15 July 2016

INSURANCE IN MEXICO

Home Owner’s Insurance

As 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.

In 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.

In 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 insurance quote.

Health insurance

In 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.

Car insurance

If 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.

Car 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 optional coverage.

Car 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 insurance quote.

Title Insurance

The 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.

Title 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 coverage :

  • Coverage 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.
  • Coverage against risk of false assumption of identity concerning the legitimate property owner or its representatives.
  • Coverage 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 this risk.
  • Coverage against the risk of Non-registered property easements
  • Coverage against the risk of claims by unknown/hidden heirs of previous property Owner.
  • 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

A 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.

This article written by Riccardo Garcia - Real Estate Broker License 5978642
This article may be copied or re-posted provided that the content is not altered and source is credited appropriately.

Comment Notification

Subscribe to this post's comments using RSS

Comments

# best essay said:

I truly fit in mutually with your outcomes and surely am going to distinctly appear to be toward your own upcoming improvements in writing.

26 August 16 at 4:51 AM
# GollgiGom said:

A car dealership or vehicle local distribution is a business that sells new or used cars at the retail level, based on a dealership contract with an automaker or its sales subsidiary. It employs automobile salespeople to sell their automotive vehicles. www.gollgi.com - get best [url=https://www.gollgi.com/product/Auto%20Service]Auto Service UK[/url]

25 October 16 at 4:42 AM
# itube apk download said:

iTube is the best App to download songs and music for free for your smartphone.

https://itubeappapk.com/itube-apk-for-android/

23 March 17 at 11:59 PM
# custom essay writing service said:

The topic selection is one of the important tasks in essay writing. Essay topic selection is not an easy task. Think about the more good topics, the information about the topic you need to make a note about these, this way to easily complete a task. You can also refer the best online services. There are lots of essay writing services over the internet. The best essay writing service is recognized by their reliability and high quality products.  Academic essay is one of the best essays writing service. They know what perfection exactly means and have an absolute understanding of quality and customers.

12 April 17 at 5:43 AM
# james said:

I genuinely fit in commonly with your results and clearly am going to unmistakably give off an impression of being toward your own particular up and coming changes in composing. http://www.dissertationshouse.co.uk/

05 May 17 at 12:04 AM

Leave a Comment

Comment Policy: No HTML allowed. URIs and line breaks are converted automatically. Your e–mail address will not show up on any public page.

(required)
(optional)
(required)