Do you own a condo in Mexico? Or are you planning to buy property in Mexico as a home or an investment? An investment made in purchasing real estate is considered one of the most significant investments of one’s life. Many expats have to put their every cent into buying their dream home. Whereas some expats think of it as a business, in which they give their property on rent and use it to create revenue while they are back home.
If you own an apartment in Mexico, taking the necessary precautions to protect your assets is essential. One way to do that is by investing in Mexico condo insurance. This type of insurance can provide you with a number of benefits, which we will discuss in the following article.
What Is a Condo Insurance?
Any unanticipated event with your condo or apartment can cost you a loss of tens of thousands of dollars. And not everyone can tolerate this substantial financial loss. Therefore, Mexico condo insurance comes into play to protect you against the financial stress of losing your investment.
It is an insurance plan to help you cover your property or its contents in Mexico from any unforeseen events that can cause damage or loss.
Please note that for condos, the insurance policy will only cover damages to the interior walls.
Benefits of Getting Insurance For Your Casa
In order to protect your finances and property while in Mexico, it is essential to have condo insurance. As it comes with several benefits, which are as follows:
- Coverage against damages: Damages such as glass breakage or damage caused to your property due to fire, vandalism, explosion, lightning, and other unprecedented events will be covered. That means your policy will reimburse you for any damages caused to your property because of any of the causes of damage mentioned before.
- Protection against hydro-meteorological risks: Most areas in Mexico are prone to natural calamities like hail, flooding, tidal waves, wind, and hurricanes. If you own an apartment in such an area, your property is exposed to hydro-meteorological risks. If you don’t want to be the victim of it, make sure to get covered under Mexico condo insurance. In the event of any damage caused to your casa due to any natural calamity. Your insurance company will compensate you for the damages caused to your property.
- Third-party liability: One of the most important coverages to consider when purchasing condo insurance in Mexico. If someone else is injured or killed on your property while you are living in a condominium. In that case, your condo insurance policy will cover you against both bodily injury and property damage liability.
- Protection against theft: Theft cases are so common nowadays in Mexico. But with condo insurance, you don’t need to worry at all. Because your theft coverage will reimburse you if you are robbed in your apartment, this policy will protect all valuable items, such as jewelry, fine arts, and electronics, worth up to $1000. However, for valuables worth more than $1000, you’ll need to speak to your insurance provider to get an affordable policy. But to receive the claim amount for the loss caused by theft, signs of force must be present.
- Loss of use: Condo insurance can help you cover temporary lodging costs if you are forced to leave home due to an emergency. So you don’t have to worry about finding a place to stay while it’s being repaired. This type of policy can also help pay for legal fees if you need to sue someone for damages done to your property.
- Coverage on rented property: If you run a property rental business, in that case, you’ll be eligible to get coverage against unforeseen events. You can get coverage for both short-term and long-term rentals. But the coverage you will receive from your insurance provider will be residential, not commercial. If you cannot rent your home due to a covered loss, such as a fire, your insurance won’t cover the loss of rental income. Also, your insurance provider will not protect the assets of your guest or lessee inside your apartment. However, this coverage is optional; you must ask your insurance provider to include rental coverage in your policy.
There are several more benefits that you can enjoy after getting condo insurance, which we can’t discuss in a single post. To know about more benefits, you can consider getting a quote on SmartGringo.
Mexican law doesn’t require you to have Condo insurance. But it is a good idea to have it if you own an apartment there. A Mexico condo insurance provides essential coverage in the event of damage or loss and can help you protect your investment. So if you’re looking for peace of mind when protecting your assets, Mexico condo insurance is a great option.
Get a quote on SmartGringo today to learn more about this type of coverage and see if it’s the right fit for you. To find your preferred policy plan, we also allow you to customize your coverage plan as per your needs!