Gulliver
Senior Nomad
Posts: 651
Registered: 11-18-2013
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Property insurance
Is it necessary to be either a temporary or a permanent resident of Mexico to have insurance on a house in Baja? I mean fire, flood and wind
insurance.
Thinking about buying a place here to spend a few months a year. I'd hate to have damage and find that the insurance company wouldn't settle because I
was here on a 180 day FMM.
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Justbozo
Nomad
Posts: 139
Registered: 11-20-2012
Location: Lake Michigan/Bahia Concepcion
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Mood: Got my little stone hut on the bay
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My answer from experience is no.
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Alm
Ultra Nomad
Posts: 2753
Registered: 5-10-2011
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Tourist owning a home in Mexico is a legal oddity. You are allowed to buy though. Since if you are allowed to buy, you are allowed to insure. If all
goes smooth in case of incident and insurance company pays, then no problem. If they don't pay, I am not sure whether you have any chance to sue them
and win, being a foreigner in their country.
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Udo
Elite Nomad
Posts: 6364
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
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Mood: TEQUILA!
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Good luck in finding an insurance company that will insure at satisfactory prices without many exclusions.
Udo
Youth is wasted on the young!
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RnR
Senior Nomad
Posts: 839
Registered: 5-1-2010
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| Quote: | Originally posted by Udo
Good luck in finding an insurance company that will insure at satisfactory prices without many exclusions. |
And one that covers theft without a deductible equal to the value of the insured items.....
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Gulliver
Senior Nomad
Posts: 651
Registered: 11-18-2013
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I am looking for recommendations, both good and bad. Payoff speed not as important as reasonable premiums. More structure damage than things like
theft. Not leaving anything here worth stealing when we are North for the Summer. Hell, we don't own much worth stealing when we are here!
Mike
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mtnpop
Senior Nomad
Posts: 597
Registered: 9-8-2009
Location: Colorado/mulege
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I guess everyone has maybe a different thought or experience...
In our case after Hurricane Jimena in 2009 we had a house insured and were here on a tourist visa were paid rather well...
Then in 2012 with Tropical Storm Paul I know several owners in our park with houses and only tourist visas were paid again..
I don't know what their rates were or are now... We are now on Permanent Resident with ours and the rate is right at $400 per year..
There are different deductibles and co insurance than in the states so you do loose some there but this last storm everyone I know were treated very
well and I mean very very well....
So our and our friends experiences have gone good for us...
Common sense is a flower that doesn\'t grow in everyone\'s garden.....
A wise man once spoke nothing.....
Never kick a cow chip on a hot day!!
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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Gulliver, check your u2u-link at top of the page
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CasaManzana
Nomad
Posts: 398
Registered: 7-4-2004
Location: Was Mulege:Posada Beach/now Zihuatanejo
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Mood: Naykid
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Some years ago my house and five other houses....
.....suffered some wind damage during a hurricane. We were on La Playa Posada just south of Mulege and were all insured by Bancomer. My claim was
about $1500 USD for roof damage but several of the other houses were heavily damaged and with big claims. Bancomer denied all our claims saying the
damage was because our homes were not constructed properly. Our small-town attorney soon ran up against Bancomer's heavy-duty guys in the Monterrey
headquarters and that was that. Avoid Bancomer at all costs.
Things are expensive, but at least we get a free trip around the sun once a year
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divemulege
Junior Nomad
Posts: 95
Registered: 10-18-2013
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It is a no brainer to get property insurance on your investment. GNP is a great company and pays their claims quick and a lot of times for more than
you claimed. Our house for $110k of coverage including covering fishing gear cost $301 per year.
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