Here is some useful advice about the home insurance pitfalls in Mexico so you can make sure that you purchase the right cover for your needs.
Home Insurance in Mexico
Your choice in Mexico Home Insurance should take into consideration your budget, your current situation, and the type of coverage you desire (partial or entire coverage). The premium will also be determined by the property’s age, value, location and what events you desire to have covered.
All Risks Home Insurance
“All Risks” coverage is a type of coverage that implies the policy will pay out on most situations concerning your home. An even greater policy will cover natural disasters like earthquakes, floods, volcanic eruptions, hurricanes, fire and wind, but some Mexican insurance companies will not cover all events at once.
A good home insurance policy
A good home insurance policy in Mexico will cover the main structure of your property. You may cover other structures on your property like garages, guest lodges, game rooms, equipment rooms, studios, utility rooms, etc. Some Mexican properties have other buildings connected to it. If so, the insurance policy will treat the other buildings as a part of the main structure and consider it all one piece of property.
More points to look out for
If you want a home insurance policy with good coverage, then make sure the policy covers personal goods and belongings for you, your guests and your employees when they are working at your home. Also, there are some policies out there that cover specified valuable items at a specified limit like money, jewelry, art and other specialty collections, securities, business equipment and sports equipment. For a higher limit than already given, you can list them in a separate section on the application. Keep in mind that theft may not be a scheduled coverage item and may have to be added.
For lower premiums, you could specify which “Named Perils” will be covered in your policy instead of having the “All Risks” coverage. However, if you do this, then some events won’t be covered in your policy. Nevertheless, you will have a policy that is more economical, but remember that specifying the events in your “Named Perils” policy will also prevent it from being comprehensive. If you have the right insurance broker, the subtle differences between “All Risks” and the various types of “Named Perils” policies will be fully explained.
Third Party Liability on your Home Insurance
Should someone experience an injury while near your property, or if a tree falls in your neighbor’s yard, a good homeowner policy should cover your liability should someone want to file any lawsuits or other legal demands against you.
For the full article, please go to: http://www.mexperience.com/realestate/property-insurance-mexico/