Is your home insured against earthquake? Mortgage, building and home insurance

As of March 2026, Fasecolda estimated that only about 9.3% of the country's homes had any kind of home insurance. Many families believe they are covered because they pay insurance with their mortgage or because their building has a policy. It is worth knowing what each one covers.¹

Mortgage insurance

While a mortgage is outstanding, the home must be insured against fire and earthquake. After a loss, the bank can receive up to the outstanding debt and any surplus goes to the owner. Once the loan is paid off, that obligation can end: without a voluntary policy, the home is left unprotected.¹

The building's policy

Residential buildings must insure their common property against fire and earthquake: structure, façades, lifts, stairs and shared areas. That policy does not automatically cover your flat's interior finishes or your belongings. To find out whether your building has the policy, you can file a request with the Registro Único de Seguros (RUS); insurers have five business days to reply.¹

The sum insured: underinsurance

If you insure your home for less than it is worth, the insurer can apply the proportional rule. Fasecolda's example: if your house is worth COP 100 million, you insured it for COP 50 million and it suffers COP 20 million in damage, the insurer could pay COP 10 million, 50% of the damage.¹

The deductible

Many policies have a special deductible for earthquake and other natural hazards, different from the usual one. The percentage depends on each policy: check it before you need it.¹

• Does your home have an outstanding mortgage? Check what that policy covers and for how much.
• Do you live in a residential building? Confirm the common-property policy and insure your flat and belongings separately.
• Have you paid off your mortgage? Make sure you have a voluntary home policy for the home's real value.

At Jalal we compare cover across five insurers and explain the deductible and sum insured before you sign.