Key takeaways
- Buildings must insure common property against fire and earthquake. That's not the same as insuring your unit.
- A seguro de hogar adds contents, liability and theft, and covers your private interior.
- Mortgage-linked policies protect the bank's collateral. Check for gaps and duplicate coverage.
- Tell the insurer if you rent the unit out, or a claim could be denied.
- Ask for a worked example of the earthquake deductible before you buy a policy.
On this page
- What your building's policy covers
- What a homeowner's policy adds
- If you have a mortgage
- If you rent the property out
- What a good insurance quote should spell out
- Choosing a broker or insurer
- After an earthquake or major event
- Old building or new: does it change anything?
- Build insurance into your ownership budget
- FAQ
If you own an apartment in Medellín, your building's insurance probably doesn't cover as much as you think. Colombia's horizontal property law requires buildings to insure their common property against fire and earthquake. That policy is about the shared structure and common areas. Your own unit's interior, your furniture and belongings, and your liability to neighbors usually need a separate homeowner's policy (seguro de hogar).
The magnitude 7.4 earthquake centered in Chocó on August 10, 2026, which damaged homes and residential buildings in several regions, sent many owners to read their policies for the first time. This guide explains what the building covers, what it doesn't, how to choose your own policy, and what a good quote should spell out. It's general information. Policies vary a lot, so read the actual terms or have a broker walk you through them.
What your building's policy covers
Law 675 of 2001, which governs propiedad horizontal buildings, requires policies covering fire and earthquake on insurable common property. That's the building's shared parts: structure, façade, roof, lobbies, elevators, pools and other common areas, depending on how the policy is written.
| Item | Building's policy | Your own policy |
|---|---|---|
| Common structure and areas, against fire and earthquake | Yes, required by law | Not needed |
| Equipment owned by the building | If included in the policy | Not needed |
| Your furniture, appliances and belongings | Usually no | Contents coverage |
| Interior finishes and improvements you've added | Usually no | Private-unit coverage |
| Water damage you cause to a neighbor | Usually no | Civil liability coverage |
| Theft from your apartment | No | Theft coverage |
| Rent you lose if the unit can't be occupied | No | Lost rent coverage, where offered |
Coverage details depend on how the building's policy is written and what the assembly approved. Ask the administration for a copy of the current policy, or at least a summary of its coverages, insured value and deductible. Our propiedad horizontal guide explains how the administration and assembly work.
If a building is insured for less than what it would cost to rebuild, payouts after a major event may fall short. Ask whether the insured value has been reviewed recently, and look for it in the annual assembly materials.
What a homeowner's policy adds
A seguro de hogar fills the gaps. Most are built from a few blocks, and you choose which ones you need.
- Your unit's private parts. Interior structure and finishes that belong to you rather than to the building.
- Contents (contenidos). Furniture, appliances, electronics and personal belongings.
- Civil liability (responsabilidad civil). Damage you accidentally cause to others, such as a leak that floods the apartment below.
- Theft (hurto). Usually with conditions about forced entry and security.
- Electrical damage. Appliances damaged by power surges.
- Home assistance. Emergency plumbers, locksmiths and electricians, often included as a service.
Water leaks between apartments are one of the most common disputes in Medellín buildings. Liability coverage is worth having for that alone.
If you have a mortgage
If you financed your purchase with a Colombian bank, you'll generally be required to insure the property against fire and earthquake, usually through a policy linked to the loan. Under that kind of policy, if there's a claim, the bank is paid first, up to the outstanding balance.
Two things to check:
- Whether you're doubling up. If the building's policy and the bank's policy cover the same risk on the same parts of the property, you may be paying twice. Ask the bank whether you can show your own policy or the building's coverage to adjust what's required.
- What's left uncovered. A mortgage policy protects the bank's collateral. It usually doesn't cover contents, liability or theft. You may still want a homeowner's policy for those.
Our 2026 foreigner mortgage guide covers the loan side in more detail.
If you rent the property out
Many standard homeowner's policies are written for owner-occupied homes. If you rent your apartment to tenants, especially for short stays, tell the insurer. An undisclosed rental can be grounds to deny a claim.
| Your situation | What to ask about |
|---|---|
| Long-term tenant | Coverage for an unoccupied owner, your furniture if furnished, liability, and whether the tenant should carry their own contents cover |
| Furnished mid-term rental | Contents and liability while tenants are living there |
| Short-term rental | Whether the policy covers guests at all, and any special requirements |
| Vacant for long periods | Conditions about vacancy and inspections |
Lost rent coverage, which pays if the unit can't be rented after an insured event, is available in some policies and can matter for investors. See our guides to mid-term rental strategy and the 2026 short-term rental crackdown for the rental side.
What a good insurance quote should spell out
Comparing quotes is hard when each insurer presents them differently. Ask for these points in writing so you can compare like with like.
- Each coverage included, with its insured amount
- How the insured value of the unit was set (rebuild cost, commercial value or another basis)
- Deductibles for each coverage, especially earthquake
- Exclusions, such as wear, gradual leaks or specific valuables
- Conditions on theft, such as forced entry or locks
- Whether the policy covers rentals and which kind
- Assistance services included and how to use them
- The annual premium and payment options
- How to file a claim, and whether the insurer handles claims in English
Earthquake deductibles are often calculated differently from other deductibles, sometimes as a percentage of the insured value. Ask for a worked example of what you'd pay on a moderate earthquake claim, so the number isn't a surprise when you need it.
Choosing a broker or insurer
Colombia's insurance market is supervised by the Superintendencia Financiera de Colombia. Work with an insurer it supervises and, if you use a broker, ask which insurers they represent.
A good broker will ask about your building, how you use the unit, and what you own. If someone quotes a price without asking those questions, ask more. Make sure you receive the full policy document, not just a summary, and read the exclusions.
Questions that reveal a lot
- What's the most common claim you see from apartment owners in Medellín?
- How does this policy handle water damage from a neighbor's unit, and from mine?
- What happens if I rent the unit next year?
- How do I file a claim if I'm out of the country?
After an earthquake or major event
If your building is affected, work through these steps, in this order.
- Safety first. Follow guidance from authorities and the building's administration about whether it's safe to enter.
- Document everything. Photos and videos of damage, with dates, before anything is cleaned up or repaired.
- Notify the administration. Common-area and structural damage goes through the building's policy.
- Notify your insurer. Report private-unit damage and contents to your own insurer promptly, following the policy's notice terms.
- Keep receipts. For emergency repairs, temporary housing and anything else you pay for.
If you're abroad, a trusted person or your property manager can check the unit and document damage for you. Make sure they know where your policy is and how to contact your insurer.
Old building or new: does it change anything?
Medellín has buildings from many decades, built under different versions of Colombia's seismic code. The current code is known as NSR-10. Older buildings were designed under earlier rules, and some have been reinforced since. Insurers may ask about a building's age and construction when pricing earthquake coverage.
When you're buying, ask the administration whether the building has had a structural study or reinforcement work, and whether any is planned. Major structural work is usually paid by owners through special assessments, so it matters for your budget as well as your safety. Our listing red flags guide covers other questions to ask about older buildings.
A building's age alone doesn't tell you how safe it is. A structural engineer's opinion does. For an older building you're serious about, it can be worth paying for one before you sign the promesa.
Build insurance into your ownership budget
Insurance is a recurring cost, like predial and administración. Include it when you calculate yield or compare properties. Our total cost of ownership guide lays out the other ongoing costs. When you're comparing buildings before you buy, ask about the building's insurance at the same time you check its finances and reserve fund.
Buying in Medellín and want to understand a building's insurance before you commit? Get in touch and we'll help you ask the right questions.
Frequently asked questions
Does my Medellín building's insurance cover my apartment?
Buildings under Law 675 of 2001 must insure insurable common property against fire and earthquake. That usually doesn't cover your furniture, belongings, interior improvements or your liability to neighbors. A homeowner's policy fills those gaps.
Is earthquake insurance required in Colombia?
Buildings under the horizontal property regime must insure common property against fire and earthquake. If you have a mortgage, the bank will generally require fire and earthquake coverage too. For your own contents, it's your choice.
Does homeowner's insurance cover a rented apartment?
Only if the policy allows it. Many policies are written for owner-occupied homes. Tell the insurer how you use the unit, especially for short-term rentals.
Who pays if my leak damages the apartment below?
Generally the owner responsible for the leak. Civil liability coverage in a homeowner's policy can cover this. Check the policy's terms and exclusions.
Who regulates insurers in Colombia?
The Superintendencia Financiera de Colombia supervises insurers. Work with a supervised insurer, and ask brokers which insurers they represent.
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