News Forum - Everything your property insurance covers

[Thaiger]

SPONSORED For many people, their house is the most valuable thing they own. It’s a precious asset that took years of hard work and savings to achieve. That’s why it only makes sense to protect it with property insurance. Of course, no one wants anything bad to happen to their property, but the future is uncertain, and unwanted things can always happen. Imagine being away on vacation, and a fire breaks out in your home, or a tree falls on your roof because of a storm. These damages aren’t only frustrating but can also cause you financial losses since the […]

The story Everything your property insurance covers as seen on Thaiger News.

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[KaptainRob]

The above generic article DOES NOT explain the intricacies and many shortcomings in Thailand Home Insurance.

One must read an English language version of the offered policy to ascertain the extent of cover in case of damage by any natural means, eg fire, flood, quake or tempest (wind, hail, etc)'

In my experience Thai coverage is not the same as Western cover.  eg: In Aus/Nz a per-square-meter value is placed on ones home to cover repairs and re-building with a ~20% variation in the case of under-valuation.  All outbuildings may be included whether attached or stand-alone, including fences and gates.

In Thailand I have had quotes from major insurers which appeared cheap and upon querying the small print I discovered: foundations not covered (fair enough), out-buildings incl. fences, carport, pool not covered, and upon requesting a new quote based on total sq/m of all structures (except fences and pool), the premium doubled.  A '70% clause' allowed for an market valuation shortfall at time of claim to reduce payout by up to 30% of the sun insured.  Upon asking who conducts the valuation, I was told "a bank manager".

So, caveat emptor, if you have a quality built home take great care in assessing what that House Insurance policy actually covers and how the system works IF you make a claim.

[BainaiThai]

1 hour ago, KaptainRob said:

 

So, caveat emptor, if you have a quality built home take great care in assessing what that House Insurance policy actually covers and how the system works IF you make a claim.

Amen...