HOMEOWNERS MEXICAN INSURANCE POLICY MOST FREQUENT QUESTIONS

Every day there are more expats with properties in Mexico and one of their main concerns is to have the proper coverage to keep their investments protected. Whether you have a single vertical condominium or a stand-alone front beach residence, the following information will be helpful to understand your policy in more detail. These are the most frequent questions our Homeowners department received this year:

What is covered under the Building and Contents section of the policy?

Below you can find an explanation of what is considered in the coverage of “Building”, and what is part of “Contents”:

Building coverage is basically all that comprises the structure or is attached to it.
Example

• • Floor, Walls, Ceiling
• • Kitchen cabinets
• • Doors and door frames
• • Kitchen bars
• • Bathroom cabinets

Everything that is inside your unit, and is fixed to the structure of the apartment, in case of an accident would be considered covered as part of the building section.

Contents is everything that can be lifted and/or moved from one place to another:
Example:

• • TV
• • Refrigerator
• • Washer/dryer
• • Dishwasher
• • Stove/oven
• • Computers
• • Furniture (dining room, living room, etc.)

How the catastrophic deductibles/copayments are settled and how the percentage applies

The deductible and copayments are calculated based on the sum insured of your policy. There is a percentage determined by the catastrophic zone chart, created by the Mexican Department of Insurance (CNSF), where your property is located. This chart is included in your policy
For Hurricane damage this percentage may sometimes change depending on the distance of the property to the shoreline, or any body of water. It can be 2%, 3% or 5%. And the Earthquake damage deductible is normally 2%. Each deductible will have its corresponding copayment.
The copayment its calculated based on the amount that is being claimed after you have taken the deductible from that amount.
For example:

Contact us and we will gladly review your current insurance policy or if you do not have one, we will design one to suit you.

For more information you can visit us on our Home Page
México Insurance

México - 322-297-6440
USA / CANADA - 949-274-4111