Mexico Condo Insurance: What is it and do I need it?
Mexico’s spectacular
beaches, relaxed lifestyle, unique culture, world-class cuisine, incredible
historical sites, and breathtaking natural beauty make it a popular choice for
Americans looking to buy a second home and retire. Furthermore, real estate
prices and living costs in Mexico are far lower than in the United States or
Canada. Mexico is also an excellent option for American real estate investors.
Mexico is one of the world’s top ten most popular tourist destinations. Its
large and continually growing number of tourist visits allows condo owners in
the country to make a lot of money in the vacation rental market.
Whether you want to buy
a condo in Mexico primarily as an investment with strong income-generating
potential or a place to live, ensuring that your investment is fully protected
from any uncertainties is a critical component of being a happy property owner
in Mexico.
Keep your
investment safe with the right insurance.
A Mexican condo insurance policy will protect the inside of your condo as
well as your personal effects against theft, vandalism, water damage, and fire.
It also includes personal liability coverage, which will protect you if you are
held legally responsible for property damage or physical harm to a third party.
Comprehensive Mexican condo insurance policies will also provide you with the
choice of adding coverage for earthquakes, hurricanes, and violent tropical
storms. However, before settling on a Mexican condo insurance policy, check to
see what coverages are already included in your condo association’s policy.
Is your condo
association’s policy enough?
In Mexico, condo
associations often offer “blanket” commercial coverage that covers the whole
property. This typically includes the property’s main structure and communal
elements, such as parking garages, sheds, swimming pools, gyms, and elevators.
However, keep in mind that condo association policies are often extremely
limiting in terms of what they will cover. They offer exterior building
protecting, however the inner structure of your unit is your financial
responsibility and the personal items inside it as well. They also often
exclude third-party liability — except injuries and property damage in communal
areas. This means that condo owners must cover there insurable interest with a
Mexican condo insurance policy to be sure there is no gap in coverage.
So, while your condo
association’s policy provides some coverage, it is often insufficient. You may
still need to get your own Mexican condo insurance. In the case of an unfortunate
event that causes damage to your condo in Mexico, insuring your property with
the right insurance policy will minimize your out-of-pocket expenses and
liability risks.
Note: If
you intend to rent out your home as a holiday rental, be sure you add renter’s
liability coverage to your policy.
Get Your Condo
Insurance Quote Today!
If you plan to buy a
condo in Mexico, West Coast Global Insurance Services has made it easy easier
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.
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