Mexico Condo Insurance: What is it and do I need it?by West Coast Global Insurance West Coast Global Insurance
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.
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.
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.
If you plan to buy a
condo 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 08:15. Viewed 198 times.