Merida Mexico real estate agent - Yucatan mexico real estate

Merida Mexico real estate agent Can you buy hurricane insurance for beach front property in Yucatan Mexico ?

Yes you can and there are quite a few options but there are severeal things you need to be aware of before you buy a policy.

First of all there is a cut off date prior to the start of every hurricane season When insurance companies stop issuing policies. The date varies company to company but it is usuall 30 days before the start of hurricane season.

So what date is that ? Ten years ago the storm season used to be June 15 to Sept. 15 but now the season runs to end of November. Just to be sure get your coverage get your coverage by the end of April.

Policy premiums vary wildly and some companies throw in mandatory conditions like having life insurance and insisting you take full replacement value for structure and contents plus other profit making add ons to sweeten their pot. Remember the dollar amount your premium is based on and your eventual pay out in the event of a loss are two separate numbers.

Statistically we get a hurricane every 15 years here in the Merida beaches are so insuring for a total loss you will never incur is not practical. If you are strict with yourself you may want to self insure by opening an account and placing what would have been your health and home insurance premiums into that account to service any future needs.

The banks also have a pretty good insurance program . My previous insurer was Gateway Insurance in the states who quadrupled my premiums after hurricane Isadore in 2002 ( no I did not have a claim ) , then I went to GNP who started out great but soon had restrictions that I was not comfortable with and now I use Bancomer who allowed me to establish my own valuation for my loss protection.

The policy stipulates that in order to be covered I need to have 20 meters of beach in front of my house but no one ever came out to measure the beach. In a case like this you need to have a surveyor come out and notarize pictures of your existing beach to avoid problems in the event of a claim.

No insurer insures swimming pools or palapas.

The main thing here in order to protect yourself is to document everything. Take a video going room to room and make a written inventory of the items , model, make, serial numbers and bills of sales if you have them. Oh my god what a lot of work !!!! Yes it is but that is what the insurance company is going to ask for so you need to be ready.

I have personally witnessed claims being submitted for various loss and in Mexico the agent who sold the policy does next to nothing to try and help you navigate the compensation process. Personally I recommend you hire a lawyer to submit the claim. The fees are reasonable and the running around is to a minimum when the insurance company knows they are dealing with your lawyer.

Remember install a good quality surge protector because appliance manufacturers and insurance companies are hip to power surges blowing up your electrical equipment. They will be looking for that and the steaks in your fridge are your problem.

Robert Harker is a Canadian living and practicing real estate in Yucatan Mexico serving the beach communities north of the city of Merida, in the state of Yucatan. He has been a practicing real estate and mortgage broker in Mexico for the last 10 years and has a total of 25 years international real estate experience with 1,000 career deals and counting. He specializes in retirement beach property for foreigners and has a full service construction company catering to the needs of his market niche.

For more information http://www.thegringosguideblog.com