, hospitalization and treatment and 90% of surgeons and anesthetists fees using the providers net that are very extensive. The patient is free to choose the doctor.
Currently, the lifetime benefit is only $200.000.00 it seems low, but $200.000.00 is a lot here so do not worry about this amount. Currently, intensive care in a private hospital runs about $3,000 per day.
Auto insurance basic coverage is very inexpensive and not worth not having for third party or full coverage, this insurance does work very well. The fact that less than 50% of the motorists have this voluntary insurance so it is convenient to buy full coverage to avoid legal problems to get your car fix.
When the license plates are purchased a small amount of compulsory personal liability third party insurance is provided (just death or injuries, not property damage). This is paid when the plates are purchased or renewed.
If you want collision, fire, theft, personal liability and property damage coverage then should purchase from INS. When receiving quotations on car insurance the normal term is six months. Once your car is insured anyone with a valid license is permitted to drive it.
Home insurance for natural disasters is also very reasonable, and covers most everything you can imagine. While construction methods are excellent, floods and quakes do occur, so insurance coverage may be wise. And there is no need to worry about stability, as the Insurance institute and the country are reinsured by the largest companies worldwide.
If you buy also Theft, this insurance covers FORCIBLE ENTRY only. It is necessary to insure all items within the premises except cash, securities and jewelry, which cannot be insured. You cannot select to insure only the high-risk items.
With actual rates, if you owned a 1,500-square-foot home in Guanacaste, your ‘Home, Fire & Natural Disaster would cost only US$216 per year including tax! According to the New York Times, in Florida, it costs about US$1,100 per month and in Costa Rica it would cost you about US$18 per month.
There are four classes of coverage.
- ‘A’ covers fire and lightning.
- ‘B’ covers damage from riots, disturbances, hurricane, wind, explosion, smoke, falling objects, vehicles & resulting fire.
- ‘C’ covers floods and landslides,
- ‘D’ covers earthquakes, tremors and resulting fires. C & D are sold jointly. It is possible to purchase A alone, A + B, A + CD
This means that full coverage for a $100,000 home would cost $216 per year just for ABCD coverage and $250 adding theft ($10.000 contents).
Estimated annual premium for an average household would be $200 to $300 per year.
The rate is up to 5% of the value of the items insured. This includes computers, faxes, telephone answering machines, photocopiers, cellular phones, etc. It covers damage caused by lightning, power surges and fire. If theft and all risks are to be included it is higher. Payment is based on straight-line depreciation over five years, so the policy is good only for newer items.
Just for permanent residents life insurance is available also in dollars. The policy can be part insurance, part savings or just insurance and double indemnity for accidental death. The savings portion is guaranteed to pay 4.45% interest.
Through our relation with the ASOCIACION DE RETIRADOS COSTARRICENSES Y RENTISTAS, we are able to offer Group plan coverage with the State Insurance provider, this is the social security system of Costa Rica, normally known as CAJA, mandatory for all Residency procedures and a good service provider in case of preexisting conditions and serious illness.
My wife and I have gladly recommended Pacheco & Marin law services to all our friends who need solid, trustworthy and expedient legal assistance in Costa Rica. We found their deep experience here in Costa Rica from immigration to real estate services, invaluable. He made integrating into another country much less daunting and we can’t recommend him enough!Douglas and Terri Gomez
Mr. Pacheco was very helpful in preparing our paperwork, explaining the legal terminology, and handling everything in an efficient manner. His staff at ARCR was also very responsive via e-mail and phone during the preliminary document gathering stage.
The in-office procedure took only 1.5 hours.Roslyn Metchis
We met Sr. Pacheco in 2005 when we applied for residency as pensionados. The process went very smoothly with him handling all the details. Since then, he has helped us with permanent residency and now Costa Rican citizenship. We have referred a number of friends to Sr. Pacheco all of whom have felt very well treated.David C. and Marcia M. Murray
Grecia, Alajuela, Costa Rica
Mr. Pacheco has been my legal counsel for several years. He has helped me obtain my residency, my will, corporation issues and every other hurdle that I have encountered in Costa Rica. His personal commitment to communication and understanding in both English and Spanish have been a major comfort for me.Dennis Oppelt