Is Condo Insurance The Same As Townhouse Insurance?by West Coast Global Insurance West Coast Global Insurance
You are not alone if you are considering buying a condo or a townhouse in Mexico. These types of homes are becoming increasingly popular as more American expats seek to escape the upkeep required to own and maintain a large traditional Mexican house.
However, condos and townhouses in Mexico must be insured like any other home. Continue reading to learn more about the differences between the two home types and the types of insurance required for each.
Condos and townhouses typically have distinct appearances. Condos are often built in a single structure — the layout resembles an apartment complex. On the other hand, townhouses look like traditional houses. They are often multi-story buildings that share an outer wall with a neighboring townhouse. Depending on the layout out of the town home, you may have neighbors living above or below you.
Another critical distinction between a condo and a townhouse is ownership — or how much of the overall structure you own. Buying a condo means you only own the inside of your unit and share common spaces such as sidewalks, elevators, lobbies, and pools with other condo owners. However, when you own a townhouse, you also own the outer walls, roof, and land beneath your townhouse.
As a condo owner, you can find insurance tailored specifically to your needs. It is simply referred to as Mexican condo insurance. Mexican condo insurance typically covers the inside of your condo and personal belongings within your unit against vandalism, theft, water damage, or fire. Personal liability coverage is also included. Comprehensive Mexican condo insurance policies will also provide you with the choice of adding coverage for earthquakes, hurricanes, and violent tropical storms.
There is no insurance policy designed specifically for townhouses in Mexico. If you own a townhouse, you should think about getting Mexican home insurance. A Mexican home insurance policy is identical to a condo insurance policy in that it can be customized to your specific needs.
If you plan to buy a home in Mexico, West Coast Global Insurance Services has made it easy to protect your investment from the unexpected perils & natural disasters. Fill out their Mexico Home & Condo Insurance Online Application to get a quote for the best online Mexican insurance policy for your needs.
Created on Jan 14th 2022 08:27. Viewed 166 times.