The Basics of Condo Insurance for Expats Investing in Mexican Real Estate

Whether you are planning on buying a new condo in Mexico or already own one, you are already all too aware of the immense investment potential of the Mexican real estate market.

Many expats in Mexico have spent a fortune on their new dream condo and are awaiting retirement in Mexico’s sunny weather. On the other hand, some approach it as a business, buying one or more ‘vacation rentals’ that bring in income when they are back home. Whatever the reason for your condo ownership, you must purchase Mexico condo insurance to protect your investment.

This blog will go through the nuts and bolts of condo insurance for expats investing in Mexican real estate:

HOA Policy

Before investing in a condo in Mexico, review the condo association’s commercial policy. The policy will most likely cover the entire property complex, communal areas, and pool. However, it may not cover your individual unit or personal possessions adequately (if at all).

Read the fine print to identify what coverages are in the condo association’s commercial policy. Furthermore, do not bet on these policies to fully protect your property. For example: if your bathroom leaks into another unit, you will be held liable for any water damage that the other party suffers. It is crucial to buy condo insurance to complement the condo association’s commercial policy.

Rental Insurance

Renting out your condo when you are away is a great way to save money and earn extra cash. However, keep in mind that a single misstep could cost you your condominium. If you plan to rent out your Mexican condo, make sure you have Mexico Renters insurance or Short Term Vacation Rental Liability Insurance. When renting out your condo, you want to take every step possible to avoid the chance of a lawsuit. If a short term renter is injured on your property, you may be held accountable for their medical bills as well as lost income and a lawsuit may be brought against you back in the United States or Canada. Your Mexico Homeowner’s Insurance or Mexico Condominium Insurance will not include this coverage and it is important to purchase a supplemental liability policy that provides Global Jurisdiction. West Coast Global Insurance can assist with helping you secure the proper insurance.

Storm and Hurricane Coverage

Expats who buy property on the East Coast of Mexico or on the West Coast of Mexico should consider storm and hurricane coverage. Previously, this feature was considered difficult to purchase in High Hurricane Zone regions, however West Coast Global Insurance Services, makes purchasing hurricane coverage an easy experience.

Home Contents

Say you had to replace everything in your home — from TVs to furnishings to jewelry. It would be expensive to replace everything all at once. Evaluate your Mexican Property Insurance policy limits; you may need additional coverage for specific products. Make sure your insurance covers you against theft, glass breakage, water damage, and fire.

One issue that expats in Mexico face is finding an insurance provider that will cover their investment the same way they are used to back home. When deciding on an insurance provider, it is essential to find an insurance agent with experience and one you can count on — in other words; you should be confident that if your investment protected for you value most.

Your property in Mexico requires the most robust 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.

West Coast Global Insurance Services is dedicated to continuously researching our industry for the most comprehensive, best-priced insurance policies available in Mexico.