June 20, 2024
seguros-inmobiliarios
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Real Estate Insurance: protect your assets in Mexico

In recent weeks, we have witnessed a series of natural events that have put the heritage of thousands of people at risk, not only in Mexico, but also in other countries around the world.

Therefore, I consider this is the right time to reflect on the culture of prevention and preparation that we must promote in our society as a whole, as well as at the individual and family level.

In Mexico, protecting properties from natural disasters is a critical concern due to their exposure to a wide range of natural hazards, including earthquakes, hurricanes, floods and landslides. On the other hand, assets can also be affected by other situations that cause the partial or total loss of a property, such as a fire, explosion of gas tanks, heaters or electrical failures, among others. Some home protection policies even cover, in addition to the losses already mentioned, robbery with violence.

Prevention and preparation are essential to protecting the assets of home and business owners. Prevention seeks to avoid damage or, at least, minimize its consequences. Preparation, on the other hand, involves being ready to respond to situations that could not be avoided, ensuring we have the necessary resources to deal with losses. Purchasing life insurance, medical insurance and policies that protect assets, whether home, automobile or business, plays a fundamental role in terms of preparation.

What types of real estate insurance exist in Mexico?

Homeowners insurance: Some companies in Mexico have plans exclusively for homeowners with all types of coverage, including protection for objects found inside the home and civil liability coverage. This type of real estate insurance is ideal for those who have their own home and seek to protect their assets. 

Renters Insurance: This type of insurance is responsible for protecting the landlord from loss of income suffered by a property that was rented, but is now unusable. Within this category, home insurance is also responsible for covering structural damage, fires or theft. 

Renters Insurance: They protect those who are renting a property through coverage for the loss of personal belongings, whether due to accidents such as fires, natural disasters, floods or theft.

However, when it comes to purchasing insurance that offers effective protection, there are some fundamental keys: 

Know the real value of the assets we want to insure. This knowledge can be obtained through an appraisal that estimates the value of a property or business in a given context and time. Insurance appraisals are essential in determining the cost to be invested in calculating a property insurance policy, and typically exclude the value of the land and structural foundation.

Damage insurance: The insurance industry in Mexico offers coverage for the risk of earthquakes and other natural disasters through damage insurance. These insurances offer protection for the home and can cover both the infrastructure itself and its contents. Building coverage, which refers to the physical structure of the home, includes elements such as roofs, windows, above-ground fixtures, water, air conditioning, drainage and electrical services. When it comes to the contents of the home, personal property such as appliances, dining room and living room furniture, bedrooms, kitchen utensils, bathrooms, clothing, jewelry, works of art, sports equipment and toys are generally covered.

Extraordinary expenses: Additionally, it is possible to include in the insurance contract “extraordinary expenses” that are generated as a result of damage to the insured property, such as moving or renting a home during the reconstruction process.

By Marc Murphy

marc@mexicopacificlifestyle.com

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