5 Reasons You Need Homeowners Insurance in Mexico
- Last Updated: May 18, 2022 by Roxanna Brock McDade
- Home/Condo Insurance, Tips
If you own a home in Mexico, you need more than just comfortable furniture and breathtaking views to enjoy your home south of the border. You also need a good home insurance policy that will protect your investment, just as you might have for any homes you've owned in the U.S., Canada, or anywhere else. If you're not sure how home insurance can help, take a look at the following five reasons you need coverage for your home in Mexico.
Bodily Injury and Property Damage
One of the most important reasons to have home insurance in Mexico is to protect yourself financially. Bodily Injury coverage will pay for the medical bills of those injured while visiting your home or while on your property. There's always a chance a guest, neighbor or passerby could get injured in a variety of ways, including slipping or tripping. And, if you rent out your house while you're not in Mexico, it's even more critical to protect yourself if your renters are hurt.
Property Damage Liability
Property damage liability coverage protects you if your home somehow damages someone else's property. For example, a water pipe bursts in your home and floods your property. As well, the water reaches your neighbors' homes and damages them. You would be held personally responsible for this damage, which would be paid by this coverage.
If your home is on or near the beach, you need hydro-meteorological coverage. It will pay for any damage done by strong winds, hurricanes, floods, hail and tidal waves.
Considering that the intensity of hurricanes in North America has increased since the 1980s—with more Category 4 and 5 storms than ever before—you definitely need catastrophic coverage that pays for the damage done by extreme weather.
The combination of strong winds and lots of water from hurricanes can lead to extensive damage to your home. Your roof, gutters, and siding could get torn off, as well as windows broken and floodwaters inside your home for long enough to cause water damage. If you couldn't afford to pay for these repairs out of pocket, it's essential that you protect your home with hydro-meteorological coverage so you get the money you need to fix your house.
Mexpro offers catastrophic coverage, even on beachfront property. And, storm shutters are not required to qualify. There is a 10-day waiting period for the coverage to become active. And, as of September 1, 2019, Mexpro offers catastrophic coverage in the Yucatán Peninsula, including the Mexican states of Yucatán, Campeche and Quintana Roo.
Theft coverage is optional and pays for personal belongings stolen from inside your home.
This type of insurance is especially helpful if you own fine art and expensive jewelry, or electronics that would be too expensive to replace in the event of a burglary.
Dwellings, Fire and All Risk Coverage
Personal Property Coverage offers replacement value coverage on a home damaged by fire, lightning, explosion, vandalism, falling trees and other items, smoke outside the premises, water from broken pipelines, etc., vehicle collisions, and other sudden and various other mishaps. These would be specifically outlined in the policy terms and conditions.
Mexico is dotted by active volcanoes. In fact, its home to 48 of them, including the well-known Popocatépetl near Mexico City, Tres Vírgenes in Baja California Sur, and Volcán de Colima in Jalisco. That means catastrophic insurance that covers damage from volcanoes is important if you live anywhere near an active volcano in Mexico.
Similarly, this country has seismic zones and fault lines running throughout it, meaning it's possible for your home to be damaged by an earthquake at some point—requiring expensive repairs. These damages, as well, are reimbursed with catastrophic coverage.
Additional coverage is available to fully protect your home, but these five are the most important. If you want to learn more, visit our website to see all coverage available with a Mexpro Mexico homeowners insurance policy. Or, if you're ready to start looking at home insurance rates in Mexico, get a quote now!