How to report damage from a hurricane? – The financial

2023-10-27 06:52:46

Fernando de la Torre, president of the Agreements Committee of the Mexican Association of Insurance and Surety Agents (AMASFAC), explained that home and business insurance coverage in Guerrero is “quite low,” even because, being coastal, it is It significantly limits catastrophic hurricane exposure and only few insurers in the market risk participating, due to the high volatility generated by these types of events.

This is due to the damage left by Hurricane ‘Otis’ on the coast of Guerrero. The meteorological phenomenon made landfall in Acapulco and destroyed homes, hotels and left thousands of victims.

Furthermore, the Mexican Insurance Association (AMIS) explained that, at the national level, tropical cyclones are the phenomena that have generated the highest coverage of insured property in recent years, with 41 percent; followed by flooding and rain damage, with 22 and 19 percent, respectively.

“The amount of hydrometeorological risk claims covered by insurers was 2.2 billion pesos at the end of 2022,” according to AMIS data.

What type of damages does home insurance cover?

In the market there are a wide variety of financial instruments that protect your car, your pets, the lives of your loved ones and your home, since it is an asset to work for every day.

Home insurance covers risks for partial or total damage. The coverage depends on the type of policy you contract and the company must respond in the event of an earthquake, fire or hurricane, as in Acapulco.

When you take out home insurance, you can protect the structure, the belongings inside and outside the house, and the people and pets that live there. Everything is detailed in the policy, in the insurance contract.

If you have purchased your home through the Institute of the National Housing Fund for Workers (Infonavit), you have accident damage insurance. We tell you the details.

What is Infonavit accident damage insurance?

Infonavit’s loss insurance helps you repair your home when it is affected by situations such as: fires, landslides, floods, snowfalls, hailstorms, hurricanes, cyclones or volcanic eruptions.

Also due to earthquakes, tornadoes, falling trees, objects from an airplane and lightning. The requirements that you must meet to access Infonavit insurance are: be up to date with your payments and that no more than two years have passed since the damage to your home.

Cofinavit, Mejoravit and Unamos credit credits do not have access to insurance. Damage to the house due to the passage of time, due to lack of maintenance, is also not covered.

How does Infonavit damage insurance work?

According to the Infonavit website, if your home was affected by a natural disaster, you must go to your local offices to report the damage.

Afterwards, Infonavit will generate a report for the insurer so that they can visit the home and survey the damages. These can be classified as total or partial loss.

What documents must you gather to access Infonavit damage insurance?

You will deliver these documents to the Infonavit offices: copy of your official identification, sketch of the location of the home, photographs of the damage and mortgage credit account statement.

In addition, a landline and mobile phone number so you can contact an insurance adjuster and report the damages.

You must also present a repair estimate in free format. Original of the document drawn up before the Public Ministry or Civil Protection and the damage report form, which you must print and fill out.

Here you can get the format.

What will happen to Infonavit home insurance in Acapulco?

Infonavit reported this Thursday that measures are being analyzed to support more than 27 thousand beneficiaries who have current credits in Acapulco, due to the destruction generated by Hurricane Otis.

The Infonavit Service Center in Acapulco is closed due to further notice and they are analyzing the effects together with other sectors, explained Carlos Martínez Velázquez, general director of the agency.

Martínez announced that in the coming days an evaluation of the damage to the homes will be carried out to activate the insurance to which the borrowers are entitled.

With information from María Fernanda Antúnez.