Homeowners Insurance - Appraisal Needed?

[NoDisplayName]

Hello forum!

 

I am planning to join my wife in Thailand soon, and will be living with her in her house in a medium-sized town.  She doesn't have homeowner's insurance yet.  I want her to get a fire/theft cover basic policy.

 

We contacted a few agents and was told along with the application we will need an appraisal which would cost 30-40K bath.????

 

I thought the insurance company would send one of their licensed/qualified agents to perform a survey, rather than hire a professional appraiser. 

 

I know it's a different land, but a full appraisal for an insurance policy?  Seems kinda pricey for the service as well.  What do you think?

 

 

[bkk6060]

16 minutes ago, NoDisplayName said:

I thought the insurance company would send one of their licensed/qualified agents to perform a survey, rather than hire a professional appraiser. 

Not sure about here, but in western countries this would be a conflict of interest.  Needs to be an independent.  That being said, good idea but I bet 90% of the people here do not have such insurance.

[4MyEgo]

37 minutes ago, NoDisplayName said:

I want her to get a fire/theft cover basic policy.

AA Insurance brokers, I insure my house for 2.5 mil for about just over 6,000 baht a year.

 

Forget about the people you have been dealing with, talk to AA Insurance, they will set you straight.

 

https://www.aainsure.net/

[Will B Good]

49 minutes ago, NoDisplayName said:

We contacted a few agents and was told along with the application we will need an appraisal which would cost 30-40K bath.????

I would have a few choice words for them!

 

Do it all through your wife.....Once they find there is a foreigner involved it is like a feeding frenzy.

[John Bird]

You were quoted a ripoff price. Find insurance elsewhere, it shouldn't be that pricey. 

[Etaoin Shrdlu]

A formal appraisal should not be necessary. An insurer will usually accept the values the insured wishes to declare as it is the insured's responsibility to determine insurable values at the time of policy formation, not the insurance company.

 

Sometimes an insurer will send someone to take a look at a property to satisfy themselves that the values declared are within reason, but this won't be a formal appraisal and the insured is still responsible for declaring the values to insure.

 

Find a good insurance broker who can help you with this. Some (most?) insurance agents in Thailand don't know much about property and casualty insurance as they are mostly involved in selling life insurance. 

[KhunLA]

"appraisal which would cost 30-40K baht"

 

That sounds ridiculous.  Is the house wood or block, in which case, I personally wouldn't bother if block.  On 3rd house now (block) and never had or will have insurance.

 

If concerned about theft, read policy, as ones I've seen, don't cover much, such as; cash, jewelry, small electronic devices.  Basically if you don't need a truck to steal it, it ain't covered ????

[NoDisplayName]

Thanks for the info.  This seemed really out of line.  I would expect the agent would at least check the place out to confirm it existed, look at the condition to rate repairs and replacement costs.

 

It's a nice little 4 bedroom concrete with tile roof.  Would be a shame if a tree fell on it, or electrical fire occurred.  That sort of thing.

 

Guess we'll check with a few more agents.  Better yet, let her handle it all.