Understanding Insurance in Yucatan.
Homeowners and Auto Insurance
Homeowners Insurance
Homeowners are typically responsible for insuring the structure of their home, as well as their personal property inside it and their family's belongings.
Family Liability: Support for you and your family with third-party expenses, even outside the country.
Workplace Liability: Support in the event of damage to third parties or accidents involving people who help you with household chores while at work.
Personal Accidents at Home: Reimbursement of up to 100,000 pesos for medical expenses in the event of accidents inside the home.
Home Assistance: Plumbing, locksmith, electrical, and housing services in case of emergency.
Personal Property
Theft: your belongings and even cash.
Appliances: Repair or replacement of household appliances in the event of an explosion, short circuit, or improper installation.
Contents: Your belongings will be covered from damage due to an explosion, fire, or lightning
Refrigeration Equipment: Some companies will pay for replacing everything in their refrigerator in case of damage.
Dwelling
Building: Coverage for damage from fire, explosion, vandalism, or if a tree falls on it.
Debris Removal: Support for demolition, removal, cleanup, and hauling of debris.
Extraordinary Expenses: If your home becomes uninhabitable, we cover moving expenses, hotel or apartment rentals, and storage for your belongings.
Renters Insurance
For renters, unlike homeowners, it's essential to understand the scope of protection for their personal belongings. Insurance will cover everything inside your home, from furniture and electronics to jewelry and clothing. In this case, insurance companies offer to take care of your home with two coverage options:
1. Provides the same protection as homeowners' insurance, including tenant liability coverage for fire or explosion damage.
2. The personal property provides the same protection as homeowners' insurance, plus glass repair or replacement of glass in the event of an accident.
Some insurance companies will offer you a flexible policy that you can customize based on your needs, including at least fire and liability coverage, and at least one of the following: glass breakage, burglary and assault, repair or replacement of household appliances and electronic equipment, or emergency assistance services at home.
Additional Coverage
Both homeowners' and renters’ insurance can include extra coverage for damage caused by tropical cyclones, floods, droughts, thunderstorms, extreme temperatures, earthquakes, or volcanic eruptions, which you can request based on the conditions in your area.
For tropical cyclones, floods, droughts, thunderstorms, temperature extremes, insurance companies can protect your home and belongings from damage caused by mudslides, hail, frost, hurricanes, floods, tsunamis, storm surges, snowfall, and storm winds.
In the event of an earthquake or volcanic eruption, insurance companies can protect your home and belongings from damage caused by these events.
Home Insurance Costs
The calculation of a homeowner’s insurance costs in Mexico can vary depending on factors such as the type of coverage, property value, and location. To make this situation easier to understand. To obtain a quote, please get in touch with the insurance company of your choice or call your insurance specialist agent.
Summary Table: Homeowners Insurance in Mérida
Coverage Type
Prices below are for reference only.
Estimate (USD/year)
Basic policy (city, no hurricane) $350 – $850
Full coverage (including hurricane) $1,500 – $2,700
General range for region (~$150K home) $300 – $600 (approximate avg)
This is general information about insurance policies. For details specific to your needs and property, please get in touch with an insurance agent.
Auto insurance
Car insurance in Yucatán covers damages and injuries caused by a traffic accident. To use it, you pay a premium to the insurer, and in the event of an accident, you must report it so an adjuster can evaluate the situation. According to the terms of your policy, the insurance company then covers the corresponding expenses.
How it works
• Purchase: You choose an insurance plan that suits your needs, such as basic, limited, or comprehensive, and pay a premium (monthly, quarterly, semiannual, or annual) to the insurer.
• Claims report: If an accident occurs, you must contact your insurance company as soon as possible. You will be assigned a claim number.
• Claims adjustment: An insurance adjuster will arrive at the scene to determine the facts, verify the policy, and the applicable coverages. They can also assist you with services such as a tow truck if necessary.
• Coverage: The insurer will cover the expenses stipulated in your contract. This may include damage to your vehicle, third-party damage, medical expenses for you or your passengers, and total theft.
Policies and Coverage
• Comprehensive Coverage: Typically includes property damage (such as broken glass), total theft, and civil liability.
• Limited Coverage: Offers basic coverage, such as civil liability.
• Civil Liability: This is the minimum mandatory coverage and covers damage you cause to third parties' property or personal injury.
• Per-kilometer Coverage: This option provides a lower cost for each kilometer you drive and is ideal if you rarely use your car.
Common Requirements
• Official identification and a valid driver's license.
• Vehicle invoice or billing statement.
• Proof of address.
• Vehicle registration card.
• Vehicle identification number (VIN).
Remember: the information provided here is just an overview of how auto insurance works in Mexico. You must contact an insurance agent or insurance company to get more information.
