Catastrophic Coverage
Catastrophic coverage refers to events which can completely destroy primary dwellings and accompanying structures.
We have two types of coverage available. You can choose one, the other, or both.
1. Earthquake and Volcanic Eruption Coverage
Damages due to earthquake and volcano eruption are subject to a peril specific deductible and coinsurance amounts that vary by the insureds location.
The closer the home is to the danger, the higher the percentage amount, and the greater the insured’s out of pocket responsibility. Catastrophic deductibles start as low as 1% and can be as high as 5%. Coinsurance amounts vary from between 10% and 20%.
The deductible is based on a percentage of the insured amount, while the coinsurance is based on a percentage of the amount of a loss.
2. Hydro Meteorological Coverage
Hydro-meteorological coverage refers to damage caused by hurricane, wind, hail, flood and tidal wave. Like earthquake and volcanic coverage, peril specific deductibles and coinsurance amounts vary by location.
A good example is Rocky Point versus Cabo San Lucas: Rocky Point has a 1% deductible for Hydro Meteorological coverage, while Cabo San Lucas has a 5% deductible for the same coverage. This is because Cabo is far more likely to experience extensive hurricane damage.
Unlike most catastrophic insurance,
Mexpro’s coverage:
- is available to coastal and beach front property.
- does not require storm shutters.
- only has a 10-day waiting period for coverage to become active.
Mandatory Waiting Period
Our program has a mandatory 10-day waiting period for hydrometeorological coverage to become active.
Exclusions
Items EXCLUDED under a hydro-meteorological endorsement include the following, though other exclusions may appear on the policy terms & conditions:
- palapa structures
- solar panels
- pools
- sidewalks
- retention walls
- irrigation
- light posts
- sports courts
- other exterior assets
Requests for exceptions may be manually submitted to the underwriters through our online form.