
Mexico Home Insurance coverage
Learn about Mexico home insurance coverage, then quote & buy Mexico homeowner’s insurance online.
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What is Mexico Homeowner’s Insurance?
Mexico Home Insurance issued through MexicoCovered.com is designed for Canadian and U.S. citizens who own and lease homes or condos in Mexico. Whether you’re soaking up the sun during a seasonal stay or capitalizing on rental opportunities, our comprehensive Mexico home insurance solutions ensure your Mexican getaway is covered. Discover how easy it is to buy Mexico home insurance and get your vacation getaway protected with MexicoCovered.com.
What does Mexico Home Insurance cover?**
Our Mexico Home Insurance extends excellent protection, offering coverage tailored to the unique needs of expatriates. From structural damage and personal property protection to liability and natural disaster coverage, you can get comprehensive protection for your Mexican home. Dive into the details below to see how we can help you enjoy your Mexican home worry-free, then get a quote online.
Civil Liability: Coverage for damage to others
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Civil liabilityCoverage for property damage or injuries to others
Liability insurance coverage is one of the most important protections you can purchase for your home in Mexico. With MexicoCovered.com you can get civil liability coverage for both bodily injury and property damage liability.
Civil liability refers to bodily injury or property damage incurred by other people on your property, for which you are legally liable under Mexico law. With this coverage you are protected against claims or lawsuits due to accidental injury or death to others, or damage to their property, while on your property.
Bodily injury liability: Protects you in the event someone gets injured while visiting your home and property. This means if a rental tenant or houseguest slips and falls becoming injured at you home, you’re covered.
Property damage liability: coverage offers protection in case your insured property causes damage to someone else’s property. As an example, say a pipe bursts in your condo unit causing water damage to several other condos on the floors below. You would be covered under property damage liability.
Limits Options*: The minimum limit of coverage for civil liability is $100,000 USD. The maximum limit is $2 million USD. The limit chosen will, in part, determine the cost of your home owner’s policy. Even though we offer coverage limits as low as $100,000 USD, we recommend our customers select no less than $300,000 USD based on current Mexico liability laws. And while $300,000 USD is typically considered to be a sufficient amount of coverage for most home, condo, and townhomes in Mexico, our customers who rent their properties to others often select higher, $500,000 to $2 million USD, limits for liability coverage.
Coverage for you and your home
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Personal PropertyCoverage for furnishings, appliances, electronics and more
Personal Property coverage, also known as contents coverage, applies to the same perils you purchase for your policy’s dwelling or home. Coverage ranges from basic, Fire All Risk, to optional catastrophic coverage.
Personal Property includes furnishings, appliances, electronic equipment and other contents, including: furniture, TVs, computers, microwaves, washers, dryers, stereos, artwork, jewelry, etc.
Limits Options: Your personal property can be insured from $5,000 USD, up to a maximum of $1 million USD. To determine the amount of personal property coverage needed for your Mexico dwelling, you’ll want to consider all of your personal belongings. Ideally, it’s best to create an itemized list, including values, of all your personal property and then use that to determine the amount of coverage needed.
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Total TheftOptional for home furnishings and household contents.
Jewelry and fine art items are covered, with values up to $1,000 USD each, with a coverage limit of $250,000. For high value items over $1,000 USD, a special coverage endorsement must be approved by the policy underwriters, and an additional premium needs to be paid by the insured. Submitting a special request to the underwriters is easy with our online application.
To keep the cost of coverage down, most people do not insure each and every one of their possessions against theft, but instead just the items that they feel would more likely be stolen if a break in occurred. Since burglars tend to target higher value items like electronics, jewelry, appliances, etc., this is what most people tend to insure against theft.
Coverage Consideration: Theft coverage typically only applies to items contained inside the insured dwelling and doesn’t apply to items that are left outside.
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Extraordinary ExpenseLoss of rents or lodging reimbursement
Also known as loss of use/rents coverage, extraordinary expense coverage, reimburses for added expenses incurred when your home becomes uninhabitable due to a covered loss. This coverage includes reimbursement for the costs of hotel/lodging, and/or for the loss of rental income, for up to 6 months. Loss of use coverage can be useful when an insured homeowner has to stay in Mexico to supervise the repair/reconstruction of their home after a covered loss occurs.
For loss of rents coverage, the insured must provide proof of confirmed rental bookings, or a leasing contract, in order to file a claim for lost rental income.
Coverage Limits: The limits of coverage for extraordinary expense range from as low as $1,000 USD, up to $400,000 USD.
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Replacement ValueReplacement value for your home without depreciation
Mexico homeowner’s insurance policy issued through MexicoCovered.com will include replacement value coverage for your home and your personal belongings. Replacement coverage can reimburse you for the cost to rebuild your primary dwelling and other structures, up to the insured amount, minus the deductible. And when applicable, minus the coinsurance amount.
When shopping around for Mexico homeowner’s insurance, be sure to avoid policies that only offer actual cash value coverage. The amount paid out after a claim could be reduced drastically due to depreciation. With replacement value coverage, you don’t have to worry about depreciation.
Coverage Limits: Your home, condo or townhome can be insured through MexicoCoverd.com for amounts as low as $5,000 USD up to $2 million USD.
When estimating amount of dwelling coverage needed, you should not include consider the cost of the location (the land), or the market value. The replacement cost value should be based on the cost to rebuild the structure (materials and labor).
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Glass BreakageFor sliding glass doors, windows, sky lights, glass block and more.
Glass breakage coverage refers to payment for the replacement and installation of your insured home’s glass, resulting from breakage caused by a loss that is covered by your home owners insurance policy. This coverage includes sliding glass doors, windows, glass block, mirrors, stained glass, glass furniture covers, inner doors, dividing glass panels, sky lights, etc. In order to be covered, all glass, as described above, must be a minimum of 4-mm in thickness.
Coverage Limits: The minimum limit for glass breakage coverage is $1000 USD, and the maximum is $100,000 USD. To calculate the amount of glass breakage coverage needed for your home, condo, or townhome, consider the cost of replacing all of the glass, on the outside, as well as the inside, of the home.
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Debris RemovalPays for clean up and removal of debris resulting from a loss.
Debris removal refers to the cost of cleaning up your insured property after a covered loss. This includes the expense of demolition and disposal.
Coverage Limits: The minimum limit of coverage for debris removal is $5000 USD. The maximum limit is $200,000 USD.
Optional Coverage Considerations
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Catastrophic CoveragesOptional coverage for catastrophic events
Catastrophic coverage refers to events which can completely destroy primary dwellings and accompanying structures. The following things are covered:
- Earthquake and Volcanic Eruption: These types of losses are subject to a peril specific deductible and coinsurance amounts that vary by the your home’s location. For example, the closer the property is to the a fault or valcano the higher the deductible.
- Hydro Meteorological Coverage: Hydro-meteorological coverage refers to damage caused by hurricane, wind, hail, flood and tidal wave. Like earthquake and volcanic coverage, peril specific deductibles and coinsurance amounts vary by location.
Catastrophic deductibles start as low as 1% and can be as high as 5%. Coinsurance amounts vary from between 10% and 20%. The deductible is based on a percentage of the insured amount, while the coinsurance is based on a percentage of the amount of a loss.