15 July 2016
INSURANCE IN MEXICO
in the United States, homeowner's insurance is available throughout Mexico, but
it is not mandatory. If you own property, you have the right not to
insure it. However, if you purchase a property through a bank mortgage,
homeowner's insurance is mandatory as required by the lending institution.
Mexico there are a variety of insurance companies (many of which are associated
with globally known insurance companies such as ING, Zurich, Skandia,
Prudential, etc) that offer complete coverage. Click
for a list of government authorized insurance companies in Mexico.
the coastal areas of Cozumel & Riviera Maya, the most sought after
insurance is hurricane insurance. It is available and it is a good idea. Yearly
coverage varies from $2.40 to $4.40 per sq. meter ($0.22 to $0.41 USD per
square foot per year). Contact us for an
some cases and on a limited basis, American health insurance companies will
offer an extension of a domestic policy that will cover you for a limited time
in a foreign country. For the part time or full time resident of Mexico, both
domestic and international health insurance is available. It is as thorough as
a domestic policy and generally about equally priced. Many policies also offer
Med Flight options for the patient with a more serious condition who prefers to
be airlifted back home. Med Flight is available from all the international
airports in Mexico.
you are vacationing in Mexico, most American insurance companies offer short
term (six month) coverage for an additional fee. If you plan to stay in Mexico
for a longer term or if you plan on keeping a car in Mexico, an American
insurance company will not cover your vehicle. In this case, you should
consider purchasing car insurance in Mexico.
liability insurance is mandatory throughout Mexico. All premiums covering this
risk include legal assistance to the insured car owner. Conversely, theft,
medical expenses as a result of collision and collision damage insurance is an
insurance is available through many reputable Mexican insurance companies, many
of which are associated with globally known Insurance agencies. Click for a
list of government authorized insurance companies in Mexico. As in the United
States, several factors affect the cost of car insurance. In general you can
probably expect to pay the same premium you are currently paying for similar
coverage in the US. Contact us for an
most important aspect of protecting a real estate investment is making sure the
property title is in order and ready to be transferred to buying party under no
limitation due to other parties claiming rights over it.
insurance is not mandated in Mexico. It does offer a level of confort for a
price. To name a few, Stewart Title and First American Title Company are some
of the insurance companies offering this service in Mexico. If you are
concerned about some overlooked issue arising before closing, at close or
anytime after close, then Title insurance offers real peace of mind.
By means of a thorough investigation of the property title, a
Title Insurance policy will provide Buyer with coverage against
mis-representation and/or future claims of third parties. Like any insurance
policy, risk coverage must be clearly outlined and understood prior to purchase
of Title Insurance policy.
In the case claims by third parties should arise, Title Insurance
policy should provide the following
against risk of Invalid documents executed under expired or non-existent
power of attorney by selling party or its representatives. This coverage
is redundant, as the use of a Notary acting as Attorney at Law in the
transaction guarantees against this risk.
against risk of false assumption of identity concerning the legitimate
property owner or its representatives.
against the risk of Liens or financial burdens guaranteed by previous
Owner with the property title. This coverage is redundant, as the use of a
Notary acting as Attorney at Law in the transaction guarantees against
against the risk of Non-registered property easements
against the risk of claims by unknown/hidden heirs of previous property
- Payment of
legal expenses to defend an insured title from claims of third parties
- Payment of
valid claims up to the value of the policy
title guaranty is purchased for a one-time fee and once acquired, protects the
policy holder as long as there is an interest in the property.
written by Riccardo
Garcia - Real Estate Broker License 5978642
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