Key States for Home Insurance
According to the Mexican Insurance Institutions Association (AMIS), six states in Mexico have home insurance rates above the national average of 26%. Notably, Colima leads in this aspect, with Jalisco following closely.
- Colima: Homes in Colima account for 132,212 out of the total 1,231,000+ insured homes in these six states.
- Jalisco: With 691,833 insured homes, Jalisco is at the national average.
- Nayarit: 91,169 homes are insured in Nayarit.
- Michoacán: 204,037 homes are insured in Michoacán.
- Oaxaca: Oaxaca follows with an unspecified number of insured homes.
- Guerrero: Guerrero completes the list with an unspecified number of insured homes.
These six states collectively house over 5.1 million homes, with more than 1.23 million being insured. The data comes from the National Institute of Statistics and Geography (Inegi).
Complementary Coverages
In addition to standard home insurance, AMIS highlights the importance of complementary coverages such as debris removal and cleanup expenses, as well as costs resulting from the insured event. The director of AMIS emphasizes identifying the coverage and sum assured, especially for risks related to hurricanes, tropical storms, strong winds, heavy rains, and storm surges.
Hydro-meteorological Risks
Insurance policies typically protect against damages caused by hurricanes, tropical storms, strong winds, heavy rains, and storm surges. These events can lead to flooding, hail, or even freezing conditions.
It’s crucial to review policies linked to home loans, as they may only cover the outstanding loan balance in certain cases. However, this protection is often insufficient for advanced loans since it may not cover total loss of the insured property.
Preventive Measures During Hurricane Season
Given the prevailing weather conditions during hurricane season, AMIS urges residents to adhere to preventive measures recommended by federal and local authorities.
- Avoid crossing rivers, streams, or flooded areas: This advice comes from the National Coordination of Civil Protection (CNPC).
- Exercise extra caution in hilly areas: Be aware of potential landslides.
- Be mindful of lightning during rainstorms: Remember that heavy rains can cause urban flooding and increase river levels.
Key Questions and Answers
- What does AMIS stand for? The Mexican Insurance Institutions Association (AMIS).
- Which states have the highest home insurance rates? Colima, Jalisco, Nayarit, Michoacán, Oaxaca, and Guerrero.
- What additional coverages should be considered besides standard home insurance? Debris removal, cleanup expenses, and costs resulting from the insured event.
- What hydro-meteorological risks do insurance policies typically cover? Hurricanes, tropical storms, strong winds, heavy rains, and storm surges.
- Why is it important to review policies linked to home loans? Standard coverage may not be sufficient for total loss protection in advanced loan situations.
- What preventive measures should residents follow during hurricane season? Avoid crossing flooded areas, exercise caution in hilly regions, and be aware of lightning during rainstorms.
