IMPORTANT HAZARD INSURANCE INFORMATION
MoXi® requires all clients to maintain homeowners’ insurance coverage on properties secured by a MoXi® loan. Homeowners insurance (HOI) is a condition of every mortgage and must be provided and approved 21 days before closing. Acceptable property insurance, according to MoXi® guidelines, must remain in effect via annual renewal for the life of the mortgage loan.
As in the United States, the coverage and quality of the hazard insurance you select for your property in Mexico is important. MoXi ®works with several approved carriers who typically meet our quality standards for insurance coverage in Mexico. MoXi® clients have reported success in working with an insurance broker that is familiar with our requirements – details below. Note that MoXi® has no affiliated business arrangements with any insurance carriers or brokers nor earns a fee or commission based on broker or policy selected.
MoXi® requires the first year of your policy be paid 21 days prior to closing. Thereafter, MoXi® will collect, or impound, part of your annual premium each month with your monthly mortgage payment. When your policy renews, MoXi® will pay the carrier from your impounded funds on your behalf via a direct bill arrangement.
If you have questions about our insurance requirements, please contact your Mortgage Advisor or Client Concierge for assistance.
Purchase Transactions Only:
Just as you might shop for property insurance before closing real estate transaction in the United States, the process is similar in Mexico. There are different policy options available, and you are encouraged to find the policy that meets your needs and budget. Please note that all insurance policies must meet MoXi® insurance underwriting requirements. We cannot accept any insurance coverage that does not meet the guidelines addressed below.
Refinance Transactions Only:
Please submit your current Evidence of Insurance “EOI” documentation along with other requested documents for review by our underwriting team well in advance of your scheduled closing. Your Mortgage Advisor and/or Client Concierge will discuss any required modifications to your policy with you. Prior to closing, insurance coverage must meet lender credit policy which may necessitate amendments to your current policy and/or a change in carriers. MoXi® is not permitted to make policy changes on your behalf and so modifications will require contact between you and your agent. Many clients welcome the opportunity to use this time to do an insurance “checkup” and/or shop for insurance that may better meet their needs and/or budget.
Approved Insurers:
• CHUBB Seguros Mexico
• Mapfre Seguros
• GNP Seguros
• GMX Seguros
• AIG Seguros Mexico
Policy and Coverage Requirements:
Insurance Brokers Familiar with MoXi® guidelines:
West Coast Global Insurance Services Jason Wagner – Owner/Broker California Insurance License #0E50745
MoXi@InsureMeWC.com (818) 788-5353 USA | 01 (800) 099-0614 MEX | (747) 226-5665 (WhatsApp) https://westcoastri.com/moxi-mexico-home-condoinsurance-application/
Cathie Smith LoCicero, Mexico Insurance Expert Scottsdale AZ & Cabo San Lucas MX Arizona Insurance License 1022505 Moxi@cathiesmithinsurance.com www.cathiesmithinsurance.com US Mobile 619-780-3553 & WhatsApp 575-993-8227
Minimum Coverage Required (the lesser of):
• 100% of the insurable value of the improvements as established by the insurer OR
• The unpaid principal balance of the mortgage if it equals a minimum of 80% of the insurable value of the improvements at guaranteed replacement cost Condominiums and attached homes require the same coverage as a detached single-family home.
Maximum Deductible:
• Single family detached home: 10% of the face value of the policy
• Condominiums and attached homes: 2% of the face value of the policy
• This includes coverage for separate wind-loss deductible and for policies that include common elements/common walls coverage
Required Coverage:
• Fire and other hazards covered by a standard extended coverage endorsement
• Covered damages must include, at a minimum:
o Wind
o Smoke
o Hail
o Damages from aircraft, vehicles, explosion
o Hydrometeorological events
o Earthquake and volcano events
NOTE: Policies that limit or exclude windstorm, hurricane, hail, or any other perils that normally are included under an extended coverage endorsement are not acceptable.
Evidence of Insurance (“EOI”) Documentation Must Include:
• Borrower names that match the loan application/documents
• Property address that matches the loan application/documents
• Policy number
• Loan number
• Name of insurance company
• Insurance agent information
• Effective and expiration dates of coverage
• Premium amount
• Coverage amounts and deductibles
• Lender loss payee clause*
• Agent signature and date
*The lender loss payee clause must include the following information:
Statebridge Company ISAOA / ATIMA Attention Escrow Department 6061 S Willow Drive, Suite 300 Greenwood Village, CO 80111