Any home or expensive luxury item in Mexico should always be insured. It is essential to insure your Mexican property and assets, so you are protected against any unforeseen circumstances, accidents, natural disasters or theft. Always consider the cost of insurance for your Mexican property when budgeting, as you never want to be without it. Your house, watercraft, and personal property should be covered for any unforeseen events or circumstances that may occur.
Insuring your Mexican Property
Your should remember that insuring your Mexican property is not the same as insuring your property in the United States or Canada. The wording and phrases are much different and the insurance coverage is not the same either. You may believe that you are purchasing a standard insurance policy in Mexico like you would in the United States or Canada, but you should beware that it may not be the same.
There are currently specialist companies from the US and Canada that insure Mexican property, which provide more familiar terms and conditions if you want an alternative to using a Mexican insurance company. Policies provided by foreign insurance companies are underwritten by an Mexican insurance company according to Mexican law, but you enjoy the benefit of dealing with the company as though your were back home.
If you decide to purchase property insurance from a Mexican insurance firm, then be prepared that your Spanish speaking skills must be on target, because your insurance policy will be in Spanish. All claims that you file will have to be in Spanish too. If you do not speak Spanish fluently, you may want to consider purchasing your Mexican property insurance from a United States based specialists. They will provide you with an insurance policy that is in English, and you will see what events that your insurance policy will covered.
Third Party Coverage on your Mexican property
In contrast to many Mexican insurance policies, most United States based specialists can provide you with an insurance policy that covers any third-party coverage. Many of the Mexican insurance policies don’t offer this type of coverage without additional premiums.