Renting a condo without insurance

[Mormolin]

Hi guys, I recently rented a condo in a big condos complex in Chiang Mai. I asked the owner if they have insurance and the answer was negative.

 

I was then wondering what would happen if there is something accidental happening like a fire, a flood or something like that.

 

Does the owner can take me responsable for the damage or it's totally on his own as he doesn't have insurance?

[wprime]

Assuming you're on a regular residential lease operated by a leasing business (defined as anyone that leases more than 5 residential properties):

 

Insurance doesn't matter to you as a tenant for the purposes of damages to the condo. If you cause the damage through intent or negligence including omission of a reasonable duty, then you're liable for the damages whether the owner has insurance or not. Insurance here is to just protect the owner from you defaulting.

 

If it's due to a fault of the property itself then the owner is responsible including damages to your properties. That's where insurance might matter to you.

[jackdd]

Would obviously depend on who is at fault.

The aircon that came with the condo suddenly catches fire due to some shortage? Owner's fault.

The condo above has a water leak and floods your condo, would be the fault of the guy above, your condo's owner's problem (he would have to get reimbursed by the owner of the unit causing the water damage), but definitely not your fault.

If you forget to turn off the cooktop and this starts a fire, then your fault.

Edited October 29, 2021 by jackdd

[Captain Monday]

Insurance for your personal property? As a renter of a condo?

It is called renters insurance in the US.

Most in Thailand live on the edge

 

I looked for contents insurance for the Condo I own in Thailand. Very expensive from a company nobody knows. Don't invest more  you can afford to lose. 

[ThailandRyan]

6 minutes ago, Captain Monday said:

Insurance for your personal property? As a renter of a condo?

It is called renters insurance in the US.

Most in Thailand live on the edge

 

I looked for contents insurance for the Condo I own in Thailand. Very expensive from a company nobody knows. Don't invest more  you can afford to lose. 

I did the same thing, looked here and was floored at the cost to insure my condo contents.  In the US a renters policy is cheap, just like a homeowners policy for insurance is cheap.  On each of my properties in the US I have a insurance policy in case something goes wrong and the renters have rental insurance for their contents as my insurance only covers the home and damage to it or the property as well as insuring for slips and falls on the driveway.  I have a 30x20 storage shed where I store the contents of a house I lived in prior to moving here and that has a rental policy covering it.

[Etaoin Shrdlu]

A tenant can be held legally liable for damages he causes, both intentionally or by negligence, to the landlord's and/or the juristic entity's property.

 

Check your lease to see what it says about your liability to the landlord for damage to his property. It should hold you harmless for damages to the landlord's property which are not caused by you. 

 

Renters' insurance is available that would cover both loss or damage to the tenant's own property as well as the tenant's legal liability to the landlord or juristic entity for damage to property owned by them.

 

Renters' insurance can get expensive when insuring valuable items or items that are taken outside the premises, such as jewelry and electronics.

 

It might be worth your while to ask an insurance broker to get you a quote for renters' insurance. If you leave off the expensive options, cover can be reasonably affordable.

 

Edited October 29, 2021 by Etaoin Shrdlu

[Delight]

 The building where I live did not provide individual apartment insurance for years 1 to 3 of the buildings life.

Now it does.

The motive to change was the classic 'water from the apartment above-who pays?'

So it may be possible that  the building can provide all the insurance that you need -for zero cost to you.

[crazykopite]

Anyone who doesn’t insure there property is an idiot my insurance covers me for 10 million baht and as I live on the beach I am covered for a the sea breaching my property I also have contents and indemnity cover for guests staying either in the main house or separate apartment 10 million doesn’t sound a lot but if my house was washed away it covers the cost of the total build at the end of the day I still have the land . I would of thought that all condos would of required buildings insurance unless it’s covered in the yearly management fees . My insurance costs me 16,500 bag to per year I paid a lot more when I lived in the U.K. and that was 16 years ago   

[LarrySR]

Years ago, my neighbors fire spread to my place and I found out the insurance won’t pay for ashes. 

Insurance adjusters job is to pay out as little as possible. 

Photograph everything you own and keep those photos updated & safe. 

I recommend taking a video and  document every room, open every drawer and closet.

And if there is a fire, even count the toothpicks and make those jerks pay. 
 

 

 

Edited November 3, 2021 by LarrySR