Safeguarding Your Haven—Choosing the Right Condo Insurance Plan in Mexico

Mexico has become popular among Americans and Canadians looking to buy condos or rental properties abroad. If you are one of these people, you should know how to protect your condo against the unexpected.

Similar to how it works in the US or Canada, insurance provides vital protection to your condo in Mexico. But what kind of condo insurance do you need?

You need an insurance policy that gives you the same level of service and protection you are used to but from companies licensed in Mexico. This is important because Mexico condo insurance policies are legally required to be fully underwritten by a Mexican insurance company. That's why you should find a US-based insurance agency that works with insurance companies in Mexico.

US-based insurance agencies like West Coast Global Insurance Services will explain your insurance in familiar terms. Also remember that when you get your condo insurance from a US-based insurance agency, you can pay your premiums in US dollars. And if you file a claim, insurance payout will also be in US dollars.

Here are some more important things you should consider when buying Mexico condo insurance.

Check your condo association's insurance.

When buying a condo in Mexico, you should know about the condo association's insurance. This insurance usually covers the condo building and common areas like the pool and walkways. If there is damage to the building or common areas, or someone is injured and decides to sue, the condo association's insurance covers it.

What condo association's insurance does not cover are your own unit and belongings—electronics, furniture, clothing, and more. It also does not cover property damage or liability for injuries that happen inside (or because) of your condo. Therefore, you should buy separate Mexico condo insurance to cover things that the condo association's insurance does not cover.

Are you renting out your condo in Mexico?

If you are thinking about renting your condo in Mexico, you might want to add "loss of rent" coverage to your insurance policy. It covers lost rental income if your property is damaged and unfit to live in. See exclusions & policy conditions for additional information.

A similar kind of coverage is "additional living expenses" coverage that covers your temporary living expenses if you can't stay in your condo due to a covered risk.

Get catastrophic coverage.

Due to its location, Mexico is highly exposed to many natural disasters like earthquakes, volcanic eruptions, hurricanes, windstorms, floods, and tidal waves. Although these natural events don't happen very often, they can cause destruction and cost a lot of money to fix when they do happen. Keep your condo safe from these risks by adding catastrophic coverage to your Mexico insurance.

Get your Mexico condo insurance quote today!

When choosing a Mexico condo insurance policy, think about what you need and find an agency that can help you find the best insurance at a reasonable price. West Coast Global Insurance Services is here to help. We offer affordable and reliable insurance policies for American and Canadian condo owners in Mexico. These policies come from the best insurance companies in Mexico. Click this link for a free 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.