Having your own home is one of the biggest dreams to come true for most people worldwide. And when you do achieve this big dream, it is natural to want to protect it. So, everyone wants to buy home insurance in Mexico. But not all home insurance policies are made the same.
Mexico has a wide range of home insurance products that need a good deal of knowledge and expertise to comb through and find the best home insurance that will work for you. You need to get quotes from various vendors, carefully evaluate the options you are presented with, compare them against your particular needs, review the policy terms and make the final decision.
Let us start with some of the basic things you need to consider before you buy your home insurance in Mexico
The Replacement Cost For Your Home In Mexico
Do estimate the total replacement cost for your home in Mexico. The simplest way to do so is to multiply the cost per square foot to the actual dwelling space (total AC covered area of your home). The cost per sq. ft for your home will depend on many factors such as the location, building costs, interior finishing costs, and so on.
You have to remember that Mexican insurances do not provide coverage for your land value. The insurance coverage applies only to your house and does not include non-dwelling space such as land value in your replacement costs.
Sometimes, you can qualify for tax discounts or policy cost discounts based on your location. For instance, if your Mexican home is situated near the US border, you can get up to a 50% tax discount.
Decide The Coverage You Seek
Mexican home insurance policies usually provide coverage for the following:
- Other structures
- Personal property and house contents/ theft coverage
- Fire damage
- Loss of use /extraordinary expenses could include rent or lease reimbursement
- Debris cleanup
- Disaster coverage such as earthquakes, floods, tsunami, hurricanes, and so on
While these are the most commonly available coverage, not all policies may include all of these coverage. Do make sure the policy you choose can provide you with the coverage you seek. Some coverage, such as disaster/catastrophic coverage, may also be provided as optional coverage, and it is up to you to include or exclude them from your home insurance policy.
Understand How Insurance Claims Can Be Made
Claiming home insurance in Mexico is similar to any other home insurance claim process. You will have to report the claims by calling the Carrier claims (800#) and getting a claim number assigned. You can move forward with the assigned number and update the insurance office as and when needed.
Do read up the terms and conditions of your insurance policy to get complete details on how claims are settled. And it is always a good idea to work with insurance providers who have a track record of enabling a smooth process and transparent information on their claim settlement terms.
Try to work with insurance providers with A and above ratings and a good trust score from credible review sites and sources.
So, wait no more, and get a quote from the best insurance companies in Mexico now.