Mistakes People Make When Purchasing Mexico Home Insurance
Each year, hundreds of thousands of Americans and Canadians head down to Mexico to live, either for all or part of the year. Some of these expats and Mexico lovers own their homes in Mexico, while others will rent a home for the duration of their stay. For those that own their own home or condo and live there only part of the year, they may rent it out to other tourists while they are not there. One of the most common mistakes made by most full or part time Mexico residents is not getting adequate Mexico homeowners insurance. Mexico home insurance can be tricky business, made trickier due to the fact that up until recently the most common option for these property owners was to use traditional Mexico Insurance coverage while insuring their homes. Recently, one American Managing General Agent, Mexpro.com, has started offering USA and Canadian style homeowners insurance for those who own or rent homes in Mexico. They are helping part and full time North American Mexico residents to avoid making these common Mexico home insurance mistakes.
Not getting hurricane and earthquake coverage. With over 5,000 miles of coastline, Mexico is very vulnerable to hurricanes. If your home is on a beach in Mexico, as many foreigner-owned homes are, you are very vulnerable each year to having your home damaged due to a devastating hurricane. Add into that the very active fault-lines that criss-cross the country, and you have a natural disaster waiting to happen. Too many people bet that it won't happen during their lifetime, only to have their home, and their investment and property, destroyed sooner than expected. While local agents often don't even have hurricane and earthquake coverage available, Mexpro.com does with low co-pays and fixed deductibles.
Forgetting to include renter's liability. Renter's liability protects you in the case that a renter is injured while they are in your home. If this happens, the homeowner is liable and can be sued for damages. Most local agents do not offer renter's liability, or if they do, it is only by expensive endorsement. If you will be renting your home in Mexico, it is unwise to forgo renter's liability as it could end in a very expensive lawsuit should something go amiss.
Not insuring electronic equipment. It is very common for people who own property in Mexico to have a nice selection of electronic equipment, such as a laptop, a music player or GPS unit. Failing to insure your electronic equipment could cost you dearly in the end. A Mexico homeowners insurance policy should include electronic equipment coverage. Local Mexican insurers often only offer a very limited electronic equipment coverage that comes with special exclusions. However, the American based Mexpro.com coverage includes it standard in Personal Property Limits.
Not many people would stand for inferior homeowner's coverage on their home in America or Canada so why should they have to settle for it with their home in Mexico? Make sure you are protecting your property, and your investments, with a quality Mexico homeowner's insurance policy so you can avoid these costly mistakes.