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Insuring Your Home In Mexico - What You Need to Know

By Jim Labelle

Republish: EasyPublish™
Published: 14Jul2011
Word count: 568
Viewed: 249 time(s)

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Owning a home in Mexico is a dream come true for many. With Mexico's real estate and construction prices so low compared to North America, many decide to build their dream home in Mexico and live in it either for part of the year or full time. One of the drawbacks of building in Mexico has been that it is difficult to find a good homeowner's insurance policy in Mexico. Building a dream home in Mexico is still a hefty investment for most people, and it is important to make sure that investment is protected. Today, there are more options for insuring your home in Mexico.

1. Mexican homeowner's insurance versus North American homeowner's insurance. In the past, there simply wasn't much of a choice as to whom to insure your Mexico home with. Only local Mexican insurance companies offered this service. Their policies, however, were notoriously overpriced for the sparse coverage they offered. Today, a few U.S, companies offer a robust homeowner's insurance policy for homes in Mexico, allowing homeowners to get much better coverage with lower rates and deductibles.

2. Renter's insurance. Many Mexico homeowners only live in Mexico for part of the year. For the other part, they rent out their home to other tourists. This is beneficial to the homeowner as they have someone looking after their property and get some income off of it while they are not there. Renter's insurance protects the homeowner in case their tenant is injured on the property while staying there. If they are injured, the owner can be held liable for incurred medical bills. With renter's insurance, an option that is available with some U.S. companies who offer Mexican homeowner's insurance policies, the homeowner won't have to worry about liability while their house is being rented.

3. Earthquake and hurricane coverage. Mexico is a geologically active area, especially along the Pacific coastline where many North American's build their Mexican homes. In addition, Mexico's miles of coastline are vulnerable each year to hurricane's, on both the Pacific and Atlantic coasts. There is really no reason not to have earthquake and hurricane homeowner insurance protection if you live in Mexico. However, many of the local Mexican insurance companies don't even offer it, or if they do, it has very high deductibles. You can get earthquake and hurricane coverage with your homeowner's insurance policy from a select group of U.S. companies, with affordable deductibles.

4. Condo Insurance. Many North American's own condos in Mexico. While each condo typically has an association blanket policy that covers basics such as interior walls, fixtures and common areas, it does not typically cover personal property and liability. You can get a more robust condo insurance policy that offers limited condo dwelling coverage, personal property and liability.

Insuring your home in Mexico is important. It is an investment, and for most people, one that they can't easily afford to lose. However, with the right Mexico homeowner's insurance policy, you won't have to worry about losing that investment. You can enjoy your home in Mexico while you are there and rest easy when you are away, knowing that your Mexico homeowner's insurance policy has you covered no matter what challenges lie in the road ahead.

Mexpro.com is a website owned by International Insurance Group, Inc., the leading provider of Mexican Car Insurance. The first online Mexico Car Insurance broker to offer multiple company options, Mexpro.com offers the best Mexico Travel Insurance available and online.

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