How much do you pay for your condo insurance ?

[thairookie]

I plan to have my unit insured as a long term tenant will be moving in soon.  How much do you normally pay per annum for a unit about 70 sqm ?

 

I understand the condo juristic will have an insurance in place for the overall of the building, but I'm looking at the contents and decorations within my unit, especially insurance against theft and burglary.

 

If you have been there and done that, please share your experience with me.  I'm just trying my best to be a responsible landlord.  What are the conditions that I should be looking out for ?

[KittenKong]

I think you may struggle to find insurance that covers theft by persons whom you have invited into your condo. Tenants would normally be included in that group. Burglary is different and should be covered. Read the small print very carefully.

 

As for premium prices, 2,000-2,500B per 1MB of cover seems to be common. Unit size is not relevant.

[thairookie]

22 minutes ago, KittenKong said:

I think you may struggle to find insurance that covers theft by persons whom you have invited into your condo. Tenants would normally be included in that group. Burglary is different and should be covered. Read the small print very carefully.

 

As for premium prices, 2,000-2,500B per 1MB of cover seems to be common. Unit size is not relevant.

Is there an excess or deductible?  What would be a reasonable amount for excess?

[thairookie]

Can anyone recommend an insurance company or package ?

[KittenKong]

On 7/30/2019 at 1:01 PM, thairookie said:

Is there an excess or deductible?  What would be a reasonable amount for excess?

That would depend on the company.

[Beggar]

I have one million for the condo plus five million "Public liability" for damages I cause. Pay 2685. Company is MSIG. Boker was AA Insurance, South Pattaya Rd. (opposite Big C). Make sure that you have coverage if you rent it out. 

 

Not sure if MSIG is a good company. You find out when you need them. Until now I didn't. 

 

 

Edited August 2, 2019 by Beggar

[villerupt]

Hi,

I pay 7000 thb

Cover 3,8 M thb

Unit size is 165 sqm

My appartment in bkk

With AXA insurance

[gjoo888]

We pay close to 8,000 Baht a year for a 3 story townhouse. It doesn't cover much other than fire, which is the main reason we have it.

[thairookie]

7 hours ago, Beggar said:

I have one million for the condo plus five million "Public liability" for damages I cause. Pay 2685. Company is MSIG. Boker was AA Insurance, South Pattaya Rd. (opposite Big C). Make sure that you have coverage if you rent it out. 

 

Not sure if MSIG is a good company. You find out when you need them. Until now I didn't. 

 

 

How big is your unit?

 

Thank you.

[flexomike]

30 minutes ago, thairookie said:

How big is your unit?

 

Thank you.

Hey, that is kind of personal - 555

[DiDiChok]

Mine's 18 inches (from the back of the chair) . . .

[Beggar]

3 hours ago, thairookie said:

How big is your unit?

 

Thank you.

It is about 90 square meters. But I think here size does not matter. It covers many things. But again - make sure what is covered if you rent it out. You use the condo for business. I took this insurance because of the coverage of damage I could cause to others. My old water pipes for instance could cause a lot of damage to the unit below. But again - as long as I didn't use them I don't know what they will do if I have a claim. But so far I am happy with them - they never refused to take my money. 

 

 

Edited August 2, 2019 by Beggar

[thairookie]

7 minutes ago, Beggar said:

It is about 90 square meters. But I think here size does not matter. It covers many things. But again - make sure what is covered if you rent it out. You use the condo for business. I took this insurance because of the coverage of damage I could cause to others. My old water pipes for instance could cause a lot of damage to the unit below. But again - as long as I didn't use them I don't know what they will do if I have a claim. But so far I am happy with them - they never refused to take my money. 

 

 

I asked because AA quoted me 5,000 baht for a unit much smaller than yours, insisting that I insure 1.5m for the unit because of the size of my unit.

[metisdead]

An unhelpful post not offering any information has been reported and removed.  Suggesting people to do a google search just does not offer any helpful advice. 

[Beggar]

5 minutes ago, thairookie said:

I asked because AA quoted me 5,000 baht for a unit much smaller than yours, insisting that I insure 1.5m for the unit because of the size of my unit.

Was this with MSIG? Have been having this company for several years already. The premium didn't change in all these years. 

[colinneil]

21 hours ago, Beggar said:

I have one million for the condo plus five million "Public liability" for damages I cause. Pay 2685. Company is MSIG. Boker was AA Insurance, South Pattaya Rd. (opposite Big C). Make sure that you have coverage if you rent it out. 

 

Not sure if MSIG is a good company. You find out when you need them. Until now I didn't. 

 

 

Well i can assure you MSIG is a good company.

We started house insurance with them 3 years ago, 5 days after insurance started there was a serious storm,  got some damage, contacted MSIG, submitted a claim, it was paid out 2 weeks later.

Nobody came, they accepted before and after photos.

The cost of the house insurance is still the same as 3 years ago, even with a claim.

Edited August 2, 2019 by colinneil

[thairookie]

16 hours ago, Beggar said:

Was this with MSIG? Have been having this company for several years already. The premium didn't change in all these years. 

Not MSIG. AXA rather.

[thairookie]

On 8/2/2019 at 9:05 PM, metisdead said:

An unhelpful post not offering any information has been reported and removed.  Suggesting people to do a google search just does not offer any helpful advice. 

I checked with MSIG but the staff is not very helpful.  I think it's because it's email communication and they don't offer solutions.

 

https://www.msig-thai.com/en/personal-insurance/my-home-plus

 

If I insure the property and the tenant suffers loss because the unit is broken into and the tenant loses his personal effects such as money or Rolex, the tenant will not be compensated as it's not my property.

 

Likewise, if the tenant breaks my decor I will not be compensated.

 

Edited August 8, 2019 by thairookie

[KittenKong]

12 hours ago, thairookie said:

If I insure the property and the tenant suffers loss because the unit is broken into and the tenant loses his personal effects such as money or Rolex, the tenant will not be compensated as it's not my property.

 

Likewise, if the tenant breaks my decor I will not be compensated.

I think both clauses are pretty standard. Your tenant should have his own insurance.

[Beggar]

On 8/2/2019 at 8:08 PM, Beggar said:

Was this with MSIG? Have been having this company for several years already. The premium didn't change in all these years. 

To cut a long story short - I am looking for a new insurance company. Would be happy for any suggestions where you had a good experience when filing a claim. I also would be happy for the name of an insurance broker in Central Pattaya. To avoid problems here in the forum please send me a private message.