Condo Living in Mexico: Why You Need Insurance and What to Look For

Mexico's beautiful scenery, rich culture, and affordable living are attracting many people from other countries. Today, more and more US and Canadian residents are buying condos all over Mexico. Thinking about having your own condo in Mexico is exciting, but you also have to think about keeping that investment safe.

Insurance in Mexico can get complicated because the policies and terms are usually different from those back in the US or Canada. We will simplify Mexico condo insurance for you in this article and help you see why it's essential to have the right coverage.

Why you need insurance for your condo in Mexico

As a property owner in Mexico, you must be prepared for the unexpected. And that's what your condo insurance is for. It protects your condo and personal belongings from covered damage or loss. Though you are not legally required to have condo insurance in Mexico, it's worth buying since it protects your investment and eases your mind.

Here's a look at the different types of coverages you can choose from:

Building coverage: This covers the air conditioned space of your condo. This coverage ensures your condo's main structure is safe from covered events.

Other structures coverage: If you have other structures on your property, like a standalone garage, fences, patios, walkways, pools, or walking areas in the open, you should seriously consider this coverage. It ensures that it's not only your air conditioned space that's protected from damage or loss, but also any other buildings on your property.

Personal property coverage: This coverage protects your personal property, including furniture, electronic equipment, clothing, decorations, recreational objects, and more, from any covered loss.

Additional living coverage: If you can't live in your condo anymore because of a covered event, this coverage will help with your extra living costs. For example, any necessary increase in your living expenses incurred by you to maintain your style or normal standard of living.

Coverage for rented property: If you rent out your condo, consider a short term vacation rental liability insurance policy. (Seperate Policy from Condo owners policy) this coverage protects you from covered losses that could make your condo unfit for tenants or guests to live in, ensuring your rental business runs smoothly.

Glass breakage: Glass is a common element in most modern condos. This coverage takes care of damages caused by broken glass, which can be expensive to fix otherwise.

Debris removal: After a covered loss, you might have a lot of piled-up debris. This coverage pays to remove that debris from your property, making it easier to get your life back to normal.

Liability coverage: This coverage is critical if a non-resident you invited over gets injured on your property and decides to sue. It covers the cost of their bodily injuries and property damage.

Besides these standard coverage options, you should consider extra protection against natural disasters common in many parts of Mexico, like earthquakes, hurricanes, floods, and tsunamis.

Renting to Strangers: As well as if you decide to rent your condo to strangers, consider a short term vacation rental liability insurance policy for this type of liability exposure. (Secured with a seperate insurance policy)

Get your Mexico condo insurance quote today!

At West Coast Global Insurance Services, we provide comprehensive insurance solutions from top-rated Mexican insurance companies. Click this link for a free online Mexico insurance quote, or visit www.westcoastri.com to learn more about Mexico condo insurance!

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