- In Mexico, only 4.5% of households have some type of insurance.
- Fires are more common than one might think; over 90,000 are recorded annually in our country.
For Mexicans, family is highly valued, which makes protecting our assets a priority. However, many people are unaware of how to safeguard them against unforeseen events. Events such as the 2017 earthquake and Hurricane Otis in 2023, which left 7,774 and 273,844 properties affected respectively, according to data from the Reconstruction Commission, taught us the importance of insuring our properties. Although there are various insurers in our country, according to the portal Hello Safe, only 4.5% of homes have some form of insurance.
This type of insurance is a contract with an insurance company to provide financial protection against losses or damages. Generally, it covers events such as accidents, natural disasters, among others. The owner must pay a certain amount periodically to the insurer, and in return, if damage occurs, the company covers the costs of repair or replacement of the affected property; the percentage can vary according to the contract established.
There are various types of insurance, each with different benefits or costs, which is why we present the main ones so that your home remains protected in 2024.
• Compensation for Material Damages: This insurance aims to protect a home from fires, explosions, water damage, and lightning. Generally, insurance packages include these events as part of the basic coverage, as fires, in particular, are more frequent than we think. According to the National Institute of Statistics and Geography (INEGI), over 95,000 urban fires are recorded annually, with 80% resulting in total loss of the property.
• Repair of Damages from Natural Disasters: As we know, Mexico is prone to natural disasters such as earthquakes, floods, and hurricanes, which cause millions in losses to the population. In 2023 alone, the impact of coastal flooding was estimated at 130 million dollars. For this reason, it is important to have insurance that covers repair or reconstruction in case of such events.
• Protection for Household Contents: Remember that assets include not only properties but also furniture, jewelry, and machines or appliances, especially if they are used commercially. Similarly, these items are not exempt from damage or theft, so most insurers offer protection, though some items may be excluded, depending on the provider.
• Certainty Against Accidents: According to the National Council for the Prevention of Accidents (CONAPRA), home accidents are the second leading cause of child mortality in Mexico, with 70% occurring within a few meters of parents. However, not only children are at risk; the World Health Organization estimates that 80% of accidents occur at home. This is why home insurance includes medical expenses for incidents occurring within the home. Some policies also cover pets.
• Legal Advice: Some insurance providers also offer legal assistance, such as medical home care or ambulances, as well as support with more routine services like plumbing, electricity, locksmith services, and more. Not all companies offer these, so if it’s of interest to you, check before signing up.
Insurance services are varied and customizable, meaning you can pay only for what you need. The cost can range from 4,000 to 20,000 pesos annually, a considerable price considering the benefits. Before purchasing any policy, it’s always advisable to research thoroughly, compare costs, advantages, and disadvantages, and seek references. The only thing we can assure you is that protecting your assets will always be a good investment.
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Fuentes de consulta:
https://hellosafe.com.mx/seguro-hogar
https://www.bbva.mx/educacion-financiera/seguros/que-cubre-un-seguro-de-casa-habitacion-hogar.html