For those who own homes on land or water in Mexico, you might want to strongly think about getting property insurance and figuring it into your budget in case something happens. That way, if unforeseen situations occur, you will afford yourself some level of protection for your home, watercraft and personal effects.
Insurance for your Property in Mexico
Mexico’s property insurance policies look a lot different from those written in Canada and the U.S. Things like terminology and standard coverage options are slightly different, so the Mexican insurance policy may not cover what you would think as typical coverage on your property in Mexico. However, there are insurance companies in the U.S. that specialize in working with insurance companies in Mexico to create policies that are understandable to Americans and don’t compromise on Mexican insurance laws. Thus, the wording and packaging will resemble the types of policy packages people in Canada and the U.S. are used to seeing.
US and Canada Based Insurance Companies in Mexico
These specialty insurance companies will suit all your needs for insuring your property in Mexico unless you have a reason for getting your insurance from an actual Mexican insurance company. This is ideal if you have no problems with speaking Spanish. But, if you have the policy in English in coverage terms you are accustomed to, it may prove to make reporting a claim a lot less stressful if an unforeseen circumstance occurs. The last thing you need is the complication of having to think in terms of Mexican insurance coverage policies when you are having a crisis with regards to your property in Mexico.
In addition, you must realize that the same features found in most U.S.-based policies may come at additional premiums in policies done directly by a Mexican insurance company. So, your choice in using a Mexican or specialty company in the U.S. will depend largely on what types of features you want in your coverage on your property in Mexico.
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