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Homeowners Insurance?


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When we bought our home, we called our insurance agent to get homeowners insurance. He asked me “why?” He said that homes here, being built they way they are, don’t need insurance. I thought this is strange (especially from an insurance agent) and wanted to ask: Do you have homeowners’ insurance on your home? If so, what coverage?

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I think most people don't have homeowners insurance because what's to burn? and getting a claim paid is really difficult:  you need original receipts for any items damaged on a claim.  Most of us don' have that.  Earthquake insurance is very expensive and I'm not sure about flood insurance.  Someone asked the other day about liability insurance for a visitor or workman getting hurt.

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We had a homeowner's policy on our B&B in Ajijic through Parker. We did it mainly for the liability coverage. It was very cheap but I don't remember the number.

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I always get insurance. There are lots of things that can burn-cupboards, doors, curtains, furniture etc. Most people use gas for cooking and heating water-that could be a source for a fire and often is.  I've seen some reults of terrible fires fueled by propane. eg. Daniel Jackson the jeweler in Ajijic. A bigger worry for me since my property was on a slope was damage from earthquake or water. It is great if your insurance package has liability-in case a worker is injured.

The only problem with processing a claim is that it was slow.

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We dropped our homeowners many years ago because it was nearly impossible to process a claim.  Last year I tried to get it again for liability since I have workers and kids running all over this place.  One company wasn't interested at all.  Another wanted detailed photos of every inch of the property.  I sent them over 50 photos and never heard back. 

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In terms of property damage... We figure the money we save by not paying for insurance will cover costs for anything that might burn (not much) or be damaged by minor tremors. Water damage isn't very likely as 10 years experience has shown the heavy water comes down an arroyo to the west of where we live. It's flooded the carretera and homes below where we live, but passes by our development with minimal damage to some yards, but none to houses. If somebody breaks in and steals "things" from the house, again we can replace them with money saved by not having insurance. 

I can see where liability insurance for worker injuries could be useful for peace of mind, but we've been fortunate so far that workers have been careful. If any sustain fairly minor injuries, we would cover their medical costs out of pocket. Insurance for something more major would be the only reason for us to have insurance.

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2 hours ago, ManxMan said:

When we bought our home, we called our insurance agent to get homeowners insurance. He asked me “why?” He said that homes here, being built they way they are, don’t need insurance. I thought this is strange (especially from an insurance agent) and wanted to ask: Do you have homeowners’ insurance on your home? If so, what coverage?

You should be happy that you have an honest insurance agent looking out for your interests. Our agent said the same thing to us 16 years ago

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5 hours ago, happyjillin said:

You should be happy that you have an honest insurance agent looking out for your interests. Our agent said the same thing to us 16 years ago

Odds of getting a Mexican insurance company to pay a claim are the same odds, IMO and from what I have read over the years, are the same as getting hit by lightening 3 times within one hour with no ill effects.

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Remember one thing...you don't buy insurance to cover things that will just piss you off, small fire, minor water damage, minor injury to a guest or worker. You don't buy insurance for those things. You buy insurance for the rare, but it happens, when someone gets severely injured or killed. Many people look at the "odds" something will happen. The right way to look at it is if "X" happens will I just be pissed or will it put me in the poor house. If your answer is the latter you may want to consider insurance.

 

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3 hours ago, Nikalos Telsa said:

Odds of getting a Mexican insurance company to pay a claim are the same odds, IMO and from what I have read over the years, are the same as getting hit by lightening 3 times within one hour with no ill effects.

Not true, I have had 3 or 4 processd.

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I've had two neighbors who filed claims for burglaries and although the process was time consuming they both received reimbursement.  For items without receipts, the insurance carrier asked for letters from acquaintances that had seen the stolen items.  They were also reimbursed for cash in their home safe.  

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3 hours ago, Nikalos Telsa said:

Odds of getting a Mexican insurance company to pay a claim are the same odds, IMO and from what I have read over the years, are the same as getting hit by lightening 3 times within one hour with no ill effects.

We have had 2 car insurance claims paid with absolutely no problems.  

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With a car accident in Michoacan that occurred to my parked car, I told the AXA adjuster that I had a witness and I had located the other driver.  He said it was better to file the claim as a "hit and run" because that would expedite the process.  If we involved the police then the claim process would take forever.    Good advice on the part of the adjuster.

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