Condo Insurance Recommendations

[rnalswls2]

Hi 

I'm the owner of a unit of condominium. And am looking for a insurance that covers major problems such as fire. I just looked at the Axa Smart condo program, and it doesn't look like it's covering entire my condo value when accidents happen such as fire, it says only covers up to 1M THB, which is very low. 

 

In my country, house insurance usually covers and pays back whatever the house is value. Is it different in Thailand? If anyone knows high coverage condo insurance, please recommends! Thanks! 

[KittenKong]

Your building has its own insurance to cover damage to the structure of the building and damage to the common areas.

 

Your insurance only needs to cover your liability to third parties, and damage/loss to your fixtures and fittings and furniture and possessions.

 

If 1MB is not enough to cover this just pay the same amount again for an extra 1MB of cover, or more.

[topt]

OP I would suggest going to a broker and asking for several different company quotes on the level of cover you require. AAInsure as an example should be able to give you a couple of different companies.

 

I would further strongly suggest you make sure you get a policy in English and read the small print before you commit to anything.

[cheeryble]

This has crossed my mind recently.

Extreme example if a fire started in a condo we own and the wife runs as a rental and burned through the building then although the building has structural coverage could the building sue for that huge amount of damage.......which would be in the hundreds of millions and completely ruinous.

Or is the building's coverage designed to cover this sort of thing?

 

Also anyone know a typical yearly premium?

Is it based on area or what?

Can the unit be a rental?

 

Thanks 

[KittenKong]

Cost is commonly 2000-2500B per 1MB of cover.

 

It doesnt seem to vary according to where you are.

 

I suppose in theory the building (or, rather, the building's insurers) could sue you if your unit caused damage to common areas and you were negligent or broke the law in some way (ie having gas cooking equipment in your condo, or having a BBQ on the carpet). Your insurance might cover any such liability claim but I would not rely on it. In practice I would have thought a lawsuit unlikely unless there was an element of deliberate intent (arson etc).

 

I dont see why rental properties would be excluded from such insurance but you would need to inform your insurer that the unit is rented and they may then exclude any damage or loss to your possessions if caused by the tenants (ie your tenant stealing the washing machine, or putting graffiti on the walls).

 

As with all insurance, the devil is in the detail and you MUST read the conditions carefully.

[cheeryble]

21 hours ago, KittenKong said:

Cost is commonly 2000-2500B per 1MB of cover.

 

It doesnt seem to vary according to where you are.

 

I suppose in theory the building (or, rather, the building's insurers) could sue you if your unit caused damage to common areas and you were negligent or broke the law in some way (ie having gas cooking equipment in your condo, or having a BBQ on the carpet). Your insurance might cover any such liability claim but I would not rely on it. In practice I would have thought a lawsuit unlikely unless there was an element of deliberate intent (arson etc).

 

I dont see why rental properties would be excluded from such insurance but you would need to inform your insurer that the unit is rented and they may then exclude any damage or loss to your possessions if caused by the tenants (ie your tenant stealing the washing machine, or putting graffiti on the walls).

 

As with all insurance, the devil is in the detail and you MUST read the conditions carefully.

Thanks KK

 

Note to self: 

No barbecues on carpet!

 

ps: Seems to me that the second, third MBaht of cover should by rights (and may indeed be)

considerably cheaper than the first MB as most claims will be for smaller things and the second or third MB cover is only likely to be claimed on in event of a pretty major happening.

Only one way to find out I suppose.

 

 

Edited July 7, 2018 by cheeryble

[KittenKong]

There may be some reduction in the premium for extra cover. It will surely vary from insurer to insurer also.

 

For me 1MB covers just about everything I expect to need, especially as items would probably only be covered for their equivalent replacement value and not their new value.