Insuring Your Mexico Dream Home
Insuring Dream Homes and Condos in Mexico
In recent years there has been a tremendous growth in the number of Condominiums, Town Homes and Single Family Homes in Mexico that are owned by U.S. and Canadian citizens. Beneficial changes in Mexico’s laws regarding home ownership by foreigners, coupled with real estate prices that are a lot lower than back home, have encouraged many to make their dream of a owning a vacation home in Mexico a reality. Whether you are just getting into the market, or even if you have already purchased your Mexico dream home, be sure your investment is properly covered by a reliable Mexico Home Owners Insurance Policy.
Insurance for Vacation Rentals in Mexico
Many people purchase property in Mexico, so they and their families can enjoy the fantastic weather, vibrant culture, and easy access to beautiful surroundings. However, for reasons of practicality, not all of us are able to stay on vacation permanently. A popular trend among many property owners in Mexico has been to rent out their second homes, or condos, during the times that they are unable to occupy them. It is important to consider the potential financial impact that can occur if a property that is regularly rented out, suddenly suffers a damaging loss. If a loss renders a dwelling, that is rented out to others, unfit to live in, it is important to have coverage that will provide fair rental value. If you plan to rent out your home or condo in Mexico, be sure to look for a policy that includes coverage for loss of rental income.
Availability of Optional Catastrophic Peril Coverage
When unexpected natural disasters happen, they can sometimes cause severe and costly damage. However, not every insurance company will provide coverage for catastrophic events like hydro meteorological phenomena or earthquakes. To properly protect your Condo, Townhouse or Single Family Home, you should look for an insurance policy that offers coverage for:
- Hydro Meteorological Events, including : Hurricanes, Cyclones, Tornadoes, Tropical Storms, Windstorms, Whirlwinds, Hailstorms, Floods, Mud Slides and Tidal Waves
- Earthquake Events, including: Seismic Movement, Tremors, Quakes, Volcanic Eruptions, Lava Flows and Volcanic Ash.
Along with the catastrophic peril coverage, there are also some other important coverage items that you’ll want to look for in a Mexico Home Owners insurance policy, including the following:
- Other Structures
- Personal Property
- Loss of Use (Fair Rental Value)
- Debris Removal
- Personal Liability
- Medical Payments
Comparing a Mexico and U.S. home owners insurance
Most Mexico home owner’s insurance policies are written in Spanish, and quite often are filled with confusing legal jargon, making them somewhat difficult for most of us to understand. To solve this problem, the Mexico Insurance Professionals teamed up with world renowned Insurance Carrier, ACE Seguros, to develop a U.S. style policy for Mexico. By using a typical U.S. homeowners policy special form 3 (HO 3) as their template, they were able to develop a homeowners policy for Mexico that is easier to understand. Plus, because their policy for Mexico has been modeled after an HO3 policy, doing a side-by-side comparison with a U.S. homeowner’s policy is simple. To learn more about the outstanding policies being offered through Mexpro, or to get an instant quote, please visit their Mexico Home Insurance webpage.