How to Get Hurricane Insurance for your Mexico Home or Condo?

by West Coast Global Insurance West Coast Global Insurance

Hurricanes are destructive storms that affect millions of home and condominium owners in Mexico each year. These storms are unpredictable, incur substantial structural damage to properties, and cause flooding and torrential rains in the affected locations. If you live in a hurricane-affected region, you must maintain a Mexico Home or Condo Insurance policy that includes Windstorm, Hurricane & Flood Coverage to safeguard your Mexico property and investment in the event of a devastating category 4 or 5 Hurricane. The aftermath of a hurricane of this magnitude could create billions of dollars in damage, like Hurricane Odile did in 2014 to the Los Cabos region of Mexico.

Depending on the way your Mexico home or Mexico condominium insurance policy is written will be the difference in whether your insurance will pay for damages caused by a Tropical Storm or Hurricane or not. Hurricane coverage, also known as Hydro-Meteorological Phenomenon, is not automatically included. This important coverage is optional when you secure a Mexico policy and should not be overlooked especially if your property is in a high hurricane zone in Mexico. Hurricane season is typically between May & the first part of November each year. During hurricane season it can become more difficult to secure Mexico Home and Condo insurance as many storms begin to show on radar which immediately cause the Mexico insurance companies to stop writing any new insurance until after the tropical storm or hurricane passes. Insurance carriers call this a “moratorium”. Insurance brokers like West Coast Global Insurance Services have zero control over these decisions sent by the Mexico insurance companies. Once the “moratorium has been lifted insurance policies can be written once again. This is to safeguard the Mexico insurance companies from taking on additional risk when there is a known threat of what could be another catastrophic event.

Securing hurricane coverage prior to hurricane season is always recommended for many reasons.

1) Stress & hassle free

2) No interruptions in coverage due to incoming tropical storms or hurricanes

3) Looser underwriting guidelines for homes that are located in hurricane zones or ocean front

Also, important to know that Mexico insurance companies do not allow an insured to add or remove Catastrophic coverages mid-term, meaning already after your Mexico home or condo policy is active and in force. The decision to include this important coverage is required to be made at the inception of your insurance policy not after, however catastrophic coverages such as hurricane or earthquake can be added upon your policies renewal date. We recommend you discuss these important options with your licensed insurance broker.

Since each homeowner’s insurance policy differs in how the terms and conditions are written, one must carefully look for an insurer who can cover their property in Mexico that includes damage caused by hurricane’s. To be sure you have sufficient Mexico hurricane protection, follow these tips:

  • Do not wait until a storm approaches to review your Mexico insurance policy for the 1st
  • Review in detail to confirm the coverages that matter the most to you are included and provide sufficient coverage.
  • Insure the value of your home or condo based on true replacement costs
  • Evaluate your policy for flood insurance – if there is no protection against it, buy enough coverage.
  • For maximum protection, invest in High Velocity Hurricane Zone (HVHZ) storm shutters for all the openings of your property.
  • Understand how hurricane deductibles are applied to your policy and how catastrophic deductibles differ than other sections of your policy.
  • Condo owners in Mexico must consider their exposures when securing insurance. The interior walls of a condo are called “Betterments & Fixtures” and are not covered on a Master Development policy, which means to be properly covered one must include this important coverage on their own Mexico Condo Insurance policy. The amount of coverage is calculated by the square footage of the air-conditioned space and multiplied by the cost per square foot of the replacement cost. This number is based on the finishing touches of the unit and varies.

Please note, “Mexico hurricane insurance” is a coverage found as a covered peril in a Mexican Home Insurance Policy or condo Insurance Policy. We always recommend speaking to a knowledgeable and trusted insurance professional who can further assist with any questions you may have during the buying process and help in the insurance evaluation steps and file building.

Get Your Mexican Hurricane Insurance Coverage Today!

Hurricane coverage can be a bit complicated to understand. But in simple words, securing adequate Mexican Property insurance online can help alleviate one’s future out-of-pocket exposure and minimize the expenses resulting from substantial property losses caused by a hurricane. Preparation is the key to staying safe before & after a hurricane comes to visit your neighborhood.

Review and understand the inclusions, exclusions, limitations, and how catastrophic deductibles are applied when filing a claim. West Coast Global Insurance Services is trusted and has been protecting their clients’ assets & health in Mexico & globally since 2004. They will have the answers and solutions to all your Mexico home and condo insurance needs.

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Created on Aug 17th 2021 07:41. Viewed 157 times.


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