If you own a condo or home in Mexico, you need to make sure it is insured, just like you would in the United States so your investment is protected. In the past, it was more difficult to obtain homeowners insurance unless you were fluent in Spanish and could be prepared to deal with the claims in Spanish as well. Today there are better options and better coverage and the policy can be presented in English, making things a little easier.
Policies need to cover the main structure of the home but can also optionally cover exterior things like carports, guest homes, garages, and other unattached buildings. A good homeowners policy will also cover personal good inside the home as well as third party liability in the event someone is hurt or say a tree falls on your home from a neighboring house.
If you rent your home, there can be options to renter’s liability coverage in the event your home is damaged by a tenant. Some companies will refuse to insure homes or condos close to the ocean or other bodies of water so make sure you know what you are getting into before you buy.
It’s important to know exactly who is insuring your home. Often times, people can be misled by a broker so ask questions. The company underwriting the policy is more important than the broker selling it. You want to select a company that is financially strong and stable. The policy may cost a little more, but the risk is lowered knowing you are protected. For instance, Grupo Nacional Provincal, the coverage offered by SmartGringo, is a solid A-rated insurer bu A.M. Best.