Valuable Information Regarding Condo Insurance In Mexico
Many people are unaware and ask about Condo Insurance in Mexico what should they get
, how much should they get, who should they go to get it. I am happy to share information with you to help you make an informed decision.There are two types of Condo Insurance to consider one is for the contents of your individual unit and your unit itself, and the other is for the common areas, or which you as a condo owner will own a certain percentage equivalent to the square metres of your unit against the total of all the individual condo units in your development.Condo Insurance for your unit and contents
Would it surprise you to know that most condo owners in the Vallarta area DO NOT insure the contents of their unit or their individual unit itself? This is for a couple of reasons. First, most of the developments use concrete blocks in their construction concrete doesnt burn. So, if there is a fire in another unit in your development, it is unlikely that your unit will have fire damage. There may be smoke damage, but because fire damage is reduced or unlikely, most people dont feel the need to insure their contents.
Secondly, because the contents of your condo will likely be approximately $25,000 USD for a two bedroom, two bath, many condo owners feel that in the off chance something were to happen, they are financially in a good position to simply replace the damaged items. Considering the usually higher monthly premiums and the low likelihood of something happening, they feel that they would rather take their chances/put money away themselves than spend the monthly premiums.
But youre saying, hold on - that is just for fire what about hurricanes or a tsunami? To get insurance to cover damage from hurricanes or other events such as a tsunami flood, you need what is called Hydrometeorological coverage. Whenever you live close to the ocean, there is a greater likelihood of damage due to water. So, the insurance companies know that they have to charge more because they have to pay out more. Hydrometeorological coverage is very expensive and drives up your monthly premiums significantly. So, again, most owners in the Banderas Bay area have made the decision to forgo insurance and should something happen, cover the cost of replacement themselves.
Insurance for Common Areas
Insurance for Common Areas (pools, hot tubs, exercise rooms, etc) is required as part of your HOA (Home Owner Association) monthly fees. Every month, a portion of what you pay for your condo fees will go towards insurance of your common areas. To see what is covered, make sure to ask the Vigilance Committee at your development for a copy of what is/isnt covered for damage/loss.
Insurance if you are renting your unit
Mexico is not a litigious country. And, unlike Canada or the U.S., you are expected to watch out for yourself, rather than follow stringent government legislations that protect you (as evidenced by the vast number of pick ups with white plastic chairs on the back, and kids and grandparents riding in them!) There is a very popular story told around Vallarta related to insurance and nuisance law suits Imagine you are going to Walmart, and there is a big hole in front of the front doors and you fall and break your leg. You decide you want to sue Walmart. Not only will the Mexican judge throw out your case, but hell charge you for wasting the courts time you should have been watching where you were walking!
If someone gets injured at your condo in Mexico, it is unlikely that they will be able to sue you in a Mexican court of law and be successful. Even to understand how to navigate the Mexican legal system would take a Canadian or an American a lot of money and time! At this point, we are unaware of any legal action that has been undertaken or any precedents set by any law suits in Canada or the U.S. against a condo owner in Mexico. Nonetheless, if there is one type of condo insurance that we do so Canadians and Americans getting, it would be this type of insurance.
We certainly hope that you never have any occasion to need to use condo insurance. At the end of the day, insurance is peace of mind and also a gamble. There is no right or wrong answer to whether you should get it or not ultimately it is what makes you most comfortable so that you can enjoy your condo in paradise!
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