6 Good Reasons to Get Renter's Insurance in Mexico
by West Coast Global Insurance West Coast Global Insurance
Renters insurance in Mexico is a safety net designed to protect “renters” living in a house or apartment. In a nutshell, the policy provides coverage to the renter, their belongings, and their living arrangements against the covered perils included in the policy they secure. But does one really need a renter’s insurance policy when living in a rented house in Mexico? Here are six good reasons to convince you that a renter’s insurance policy is hard to ignore:
1. It is affordable.
A Mexico Renters Insurance policy is the most basic investment one can make for their own peace of mind to protect what matters the most to them. This cost should be built into your monthly costs. The policies are customizable, and the premium can vary based on the apartment’s location, building’s condition, amount, and type of coverage required, deductible amount, personal history, etc.
2. It covers personal property.
A Renter’s policy protects one's belongings at a named property location, including furniture, electronics, jewelry, luggage and more. However, any person (and their stuff) not related to the renter by blood relation, adoption, or marriage might not be insured. Also, standard policies do not cover damages against earthquakes, hurricanes, floods, and other natural disasters – these coverages are available as an option to enhance coverage protection. One is mandated to obtain sufficient insurance to go to Mexico and be protected against perils.
3. Landlords demand it.
Since the landlord’s insurance protects the ground and the structure, it does not safeguard the tenant’s interest. Thus, most landlords today necessitate renters to produce their own policies and shift some responsibilities over to them in case of an adverse incident. The policy is particularly beneficial to foreigners renting homes in Mexico.
4. It provides liability coverage.
Liability coverage protects against injuries caused to third parties that resulted on the property. While opting for a suitable policy, the buyer can also request for higher limits. It is the best way to protect oneself while renting a house in Mexico.
5. It covers belongings when traveling.
Mexico Renter’s insurance policies provide coverage for one’s belongings while traveling, in the car, and at home. The documented possessions are protected against the named perils listed on the policy. However, it is necessary to check with your insurance agent to understand what constitutes “losses” under the policy.
6. It covers additional living expenses.
If the dwelling becomes uninhabitable for a season due to covered risks, the renter’s insurance will provide additional living expenses. This means the policy will cover the placement of the named insured in a different location until the insured location is livable. However, policyholders must be aware of the capping and how the policy provides the necessary protection.
Wrapping it up
Mexican renter’s coverage is important to consider if you are concerned about your personal property getting damaged or stolen in a burglary. Get a free quote today or call 01 (800) 099 0614 to speak to an experienced West Coast Global Services representative and benefit from their international knowledge.
Created on Aug 4th 2021 03:41. Viewed 104 times.