Replacement Cost Value Coverage
Replacement cost value coverage reimburses you for the cost to rebuild your home and other structures on your property.
Replacement Value of Home Coverage
Mexpro's GNP Mexico homeowner's insurance policy includes replacement cost value coverage for your home. This coverage reimburses you for the cost to rebuild the primary dwelling and other structures on your property, up to the insured amount, minus the deductible and, when applicable, minus the coinsurance amount.
When shopping for Mexico homeowner's insurance, be sure to avoid policies that only offer actual cash value coverage, which is equal to the replacement cost minus depreciation. Depreciation can drastically reduce the amount paid out after a claim, so having replacement value home coverage better protects your home.
Insured Amount
Your home, condo, or townhome can easily be insured through Mexpro's home insurance program for amounts as little as $5,000 USD, and up to a maximum of $2 million USD.
If your home's value exceeds $2 million USD, please submit a special underwriting request using our online form.
When determining the value of your home for insurance purposes, you should never include the value of the land, views, or allure of the location. The replacement value of your home should be based solely on the cost to rebuild the structure(s), meaning materials and labor.
Condominiums / Townhomes
Condominiums and townhomes in Mexico need building coverage for the interior walls and personal property coverage for the items inside the home. Check the condo association's bylaws and covenants to determine what the association is responsible for and better know how your unit should be insured.
Catastrophic Coverage
Mexpro's hydrometeorological and earthquake coverage are optional, but like our fire and all-risk coverage, the amount of reimbursement after an insured loss is calculated using replacement cost value coverage. The premium amounts you pay for catastrophic coverage vary based on the location of your home.