Home Insurance

[connda]

I've had home owner's insurance in the US so I understand their policies.

Here in Thailand?  Everything seems to be different when it comes to insurance and banking.  So I'm looking for guidelines from someone who has purchased Thai home owner's insurance and currently has a policy. 
What kind of policies do Thai insurance companies offer.  What kind of deductible?  What's covered?  What are typical policies limits and limitations?   And any other pertinent information that would be useful. 

I've been thinking about this as Northern Thailand is an earthquake zone and long-term meteorological data is suggestion that Thailand is in for some rough weather this coming year.  Thanks!

[Etaoin Shrdlu]

I believe that both "all risks" policies that cover all perils except those specifically excluded, and named perils policies that cover only fire and specific additional perils are available.  "All risks" policies will at best cover flood subject to a sub-limit, at worst for a trivial amount, at best for perhaps 10% of the total sum insured for building and contents. Named perils policies won't cover flood unless specifically included and will also be subject to sub-limits if they do. If I recall correctly, the Thai insurance industry's definition of flood also includes certain types of water damage that would normally not be considered flood by the US insurance industry, such as damage caused by stormwater runoff. So lack of flood cover creates a somewhat larger coverage gap here than in the US. Best to have this explained by a broker. I haven't looked into this in a while.

 

I am not aware of insurers imposing sub-limits for earthquake here, but you'll have to check. They did not in the past, but times change. My homeowner's policy covers our house in Bangkok and there is no sub-limit for earthquake. Perhaps a policyholder in the north can advise.

 

Premises third party liability cover is often included or at least offered by most insurers. A number of other extensions to cover are frequently offered, but this varies by insurer.

 

The only mention of a deductible in my homeowner's policy is with respect to the perils of burglary or robbery occurring outside the premises.  Assuming a deductible makes sense if there is a meaningful premium reduction, but insurers usually only offer such reductions if the type of risk has frequent, small claims such as with motor or medical insurance. I doubt that assuming a deductible for the core coverage on the dwelling and general contents will yield much of a discount, but you can try.

 

I think your best course of action would be to find a good broker and let him explain what is currently on offer from different insurers.

[topt]

On 4/3/2021 at 2:47 PM, connda said:

What kind of deductible?  What's covered?  What are typical policies limits and limitations?   And any other pertinent information that would be useful. 

Good post by  @Etaoin Shrdlu above.   I will give you some other specifics from my experience which may or may not be useful.

I have maintained home insurance for the last 10 years. Originally a NZ company who were bought out by another, merged with AIA or similar, then called something else and now Tokio Marine Safety Insurance - but the policy basically has changed little in that time. Bought via AA Insure brokers after assessing a couple of different offerings - one of the few at that time with English Ts and Cs.

Some of the detail with the policy I have -

Building Deductible - 10% of loss or minimum 10k each and every loss windstorm and water damage, 3k other

Contents deductible - 2k

There is a flood sub limit of 1k only which was introduced after the big floods of ? (2011?)

In the Buildings cover it specifically mentions Earthquakes and volcano eruption......

Contents - you need to be aware of specific items as above a relatively low level of value they may need to be individually notified with pics/serial numbers - golf clubs/laptops/watches/jewellery etc

 

The last one mentioned can really push up the premium.

 

I haven't bothered with other sub sections including personal accident/Liabilty and workmen's compensation.

 

Other than flood most exclusions are similar to what you would expect- eg. no cover if unoccupied 60 days for some items. 

 

Have recently made my first claim for accidental damage so will see how that goes.........

Another member Colin has recently commented on a good experience claiming with MSIG.