If you own a property in Mexico, a Mexico homeowners Insurance policy is critical to safeguard against threats such as the potential damages caused by natural disasters.
But which natural disasters are/are not covered by a Mexican homeowners’ insurance policy?
If you have a Mexican Home Insurance policy, you have coverage to safeguard your home against damage caused by covered events known as “insurance perils.” However, there are limitations to that coverage that may necessitate add-on or separate coverage.
Also, Mexican homeowners’ insurance will NOT cover damage to your vehicle caused by a natural disaster even if it is parked on your premises. You should be covered, though, if you have comprehensive Mexico auto insurance.
Here is what a standard Mexico homeowners insurance policy covers—and what it does not:
Unless otherwise stated in your homeowner’s insurance policy, hurricane and strong tropical storm damage to your home, personal belongings, or structures on the property attached to the “primary dwelling” should be covered under “Hurricane Coverage.” Your homeowner’s insurance policy may also include a provision for debris cleanup and removal, which refers to trees or branches that have fallen on your property or are obstructing driveways.
It is worth noting that homeowners’ insurance policies vary from one insurance carrier to another, so review your policy carefully to see what perils are covered to provide you, your peace of mind. Many Mexican insurance companies, for example, will not accept homes that are less than 500 meters from any body of water. Some insurance companies will also not cover windstorm or hurricane damage unless the property has High-Velocity Hurricane Zone (HVHZ) hurricane storm shutters on all home openings, including the garage door.
Standard home insurance policies do NOT cover flood damage—and neither do they cover storm surge or water damage caused by wind. So typically, the only option to ensure against flooding is to buy back the coverage which is included in the Hydro-Meteorological Phenomenon coverage section of a Mexico home and condominium insurance policy.
Similarly, most Mexican homeowners’ insurance policies do not cover earthquake damage automatically, but this important coverage can also be bought back and added as an endorsement.
Before purchasing a Mexico homeowners insurance policy, make sure you thoroughly review the terms and conditions and consult with your insurance agent about any additional coverage you may need. While additional coverage will raise your insurance premiums, it may be well worth it if your home is in an earthquake or hurricane zone area.
To Summarize
While nothing can fully prepare you for what so many have endured, you can take the necessary steps now to safeguard your belongings and property in Mexico with the right insurance. This way, if disaster strikes, you will be able to file a claim quickly and receive the funds you need to help rebuild your home and your life.
Get Your Insurance Today!
Mexico home insurance can help you mitigate the out-of-pocket exposure from a substantial loss caused to your property in Mexico by a natural disaster. Your property in Mexico requires the strongest 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.
West Coast Global Insurance makes it easy for you to buy click here. If you are looking for the most comprehensive coverages available in Mexico, visit www.westcoastri.com today.