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Mexican Home Insurance Application Guide

Posted on April 6, 2020January 15, 2021 by Charles
homeowners insurance GNP

This guide is prepared to assist in filling out the application for a quote, online through NFP/IIG and GNP at mexinsurance.com.

Question/Section Description
Primary Insured The name should match what is listed on the title/deed to the property. Do not enter more than one entity’s name. Mexico law recognizes married couples as one entity so list either of the married party’s names as long as they are listed on the title.
Preferred Beneficiary Endorsement This is required to add additional named insureds, co-owners, trusts, lienholders, etc
Property Type Eligible: Single Family Homes, Condos/Townhomes
Not Eligible: Multi-family dwellings (duplex, triplex, etc) or commercial property (apartment buildings, bed & breakfast, etc)
Postal Code Find your property postal code at geonames.org
Construction Quality see table below
  Economic Intermediate Quality Deluxe
Exterior Stucco, Vinyl Paint Brick Stone Facade Marble, Polarized Glass
Floor Tile, Vinyl Tile Low Quality Carpet Quality Carpet, Ceramic Tile Marble or Granite, Fine Rugs
Walls Stucco, or plaster and paint Knockdown, Vinyl Paints, Wallpaper Decorative Plaster, Good Quality, Ceramic or Wood Trim Imported Wood Trim, Upholstery Fabrics, Mirrors, Textured Plaster
Bathrooms Minimal and Austere Medium Quality White Fixtures, Tile Glazed Ceramic Coatings, Marble colored Fixtures, Marble, Granite Imported and Decorated Ceramics, Quality Mirrors, Textured Plaster
Window Frames Thing Gauge Glass Double Pane Two Inch wide Aluminum Frames Greater Than Two Inch Wide Aluminum Frames
Door Locks Common Medium Quality High Quality or Imported High Security Plates, Imported, Controlled Key Reproduction, Digital system or Magnetic Access
Carpentry Simple Doors and Closets, Pine or Equivalent Varnished Pine Wood Imported or Exotic Woods (Cedar, Mahogany, or Similar) closets with Quality Fittings Fine Wood Doors, Specialty Designed Closets, Fine Wood, High Quality Fittings
Primary Use Choose either Owner Occupied or Rented to Others – no difference in cost but Rented to Others will automatically add coverage for Loss of Rental Income and Rental Liability
Theft Prevention Measures Discounts:
Controlled Access with 24-hour Security: 10%
Certified Central Alarm System: 15%
Both: 24%
None: –
Building Replacement Cost This never includes the value of the land. Replacement cost is based on the estimated cost to rebuild the structure (materials and labor)
Glass Breakage Coverage The limit should be based on the cost to replace all exterior and interior glass, including sliding glass doors, windows, glass block, mirrors, stained glass, etc.
Loss of Use Reimbursement for up to 6 months of lodging expenses or loss of rental income
Debris Removal Coverage for the expense of demolition, clean up and disposal
Value of Personal Property Include the value of furniture and furnishings, appliances, electronic equipment, and other contents.
Theft Coverage Select the portion of personal property to be covered. Example coverage for electronics, jewelry, and artwork. Jewelry and art have $1,000 sublimity so more expensive items require a special endorsement
Liability We recommend at least $300,000 for liability but if you are renting out your property you might consider more.

 

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