Are you looking for tips on Mexico home insurance? If you are, then you are at the right place, because we are providing the best tips on Mexico home insurance for foreigners living in Mexico.
Tips of Mexico Home Insurance
When you are needing to choose Mexico home insurance, then you need to think about your needs, the circumstances, and the budget you are working with. You can insure all of your property fully or partially with Mexico home insurance. The cost for the Mexico home insurance premium will depend upon the location and type of property you have, the age, the value of the home, and what type of events you would like covered.
Types of Home Insurance
Many of the Mexico home insurance policies offer an “All Risks” coverage, which is similar to comprehensive coverage that will cover and pay you with many incidents with your home. The better the policy is, then you will be able to cover catastrophic incidents, which would include fire, hurricanes, floods, earthquakes, wind, volcanic eruptions, and more.
Lower insurance premiums
Homeowners in Mexico can choose to lower their insurance premiums by only covering limited “Named Perils”, which will eliminate the “All Risks” insurance coverage. If you choose this option, then some events may be covered with your insurance coverage while other events may not be. Your insurance agent can provide you different insurance options and coverage to go along with your budget.
What you must insure
Mexico home insurance should always cover the structure of the home, and many policies may also cover the garage, carport, guesthouse, gym, studio, and game rooms. Many of the homes and properties in Mexico have several structures on the property, which generally sit around the central home or courtyard, and the rule for the insurance in Mexico is if the structures are not connected, then they are not covered with the insurance coverage in Mexico, so be sure to check.
Personal Contents Insurance
A good Mexico home insurance policy will also cover any personal goods that you own, your guests own, and any employees that work at your home. Some of the insurance policies in Mexico will even cover valuables, which include jewelry, fine arts, money, sporting equipment, and any items that pertain to a business that you have at your property, but there may be limits on this coverage. You can always request higher limits on certain items on your property, and you should list these items on the application form on the special section of the policy. The theft coverage with insurance in Mexico can vary as the theft must be listed specifically or should be “scheduled”.
Loss of Income or Use of Property
If you use your property in Mexico for work or if the property is being used for income (rentals), then you can add this type of coverage to your insurance policy, which is called “loss of use”. This type of coverage will provide living expenses if your house is damaged and has to be fixed, which may take time. There is also an option that allows you to be covered for any rental income that you depend upon with the property and you may have to supply proven evidence such as a rental contract.
These are the best tips on Mexico home insurance. If you use these tips on Mexico home insurance, then your property and personal items will be covered.
For more information and the original article, see: Mexperience