Mexico has it all — natural beauty, a rich history, amazing flavors, a neighborly vibe and natural phenomena, much like anywhere else in the world. Mexico stretches along several tectonic plates and 9330 kilometers of coastline. But don’t worry, we are construction savvy. In fact, we don’t even give earthquakes or tropical storms much importance as the construction practices are tried and true and comply to internationally recognized climate-resistant engineering code.
Our homes and buildings are designed to withstand the devastation of seismic forces — thanks to the scientific understanding of three important earthquake-resistant properties:
- Ductility (The ability to withstand large lateral displacements caused by ground shaking.)
- Stiffness (The measure of force needed to withstand displacement.)
Construction teams don’t use wood framing to build, but rather a combination of concrete and concrete blocks (to resist an earthquake’s compression forces) and steel reinforcing steel (to resist tensile forces). These resist tremors, as well as climate changes.
Do I need homeowner’s insurance in Mexico?
Homeowner’s insurance can give you peace of mind to protect your investment, just like at home. Unforeseen events can pop up anywhere. Considering homeowner’s insurance can be an important key in planning your annual Mexico lifestyle budget.
You choose what is covered depending on your needs and situation
Just like your current policy, you will choose what to include or not in your homeowner’s coverage. This will depend on your location and associated risks in your area.
There are a number of reasons you may consider contracting a home insurance policy.
- Third party liability coverage will cover you in case someone gets hurt on your property either while you are present or if you rent out your home and protects any damage to third parties in case your property somehow damages someone else’s property (broken pipes, falling tree, etc.).
- Hydrometeorological coverage protects your home from tropical storms, hurricanes , high winds and flooding. Some companies will require storm shutters be installed to qualify, others will not. Check this in your research.
- Theft and vandalism coverage can be included protecting your belongings from theft from inside your home and vandalism outside.
- Some sudden mishaps like fire, lightning, vehicle crashes harming your property, can be covered in dwellings, fire and all-risk coverage.
- Catastrophic coverage protects your home in case of volcanic or earthquake activity.
Do you need health insurance? Read our article here about Private Health Insurance Coverage in Mexico.
Are policies in Mexico the same as the US and Canada?
It is important to note that you may notice wording is different in policies you will consider in Mexico. Some things you may consider standard, may not be included. Some US companies work with Mexican insurers to draft and develop insurance products and contracts that resemble home ownership insurance policies in the US. These products are completely underwritten by Mexican companies from a legal standpoint. However, through the partnership, these US companies are able to offer products that are more familiar to US and Canadian customers.
As you choose a policy, be sure to consider the insurer more closely than the broker. Ultimately, you will be dealing with the insurer underwriting the policy.
How to Get Homeowner’s Insurance in Mexico
- There are a number of providers. Find them on internet searching for “Mexican homeowner’s insurance.”
- You can easily explore several options with good, reliable companies directly online. You can then apply online and choose your deductible and coverage options. You will receive a quote for the policy you’ve chosen.
- If you decide to go with one of these options after reading all of the fine print, you can check out directly online with your credit or debit card with some providers.
- You will find companies offering bilingual support and all documentation in English and Spanish.
- The cost will vary greatly depending on your location, construction materials, size of the property, and other factors. Also, companies offer sliding deductibles to reduce premiums.
Several companies offer straightforward insurance policy purchasing online. Others will require a phone call. But all in all, the process itself is quite simple. You will quickly be on your way knowing that you, your family, visitors and home are covered.
Are you curious about health insurance options for expats in Mexico?