Condo Insurance in Mexico

Condo Insurance in Mexico

Owners of condominiums in Mexico have special risks that can bankrupt them. You need to understand why.

Personal Condo Insurance versus Condo Corporation Insurance

A condominium project is comprised of two legal ownership entities. You own your own personal condominium unit. AND you are one of the owners of the condominium corporation itself. All condo owners own a share of the condo development. Along with that corporation ownership comes all sorts of risks and responsibilities for the individual condo owner.

The condominium corporation, which is you and your fellow condo owners, owns the common areas and that includes the building structure that surrounds your unit, for example, it includes:

  • The roof including roofing and drainage.
  • Walls (not including your paint, your wallpaper or any non-bearing interior walls).
  • Floor (not including floor coverings such as carpet or tiles).
  • External walkways.
  • It also includes the swimming pool, the clubhouse, the parking lot, gates, fences and so on. You get the idea.

Commercial Condo Policy

Protects the condominium building itself, including common areas located both inside and outside of the condo building. Examples of such areas are shared hallways, entrance area, swimming pool, gym, elevators, roof, and so on.

It also protects against the condo corporation being sued by visitors or workers who are injured or killed in common areas… if a maid falls and breaks her leg in the parking lot, for example.

Risk: If someone were to drown in the swimming pool, imagine the risk if the family sued the condominium corporation for negligence…the condo corporation is you! If the Corporation has insufficient (or no) insurance, then you are personally on the hook, unless you have your own Condo Owners' Insurance.

Personal Condo Policy

Protects the individual condo unit owner against theft, fire, floods, including unit improvement and personal property. It also protects against lawsuits by workers or visitors who are injured or killed within your personal condo unit. Many unit owners don’t buy individual condo coverage because they mistakenly believe that they are covered under the commercial condo policy.

Risk: Owners of condominiums in Mexico have special risks that can bankrupt them. It is important to realize that the insurance policy purchased by a Condominium Corporation does not cover your own condo or its contents. That requires a Personal Condo Insurance Policy.

There are 3 types of Personal Condominium Insurance Policies.

  1. You live in a condo that you own. Read About Condo Owners Insurance.
  2. You own a condo and rent it out to others. Read About Renter's Insurance.
  3. You rent a condo; That is, you are a tenant and the condo is not yours. Read About Renter's Insurance.

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