Mexican Home Insurance: Do You Need It?

Mexican Home Insurance: Do You Need It?

There is no best place other than your home where you can feel safe and happy. And opting for the right insurance will make sure you stay safe in your home even when the unexpected happens. Whether it is your residential home or a vacation house, your home in Mexico must be protected by good insurance. Here is everything you need to know about Mexican home insurance.

Types Of Home Insurances In Mexico

Based on the type of coverage, there are two basic types of home insurance available in Mexico.

Named Perils

The named perils policies, as the name indicates, provides coverage for the risks you specifically name to get protection from. For instance, you can include fire accidents, earthquakes, and storms in your policy as possible risks to get insurance for.
Your policy, in this case, will not cover any other damage that has not been named as a peril. For instance, if you fail to include floods in your policy, you won’t get coverage for any damage done due to unexpected flooding.

All Risks

An all-risk policy, on the other hand, provides a comprehensive list of risks with respect to your home’s safety. You will still have to go through the extent of coverage provided by an all risks policy and make sure the risk factors you want to be included are indeed included.
The cost of all risks policy will be quite high compared to named perils.

Scope Of Your Home Insurance Policy

Your home insurance policy covers entities, such as the land, supported structures like garages, car parking area, guesthouses, and more that form part of your property. Besides the main structure of your house, these additional structures should also be protected by your policy.
Any structure that is not directly attached to your house’s main structure will be considered a separate building. And having additional buildings can drive up your Mexican homeowners insurance costs, especially when they are high-risk structures that are prone to easy damage.

Personal Assets Coverage

Home insurance can also provide additional coverage for your household properties like furniture, your items like jewelry, electronic equipment, expensive paintings, and anything of monetary value up to an extent. You can also look for further provisions with your insurer to get any special item from your house to be listed for protection under your home insurance.
The amount of coverage you can get from theft protection will depend on the items listed in your policy agreement.

 Liability Protection

A good Mexican insurer will also provide you options for including coverage for lawsuits and liability cases if you want them to be included in your policy.
This might help to cover legal costs accrued when dealing with anything related to your home. For instance, a tree from your yard could fall off into the neighbor’s roof and cause damage and subsequent legal implications. Having good insurance beforehand can help you deal with any such legal proceedings.

Income Protection

If you have been renting out your house, you can consider opting for rental insurance. This type of coverage will provide you with some relief when you experience loss of rental income from your property. While this is a smart option, the premium costs for rental liability insurances are usually the highest in the market.
Take time to go through the options you have, the expense associated with it, and the actual location and risk factors your house has to endure to make your final decision.