This type of insurance offers coverage that supports all the damages that the home may present and other expenses that arise as a result of an earthquake

The earthquake that shook the country on September 19, 2017, damaged more than 3,000 buildings in Mexico City alone. In addition, it destroyed the wealth and financial stability of thousands of people.

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However, many people still do not have the culture of insuring their homes . According to data from the Mexican Association of Insurance Institutions ( AMIS ), home insurance has a penetration of just 10% , a very low figure if the number of homes that exist in the country is taken into account.

“In Mexico, one of the main threats faced by all homes is earthquakes , since we live in a country that is mostly seismic. For this reason, being protected with insurance against this phenomenon is essential ”, points out I?aki P?rez , CEO of the Ahorra Seguros platform .

Generally, insurance protects the home and its contents against the most common threats that can damage it, such as fire, theft, vandalism, among others.

But there are also natural phenomena before which it is necessary to contract additional coverage so that the insurance companies take charge of the repairs or the payment of compensation.

For this, there is home insurance against earthquakes , which includes damage to structures, ceilings, walls, floors, furniture, appliances, fires and damage to pipes and electrical network. Likewise, it pays for catastrophic damage to the home in the event that it is declared a total loss due to collapse or serious structural damage.

What is the coverage of earthquake insurance?

This type of insurance offers coverage that supports all the damages that the home may present and other expenses that arise as a result of an earthquake.

The essential coverages are:

• Structural damage



• Damage or destruction of material goods inside.



• Fires.



• Cleaning debris.



• Accommodation expenses or rent of a new property.



• Warehouse payment for the safekeeping of your belongings.



• Eviction and moving.



• Burglaries in the home while it is uninhabited.

In addition, a deductible is charged to make the coverage valid, which can range on average from 2 to 3% of the total value of the property, as stipulated by AMIS . As well as a coinsurance , which can be from 10 to 30%, depending on the area in which the home is located.

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What are the requirements to hire it?

The requirements depend on each insurer, but are commonly the following:

• The construction must have a value greater than 600,000 pesos.



• The house must be away from bodies of water for at least 500 meters.



• It must be located within the national territory and be a regularized property.



• It must be a solid construction for residential use.



• The owner must have the property titles.



• The property or land must not be in any type of legal dispute.