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Home Insurance

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David
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Intercasa
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Post by SunshineyDay Tue Aug 12, 2014 6:02 pm

Why is home insurance so expensive here. I just got quotes from 3 agencies here in Ajijic and it was 7400 pesos a year on 2 million peso property. All 3 had 2% deductible with an added 20% co-insurance (co-pay) for earthquake coverage. Wow! My insurance in the states was about 3/4 that on a home double the value. Anyone have a good company they use? I don't mind paying if the company stands behind their coverage.

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Post by Jim W Tue Aug 12, 2014 6:59 pm

Possibly because many Home Owners don't buy insurance because it is extremely   expensive, and collecting a on claim, especially theft is next to impossible.   Loss due to fire, i.e. contents.....good luck.  Balance structural damage due to fire minimal.    Earth Quake and flooding might be biggest risk.

There is a question about liability in the event your housekeeper or gardener gets hurt while working on prem., and would like to know. Shocked
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Post by Pedro Tue Aug 12, 2014 7:11 pm

we have a super agent who actually told us that home insurance is a waste of money so all we insure is our vehicles with him
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Post by slainte39 Tue Aug 12, 2014 7:33 pm

I have lived in the same house for 33 years and have never even considered any kind of home/home owner/household insurance.
...and I don't know anyone with this type of insurance, so maybe that's why the premiums are so high, as the actuarial base for paying claims is so small.

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Post by Intercasa Tue Aug 12, 2014 8:47 pm

I have home owners insurance, pay about $400US a year.

Why do I have it?

If someone gets injured it pays, if someone breaks in and steals my stuff it pays, if a lightening strike fries my electronics it pays. If my home is destroyed in an earthquake it pays. You have to look at coverage amounts, building costs here are low so for earthquake you only need money to remove the rubble / debris and then build, you dont need excess coverage you will never use and many agents overinsure. Find out what is the replacement cost and insure for that amount and not more.
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Post by zenwoodle Tue Aug 12, 2014 10:36 pm

I do not have homeowners insurance.
I live in a gated community and the chance of theft of my belongings is slim to none.
If there is a fire, my wife would get a new kitchen.
If I hire a contractor, I make sure that their employees are covered in the event of an injury.
If an insurance company offered an earthquake only policy, I might consider it.
I spent 16 years working with p&c insurance people, and I believe that a home policy at lakeside is a waste of money.
Better to spend that money on health insurance.  Beer
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Post by David Wed Aug 13, 2014 7:06 am

I'm with Spencer, I have full coverage including earthquake and flood/landslide.   After the event in San Juan Cosala I think anyone on the mountain side of the Caraterra is a fool to not have coverage for such events.  JMO.
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Post by Ezzie Wed Aug 13, 2014 8:12 am

A "personal liability" policy might be a better option to protect you from any claims made against you by an injured worker or visitor that gets hurt on your property. That assumes you don't want to just settle it by pulling cash out of your own pocket. Do they have such a thing here or is that also a waste of money (to insure for here)?

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Post by slainte39 Wed Aug 13, 2014 9:36 am

For Intercasa to be so adamant about having home owners insurance and dealing with insurance companies....
He must have a very good lawyer....who works cheap.  Very Happy

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Post by Playaboy Wed Aug 13, 2014 9:36 am

I came from California before living in Mexico.  I find insurance here to be a bargain.

When I built my home in Playa del Carmen in 2003, I purchased full coverage homeowners insurance.  Then in 2005, Hurricanes Emily and Wilma bulls eyed my area.  I was glad I had insurance to cover my losses.  I still had an ongoing policy, with no more claims, until I sold my palapa in 2013.

I have private Mexican health insurance for the last 6 years and have yet to file a claim.  If I get a heart attack or something else, I am fully covered with no limits

You buy insurance for peace of mind, to protect your ass, and hope you never have to use it.

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Post by David Wed Aug 13, 2014 10:00 am

True enough! I too have private health insurance. Last year it paid for my back surgery.
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Post by slainte39 Wed Aug 13, 2014 10:04 am

Not saying insurance is bad. Just this week read that the lower 9th ward in New Orleans is the least rebulit in the city because most of the people didn't have insurance.
Here, no hurricanes, low incidence of earthquake damage, hail destoying roofs, flood damage if you are not on or near an arroyo or very low area, tornados and a few other natural calamities....
Then you have to do your own actuarial oddsmaking.

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Post by CanuckBob Wed Aug 13, 2014 10:31 am

The biggest reason I would want home insurance here would be for theft however once I found out that you needed original receipts for anything you claim I didn't bother. Who the heck has all the original receipts for everything in their house?
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Post by Pedro Wed Aug 13, 2014 10:46 am

what our agent said about theft was that mostly they only take what they can carry and to replace it out of pocket would be less than the premiums that you pay. how many of you have ever had an agent that passes up lucrative premiums and talks you out of insuring your house with him.
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Post by islandiver Wed Aug 13, 2014 11:41 am

Pedro wrote:what our agent said about theft was that mostly they only take what they can carry and to replace it out of pocket would be less than the premiums that you pay. how many of you have ever had an agent that passes up lucrative premiums and talks you out of insuring your house with him.

You poor sod! Eh

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Post by Pedro Wed Aug 13, 2014 11:44 am

nope. lucky sod-eh!
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