A Brief Insight Into Mexican Homeowners Insurance

A Brief Insight Into Mexican Homeowners Insurance

Today, almost everything is insured and kept safe. There is no telling when fate strikes us, and there’s nothing we can do about it. Although most countries, including Mexico, have a mandatory auto insurance policy, most do not require you to insure your homes and condo.

It is always advisable to insure such immovable property as well. The Mexican homeowners’ insurance is just the perfect way to secure your home from all kinds of dangers at all times.

Homeowners Insurance In Mexico

Mexican insurances are a lot different from other countries’ insurance policies. Their terms contain a lot of liabilities that exclude a lot of claims in a rather funny way. What’s worse is that they mostly write them in Mexican and thus can be quite challenging to understand by non-Mexicans. So you are left with a policy that won’t cover everything and in a language that you can’t understand. What’s worse is that the claims are all paid in only Pesos, thus making it difficult to convert the money to your home currency.

The Average Cost Of Homeowners Insurance In Mexico

The Insurance Information Institute of Mexico periodically releases data on all types of insurances in the country. According to the institute, the average cost to buy homeowners insurance is $1,211 per home. The state of New Mexico is the 31st costliest state in the country for homeowners insurance as the average price there is $1,017.

Your zip code and crime rates in your area are the most critical insurance rate factors. However, since everyone has a different home in Mexico, the rates vary for each person.

Title insurance in Mexico

Aside from the homeowners’ insurance, or maybe as a part of it, foreigners can also insure their title purchases in Mexico. This is the only safeguard for title owners and protects you against all title pitfalls that may result in lawsuits and loss of possession.

Some attorneys don’t believe you even need title insurance in Mexico, as it slows down the registration process. In most countries, title companies complete the transfer of property from one person to another. However, this responsibility is put in the hands of certified public notaries in Mexico.

Hurricane Coverage In Mexico

No basic policy in Mexico covers damages done due to hurricanes or earthquakes, or even volcanic eruptions. However, premium packages will provide you with coverage at a higher rate if you wish to have such insurance.

To have insurance, you need to talk to a broker, answer any questions and take a readymade package. Unfortunately, these packages are usually either too costly or do not cover everything you need.

www.smartgringo.com is one place that makes all the above issues easy and entirely customizable for your needs. The benefit of using SmartGringo is that you can specifically choose a different rate for premium, amount of coverage, and percent of deductible based on your needs and make the most of your insurance.

To learn more and discover how we can help you, contact us today.