Do you own a condo in Mexico? Maybe you are looking at buying? Carrying a Mexico condo insurance policy is mandatory in many buildings throughout the country. Don’t fret! Policies for condos are often far less than a traditional homeowners policy because they cover an individual unit within the larger structure.
Important Note: Before pursuing a policy, gather information from your condo association or building owner. They often have mandatory minimums and coverages for catastrophic and other specific needs.
Common Coverages in a Mexican Condo Insurance Policy
The levels and amounts for each coverage vary by policy. The choices made in the quote process will ultimately impact the coverages listed. The cost for an insurance policy is based on the value of your property alongside the coverages chosen. Location also has some impact as certain areas have higher risk of catastrophic events. The same process is also used for standard homeowners policies.
- Loss of Rent
Many owners live abroad and they rent the unit when not in use. If a covered reason for loss of rent occurs, you are eligible to recoup some or all of those losses. Depending on the policy, these can involve everything from government shutdowns to natural disasters.
- Personal Property
The big coverage for owners involves the personal property within their unit. Theft or damage to personal effects can quickly add up. Artwork, furniture and your personal belongings are all worthy of coverage. It’s a good idea to list and value everything in advance. This will help guide your coverage amounts and also can expedite claims processes after an event.
- Liability
Most condo associations have a personal liability requirement and this is a staple in every policy. Your personal liability coverage is critical with any property and casualty policy. In the auto market for example, it’s the minimum legal requirement. The coverage offers you a layer of protection for accidents and even fatalities where you are liable.
- Catastrophic Coverages
The big coverages involve catastrophes like earthquake, hurricane, flood and more. Make sure to research eligibility for your property location. In fact, you should look at insurance availability for the property before making a purchase. Some states do not have eligibility for all catastrophic coverages. We approach this on a case by case basis before submitting applications to the underwriters.
How the Mexican Insurance Quote Process Works
Are you ready to begin the quote process for Mexico condo insurance? It’s very easy to get started. You can run the quote and check rates with no obligation. It only takes a few minutes
You will need the following to complete a quote:
- Type of Construction (ex. Masonry)
- Year Built
- Personal Information
Start Your Condo Quote Here
The form will ask a few basic questions, gather your information and form a quote soon after submitting. Feel free to run a quote anytime. We can always make adjustments or you can start fresh at any time!
Don’t hesitate to reach out. We are always here to help you find the best fit policy for your Mexico condo insurance needs.
