Securing Home & Condo Protection: Basics of Mexican Insurance

Are you thinking about buying a home in Mexico—or maybe you already own one there? Either way, one thing you need to prioritize is insuring your home. More than a checkbox on your to-do list, it is an integral part of being a responsible homeowner.

In this blog, we will walk you through the basics of Mexico home insurance so you can make the best decisions when buying your policy.

The Mexican insurance landscape is a different ball game

First, you must acknowledge that the insurance market in Mexico isn't quite like what you are used to in the US or Canada. Everything from the rules to coverage options (and even the risks!) can differ here.

Don't get us wrong! We are not saying Mexico home insurance is more complicated—it's just different. For example, natural disasters like earthquakes and hurricanes are more common in some parts of Mexico, which means they play a much bigger role in the local insurance market.

Do you need insurance for your home in Mexico?

You do!

Buying home insurance is all about protecting your investment and not spending your nights worrying about 'what-ifs.' A good policy keeps you (financially) safe against things like natural disasters, theft, or other unexpected events. This means you won't face a financial disaster if something goes wrong.

What are your coverage options? A) Property coverages:

"Dwelling/building" coverage covers your house's structure up to its replacement cost value. This amount is calculated by multiplying the size of the air-conditioned space in your home with its building costs.

"Other structures" coverage even covers structures separate from your main house, like fences, patios, pools, and outdoor fixtures.

"Personal property/contents" is for all your belongings—furniture, electronics, clothing, and other personal items inside your house. You can also consider an optional "scheduled valuables" coverage for valuable items like artwork or jewelry.

If you ever need to live somewhere else because a covered event has made your home unfit to live in, "additional living expenses" coverage helps with those extra costs.

Similar to additional living expenses coverage, the optional "loss of rent" coverage helps cover your rental income during repairs if a covered event makes your home unfit for guests or tenants to live in.

"Glass breakage" coverage specifically covers the cost of replacing broken glass in your home. Similarly, "debris removal" coverage covers the cost of removing debris after a covered event like a storm or fire.

B) Liability coverages:

Medical coverage helps cover medical bills if someone gets injured on your property. On the other hand, liability coverage protects you if you are held responsible for injury or property damage to others.

C) Catastrophic coverages (Optional):

There are two main types of catastrophic coverage—"earthquake & volcanic eruption" and "hurricane, windstorm, flood & tidal wave" coverage. Both are optional, but you should seriously consider them if your home is in an area where these natural events are common.

Get your Mexico home insurance quote today!

Figuring out your Mexican home insurance needs can be complicated, and that's where working with an experienced insurance agency like West Coast Global Insurance Services can be invaluable.

West Coast Global Insurance Services has years of experience, and they are always ready to help you learn everything about the Mexican insurance landscape. They can also guide you through options from different Mexican insurance carriers and help you make the best choice for your home.

Click this link for a free quote, or visit www.westcoastri.com to learn more about Mexico home insurance!

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