The Importance of Mexico Home & Condo Insurance

by West Coast Global Insurance West Coast Global Insurance

Many new home and condo owners in Mexico fail to protect their investment with insurance. However, protecting your most valuable asset with adequate insurance coverage is just as important in Mexico as in the United States or Canada.

Is Your Home or Condo Located in Mexico Protected from the Unexpected?

If you have purchased or have plans in the future to purchase a home or condo in Mexico, you should know that the same risks exist in Mexico as they do anywhere else in the world — and a Mexico Home and Condo Insurance policy will reduce your out-of-pocket exposure in the event of any unforeseen event.

For example, if there is a burglary at your home or condo in Mexico, your Mexican Home or condo Insurance policy will include contents coverage to protect you from this expensive loss. The coverage will be up to the policy limits on the cover page of your policy. A Mexican home insurance policy also provides the same level of protection against other threats such as fire and explosions. Many Mexico home insurance policies offer settlement limits for both replacement cost and actual cash value.

You can also add earthquake, hurricane, or flood coverage to your policy. Every year, Mexico experiences catastrophic tropical storms and hurricanes; even a violent earthquake jolts sometimes. If you own a home or condo in any part of the country where the after-effects of natural disasters are more hazardous, the damage to your property or belongings could be substantial. A Mexico home insurance policy that covers these catastrophic perils will provide you with adequate protection as well as reasonable deductibles and co-payment options.

Furthermore, liability coverage protects you from potential liabilities caused or that took place on your property. For example, if a palm tree located on your property falls and damages your neighbors garage, the liability coverage section will respond. Or, if your condo causes damage to a neighbor's unit, such as water damage from broken plumbing, your policy will keep you safe from the risks of liabilities imposed by lawsuits and similar claims.

It is important to keep in mind that Mexico condo insurance and home insurance policies differ from one insurance provider to the next, so carefully review your policy terms and conditions to see what risks are covered. Many Mexican insurance providers, for example, will refuse to insure properties that are less than 500 meters from any body of water. Most insurance providers will also refuse to cover hurricane or storm damage unless all home openings — including the garage door — have High-Velocity Hurricane Zone (HVHZ) hurricane storm shutters. West Coast Global Insurance Services has Mexican Insurance solutions that will accept properties located within 500 meters from any body of water and homes & condos that do not have storm shutters.

Final Thoughts

If you plan to invest in real estate in Mexico, also be prepared to get Mexico Property Insurance. Luckily, buying insurance for your home or condo in Mexico is not as complex as it once was. Policies are now written in English or, at the very least, provided in English as a courtesy translation.

When looking for an insurance agency to underwrite your Mexico home or condo insurance policy, make sure you find one who understands the ever-evolving landscape of Mexican insurance. You don't want to leave anything to chance, so ask them everything. Remember that if your home or condo is not professionally underwritten, your insurance claim may be denied in the future. This is where West Coast Global Insurance steps in.

Your property in Mexico requires the most substantial protection to cover all the what-ifs. When you are unsure how much coverage you need, consult with a reputable insurance agency like West Coast Global Insurance. Fill out their Mexico Home & Condo Insurance Online Application to get a quote for the best Mexico home insurance policy for your needs.