Are you thinking about buying home insurance in Mexico? If you have never bought this form of insurance before, the policy review and buying process can come with a steep learning curve. Whether this is your first time buying Mexico home insurance or you have had a property in Mexico for many years, having the answers to these four important questions about your Mexico home and condo insurance can be invaluable during the process.
Q1. Is it necessary for me to have Mexico home insurance?
Yes — you absolutely need property insurance in Mexico because your home in Mexico is an asset that you should protect against extreme weather events such as tropical storms and hurricanes, as well as other threats such as fire, theft, accidents, and vandalism that can cause property damage. Furthermore, liability coverage is required since it shields you from serious bodily injury and property damage caused to others while they are on your property.
Q2. Is it necessary to insure the interior of my condo in Mexico?
Yes, if you own the interior features of your Mexico condo — for example, furnishings, appliances, electronic equipment, and other contents — you should safeguard your financial investments in case of any peril such as fire or earthquake that may bring damage. Also, secure that your policy includes liability coverage. It is needed if someone is injured while visiting your condo and if your condo causes injury or inconvenience to a neighbor’s unit, such as water damage from leaky plumbing or faulty appliances.
Q3. What if more than one person owns the house??
Your Mexico home insurance policy’s “Named Insured” field must exactly match your house title. Ensure that it matches the details on your ‘Fideicomiso,’ which is a long-term irrevocable bank trust. Multiple insured parties’ names, trust names, business names, and so on can be separated and entered into an insurance quote form’s “First Name” and “Last Name” fields.
Q4. How can I make a claim with my insurance provider?
If you incur property damage in Mexico that exceeds your deductible, call the number specified on your policy’s insurance claims instructions page. To help you with your insurance claim, your Mexican insurance provider will send an adjuster to your location as quickly as possible.
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.