Unlike most Mexicans, I am used to insuring my apartment and car. I am talking about my apartment here. Two years ago, I bought one with Interacciones. They didn't pay ONE CENT for my Wilma damages (I know I am not alone in this case). Even going to conciliation, they accepted nothing. So last year, I went to Metropolitana, and bought another policy. It is at the renewal point. I called this morning, they told me NO COMPANY now accepts to insure an apartment on the beach. They can do it since it is a renewal, but at 3 times the price of last year :shock: I chatted a bit with the girl and told her is was just unfair, but she answered that if the companies insure such apartments and there is another strong hurricane, they will stay without money and won't exist anymore. She didn't seem to know about re-insurers existence. Poor insurance companies, I am going to shed a tear :cry: I am still waiting for the quotation. Anyone could give me some options, please? Some of you have apartments on the beach too.... And it is urgent now, they don't accept any request after May 1. It is soooooooo good to be back in Cancun! :banghead: I have been given opposite advice on the bank insurance service (after damage!) Thanks a lot
Did you try Cathie Smith of Cabo Insurance 624-143-1212 If she cant' help, I'd talk to a realtor or banker that's arranging financing for the sale of such properties. No bank is going to provide a mortgage on property that can't be insured - so even though you're not in the market, they will know who you can go to for insurance.
Thanks. But where is this number? US or Mexico? I can try everything, but I am not sure about what you say, remember, insurance is not mandatory here.... with mortgage, I don't know.
That should be a Mexico number. Insurance is not obligatory in the US either, unless you have a mortgage and the mortgagee (the persons that lends the money) requires it. All do, of course -- one which makes them the primary beneficiary. Anyone that's going to extend a mortgage on property anywhere will require insurance, so those lenders will know who is insuring the properties they mortgage. You can go to the lenders themselves to find out where to get insurance, and the fastest way to find these lenders will probably be by going through realtors, whose best interest lies in making certain buyers get everything they need to qualify to purchase their listings.
Welcome all to the insurance nightmare that is being experienced by all who own waterfront or near waterfront properties. As far as obtaining the insurance for those who do not have any, you are in for a very tough time. And for those who already have a policy, you will be paying through the nose for a renewal. Triple and quadruple the rates is not unusual. As for those who did not get paid, I do not know the reason for you reasoning for being turned down. Same thing happened to me, and I applealed the decision to the higher ups at the insurance company, and got paid rather quickly. Perhaps an appeal would help, but again without knowing the details, I cannot be sure.
I would find it very difficult to imagine that the hotels and such on the beach are finding it difficult to get insurance. Why? Because that would have an immediate effect on the resale value of the individually owned segments (the condos and such) and that effect has yet to be seen. (It would also negatively affect the construction going on in and around Cancun, and I haven't heard that this has slowed up either.) These folks are getting insurance and it must not be unreasonable enough to affect their rents. (And when it does get so bad that it significantly affects the rents, do you think the Mexican government, which just invested $20M in sand alone, wouldn't step in?) Now maybe they're getting some sort of corporate break - and maybe individuals are going to have to band together to create an entity which can also get that same break (economically or poilitically or both). If that's the case, it would be best to start that process now, while most owners of this type are still viable.
we have a house on the road to the airport. Currently we are paying about $300 a year (it might be $150) and we carry an amazing amount of insurance for that price. After wilma we recoved almost $100,000 pesos. What is interesting is we bought our policy in july 2005 4 days before soem other hurricane was supposed to hit us. It seems to me that cancun/mexico banks were over confident in that they had not been hit for years.... I am now in florida and have a great policy for about $1400 per year.... i am happy to have it as the hurricane loss here has been insane. Our super governor here is proposing to give those that live on the beach a discount and let us that live in safer areas pay for it. sounds pretty stupid to me.....
Our store insurance tripled this year...and we aren't on the beach. Three other companies refused to take us on because we are less than 500 metres from the beach. 5 years ago insurance was cheap here. Not anymore.
