Renters Insurance

Renters Insurance

This information applies to condominiums and to deeded homes. You are a tenant and the condo, or house, is not yours.

(Tenant) Renters’ Insurance typically covers only your contents of the rented property, that is the contents that you personally own, and sometimes third party liability. It does not cover the building itself, the owner's furnishings, or the fixtures: Those items should be covered by the insurance policy of the home or condo owner.

Risk: If there is a loss due to a flood or fire that you cause, and the owner does not have their own Rental Property Insurance, you could find yourself being personally sued by the owner for his losses, by other condo or home owners for their incidental damages, and perhaps even by the condo corporation if there was damages to the common elements. It is not unusual in Mexico for owners to neglect getting home, condo or rental property insurance. You need protection. You need (Tenant) Renters’ Insurance coverage.

Renters' Insurance Coverage

  • Contents

If you rent and bring in personal items such as electronics, laptop, clothing, etc. these items would be covered by the Renter’s Policy. Contents are protected from a number of perils, including flood damage, negligent neighbours causing damage to the unit resulting in damages to your personal items.

It would also protect against theft. However, for theft coverage to kick in, there must be evidence of forces entry. Don't leave windows or doors unlocked!  Read more here about making a claim for theft in Mexico.

  • Personal and Property Liability

Imagine forgetting to turn off the water so that you flood the neighbouring units. Property liability insurance will take care of this. If some of your guests injure themselves in your rented premises and decide to sue, that’s when personal liability protection kicks in.

Risk: If the maid or gardener falls and is injured while on your rented property, don't be surprised when the Mexican authorities knock on your door to advise you that you are responsible for all medical costs, lost wages, and rehabilitation. Its the law in Mexico and it commonly happens. Your Liability coverage protects you against those expenses.

Risk: Please note that insurance will not pay for items missing from the home or condo when you vacate. If you signed an agreement that spells out the inventory in the premises, you are responsible for them to be there and undamaged when you leave. Check the inventory list and make a note of any damages that exist when you take occupancy. Bring discrepancies to the attention of the owner.

  • Additional Living Expenses

This pays for some of the additional costs you incur if you are forced to move out from the condo while it is being repaired. For example, after flooding or a fire, your unit may be inhabitable, leaving you with rental or hotel costs during the restoration period.

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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