Condo Contents Insurance

[stiggy23]

Folks, I want to know where I can get contents insurance from. I have bought a condo recently but need to get the insurance sorted out for the contents. Presume, the buildings content is covered by the fees I pay to the management company every year. Thank you in advance for your advise.

[Airalee]

I remember getting contents insurance in the US for a pittance.  I recently got a quote from an agent here and the premiums were extremely high for coverage amounts were that were very low, covered things that would never affect me living in a condo (falling tree limbs, aerial antennas, etc) and written in such a vague way that there seemed to be an exclusion for just about everything that I felt it wasn’t even worth it.

 

Hopefully, someone will chime in and have a suggestion for us because I can’t find anything.

[Etaoin Shrdlu]

A number of Thai insurers offer coverage for condo owners, including not only coverage for the contents but also premises liability insurance. I think some offer to cover maids and servants under a personal accident extension that replicates the benefits (or better) that would normally be provided if the maid were eligible for Thai workers compensation insurance.

 

One issue to be aware of, and you should discuss with your broker or insurance company, is how to cover the portions of your condo for which you have risk of loss but were included in the purchase price of the unit. This can include your unit's sanitary fixtures, aircons, internal plumbing and wiring, false ceilings and the like. It will be difficult to get the developer to provide you with values for these items and sometimes is is expedient just to declare the purchase price of the unit plus any furniture and fixtures you bought separately. Then there's the issue of your personal belongings which may fall into another category and need to be declared separately.

 

The building itself will be insured by the condo's juristic entity and I think you will actually get a separate bill for this item.

[stiggy23]

Thanks guys, I got a quote from Chubb and Axa. I have heard of Axa but not of Chubb, is Chubb any good ?

[Etaoin Shrdlu]

2 hours ago, stiggy23 said:

Thanks guys, I got a quote from Chubb and Axa. I have heard of Axa but not of Chubb, is Chubb any good ?

Chubb has long had a reputation of being a premium brand insurer with a reputation for good service and good attitude towards paying claims. Chubb was purchased by ACE about five years ago and I do not know to what extent the Chubb corporate culture survived the merger. Chubb tended to be a bit more expensive than other insurers, but perhaps only when comparing premium alone and not coverage, service and claims-paying attitude. In my opinion, Chubb will likely still be one of the better choices in this market.

 

My suggestion would be to engage a good insurance broker who can give you advice on coverage and insurer service and help you compare in detail and not just premium cost. A good broker can also tell you whether Chubb's service and attitude are as good as they were in the past.

[Airalee]

4 hours ago, stiggy23 said:

Thanks guys, I got a quote from Chubb and Axa. I have heard of Axa but not of Chubb, is Chubb any good ?

Do you have a contact for them that you can pass along?

On 2/20/2021 at 11:09 PM, Etaoin Shrdlu said:

 

One issue to be aware of, and you should discuss with your broker or insurance company, is how to cover the portions of your condo for which you have risk of loss but were included in the purchase price of the unit. This can include your unit's sanitary fixtures, aircons, internal plumbing and wiring, false ceilings and the like. It will be difficult to get the developer to provide you with values for these items and sometimes is is expedient just to declare the purchase price of the unit plus any furniture and fixtures you bought separately. Then there's the issue of your personal belongings which may fall into another category and need to be declared separately.

This is the issue for me.  I did an expensive gut renovation on a brand new condo and couldn’t find anything in the policy that would cover me for the upgrades.  There was also a cap on many personal belongings such as electronics which if I remember correctly was capped at ฿30,000.

[Etaoin Shrdlu]

3 minutes ago, Airalee said:

 

This is the issue for me.  I did an expensive gut renovation on a brand new condo and couldn’t find anything in the policy that would cover me for the upgrades.  There was also a cap on many personal belongings such as electronics which if I remember correctly was capped at ฿30,000.

The upgrades should be insurable under most condo policies. Your receipts from the contractor(s) along with supporting descriptions of the work they performed can be used to prove your ownership in the upgrades and their cost or value. The values of those items should be included in the sum insured under the policy as fixtures, improvements and betterments or whatever relevant category is provided on the insurance proposal form. I would suggest you also make a detailed list including corresponding values of everything you intend to insure and submit it with your completed application. Write a cover letter referring to the list and the application when submitting them and keep copies of everything. Ask your broker or insurer to confirm that they are going to cover everything you've declared for the sums you've submitted.

 

There is typically either a cap or an exclusion for certain items such as jewelry, electronics, artwork and other valuable items. It is often possible to insure these items, or to insure them for higher limits, but you will need to itemize them and provide values for them. You'll also want to be prepared to provide receipts or appraisals for valuable items in the event you have a claim as you'll be asked to prove both ownership and the value. Photos of insured items can help, too. Insuring electronics can be problematic because they become obsolete very quickly and many insurers don't offer full replacement value for them.

 

I suggest you contact a local insurance broker who can give you proper advice as to your options and how to make sure you insure everything you want in the manner you wish.

Get everything in writing.

[stiggy23]

Thank you guys, I have spoken to a local insurance broker and hopefully get a cover soon. Thanks