Important Facts about Earthquake and Hurricane Insurance in Mexicoby West Coast Global Insurance West Coast Global Insurance
There has been a slew of natural disasters in and around Mexico in recent years. Storms and earthquakes are particularly dangerous as they wreak havoc on entire communities.
Earthquakes and hurricanes can be devastating—they result in billions of dollars in property damage or repairs, as well as a great deal of stress, emotional turmoil, and casualties. Therefore, it is critical to review your current insurance policy and confirm the type of coverage you have signed up for as a property owner. Only by educating yourself will you be able to devise a strategy for dealing with the aftermath.
This blog will look at five crucial facts about earthquake and hurricane insurance in Mexico that will come in handy for residents in disaster-prone areas.
1. Basic Coverage
If you buy homeowners insurance in Mexico, you will not be covered in case of an earthquake or hurricane unless stated in your policy, that this important coverage is “Covered” or “Included”. Furthermore, it is critical to understand that hurricane protection provides coverage for water perils that include, Tropical Storms & Flood.
2. Earthquake Protection
Homeownership is both a means of accumulating wealth and a measure of financial stability. Thus, safeguarding one’s lifetime investment is paramount. So how can you protect your most valuable asset in the event of an earthquake?
Earthquake insurance compensates homeowners for losses incurredas a result of an earthquake in Mexico. In most cases, it is available as an add-on to the standard homeowners’ policy rather than as a mandatory inclusion. It is an optional coverage that falls under “Earthquake and Volcanic Eruption” and is only included upon request.
3. Hurricane Protection
Hurricanes are one of Mexico’s most destructive natural disasters. A hurricane brings about high winds, torrential downpours, and inland flooding. Storm surge is perhaps the most dangerous, though, as it can sweep away houses and vehicles due to its speed and strength.
As a result, “hydro-meteorological” coverage is included in standard Mexican homeowner’s insurance policies. It compensates for losses caused by hurricanes and other violent tropical storms.
However, to learn what potential damages your current policy does not cover, you must carefully read the exclusions.
4. Flood Damage
One of the most common misconceptions about earthquake and hurricane insurance is that they cover water damage. Each insurance carrier in Mexico has a different set of policy conditions. Be sure Flood damage is included on your policy.
While flooding and wind-driven water damage are big concerns during hurricanes, it is important to understand if this important coverage is included on your property insurance in Mexico. Policyholders are responsible for obtaining the necessary coverage against this risk on their own.
5. Discounts on Additional Protections
Many people are unaware that installing specific protective measures on their property can grant them incredible discounts on premiums. Owning a solid structure, on high land, with HVHZ storm shutters and other protections help considerably reduce the premium on things like hurricane coverage.
Hurricanes and earthquakes are two natural disasters that wreak havoc within the Republic of Mexico. Since hurricane season is quickly approaching, now is the time to purchase adequate coverage against the peril. Keep in mind that you may not be able to buy Mexico insurance on the spur of the moment because there are usually long waiting periods, and companies do not generally issue new policies due to the nature of the risk involved.
West Coast Global Insurance provides peace of mind to homeowners in Mexico with their industry-best Mexican insurance available online. Knowledgeable W.C. agents can be contacted at (800) 099 0614 any time to discuss the specifics of the earthquake and hurricane insurance in Mexico.
Created on Jun 8th 2021 06:15. Viewed 171 times.