What does Fovissste damage insurance consist of and what does it cover?

The credits granted by Fovissste are protected by property damage insurance, it is contracted by the Institute, on behalf of the borrower, with authorized insurance companies, for the replacement value of the home, and remains in force as long as there is a balance in favor of the borrower. We will tell you more about this insurance.

The payment of the insurance premiums is in charge of the borrower and is carried out through biweekly discounts that are made in the payroll, this discount is independent of the discount that is made for the credit. The insurance payment is complementary and mandatory. The agreement of the borrower is established in the loan granting contract for the discount to be made.

Payment of the damage insurance premiums is the responsibility of the borrower. They are deducted for payroll. Photo: Reformation.

The beneficiary in the first place will be Fovissste, up to the unpaid balance of the obligations arising from the corresponding credit agreement. The insurance covers homes acquired, built, repaired, expanded or improved with credits granted by the Issste Housing Fund. The period for the insurance to operate will be while the credit is in force.

Fovissste’s damage insurance covers the following risks

Hydrometeorological phenomena such as hurricanes, floods due to torrential rains, earthquakes and volcanic eruptions. Explosion. Fire and lightning. Displacement of the terrain. Hurricane or cyclone. Hail. Stormy winds. Objects dropped from airplanes. Fall of trees. Foundations. Strikes, popular riots. Vandalism. Organized crime. Flood. Water damage. Snow damage. Earthquake. Volcanic eruption. Tsunami and dam overflow.

It also covers the following geological hazards

Overexploitation of aquifers. Differential settlement. Avalanches. Geological fault and / or crack. Landslide. Subsidence of the ground. Solifluction Mud flow. Crumbling of land due to excess water. Erosion of the land from any cause (fluvial, wind, rain, marine).

The Fovissste insurance policy excludes

Lack of maintenance. Nuclear risks. Dolo. Bad faith Terrorism. Sabotage. Pests Predators

Additional coverage. Civil liability

They are insured, within the conditions of the policies in which the insured incurs for damages to third parties, derived from private and family activities in any of the following cases: As the owner of a home and its garages, gardens, swimming pools, antennas, facilities security and other belongings or accessories. For damage caused as a result of an accidental or unforeseen water spill. Responsibilities for damages caused by works, constructions, extensions or demolitions.

In order for the damage insurance to be effective, the Housing Fund of the Institute of Social Security and Services for State Workers (Fovissste) suggests to its beneficiaries that they do not correct the damage caused by an accident in their homes before the The adjuster and the insurer do the verification and validation that is covered by the policy.

In addition to covering the repair of damages, Fovissste insurance provides the beneficiary with rental assistance and household goods.

More information in our Credits Section.