Owners Condo Insurance

Owners Condo Insurance

Understanding Personal Condo Insurance Policies

Understanding what the commercial condo policy covers, versus what your personal condo policy covers, is one of the most critical things that you need to understand as a unit owner. An Owner's Condo Insurance Policy should address the following key risks:

  • Natural Disasters and Hurricanes

Many condo insurance policies in Mexico will not cover against natural disasters or hurricanes and do not offer a rider to protect against them. Fortunately, TioCorp Insurance works with insurers which do offer this coverage as an option.You also need to be aware that the Natural Disaster Insurance option is often not offered to new clients during certain times of the year, or following a disaster. However, if it is in place already, it will remain in effect should a natural disaster occur. If you want Natural Disaster and Hurricane coverage, contact us now.

  • Third Party Liability

Should you, for example, forget to turn off the kitchen faucet and it causes water damage to unit owners beneath you, they can sue you for damages. This coverage also protects you if somebody gets injured while in your premises (e.g. slipping on a wet floor). Condo Owners' Insurance would include this type of liability protection. If someone was injured on common property (in the parking lot, for example) the Condominium Corporation's Commercial Policy kicks in. 

  • Theft

Should any of your property be lost due to theft, most Condo Insurance policies would cover it. It is important to know that Mexico insurance companies will not pay for losses unless there is proof of a forced entry into your unit. Read more about Making a Claim.

  • Upgrades

You are responsible for insuring any upgrades or improvements that have been made to your unit, including those during the original construction or by a previous owner. Upgrades or improvements include hardwood floors, new cabinets or counter tops, crown moulding, and wallcoverings.

You should know that some, if not most, condo corporations have bylaws making unit owners responsible for all flooring materials and countertops in their units, regardless of whether or not they were upgrades or improvement. They sometimes do this to get a cheaper rate for the corporation’s policy.

  • Contents

Any of your personal or specialty property inside your unit must be insured against damage by fire, water or other causes under your own Personal Condo Policy. This includes furniture, electronics, household goods, clothing, paintings and most other items.

  • Your Locker

Did you know that from an insurance perspective, your private locker is considered to be part of your insured premises? So, if something is stolen from it, you can rest assured that your personal condo policy will protect you. It is important though to mention that you should let your insurer know that you have a locker.

  • Special Insurance Assessments

There are a number of situations where commercial condo policies do not cover all damage. In these cases, the condo corporation can make assessments against individual unit owners. This most commonly occurs when a unit owner is responsible for the damage or if the loss originates from a single unit.

Condo corporations can also make assessments against unit owners if there is a shortfall in the commercial condo policy. These assessments can total $25,000 or more. As a unit owner, you can protect yourself against insurance-related assessment by having the right personal condo policy.

  • Additional Living Expenses

What would you do if you couldn’t live in your unit because it suffered damage and is undergoing insured repairs?

If you don’t have friends or family members to stay with, you could be out of pocket thousands of dollars for temporary accommodations. Your personal Owners' Condo Policy includes protection for additional living expenses, which includes the cost of temporary accommodation.

Get a Condo Quote Now.

or Speak with an Agent now...

Telephone 376-766-4828 (Mexico)

1-888-712-7023 (Toll Free from USA and Canada)

or Email TioCorp Insurance

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