Recommendations For Home Insurance

[KhaoYai]

My home in Thailand was broken in to last year, a substantial amount of personal property was stolen and damage was done.  I provided both the police and insurance company with photos (from my IP camera) of people I suspected were involved - both seemed disinterested.

 

Following the break-in I installed a full CCTV system and a heavy steel gate over the entrance with a 'lockbox' making it difficult to remove the padlock.

 

I have just received my renewal notice from MSIG and I'm shocked to see that my premium has increased by 300%!! My cover has also been reduced. I've been with the company for 8 years and last year's claim is the only one I've ever made.  There has never been any mention of No Claims Bonus now or previously - just this loading for making a claim. 

 

Strange, I thought the point of insurance was to cover any insured losses - the basis being that the company insures many people/properties and only a few actually need to make a claim, therefore they still make money whilst paying out those who need to claim.  I've always understood that insurance is a 'risk based' business, not an organisation that 'loans' you the money to replace your items and then expects you to pay it back over the next few years. Well they can stick their premium where the sun don't shine.

 

My agent, who has always been very professional, unfortunately only deals with one insurance company but tells me that many companies don't ask questions about claims history.  Can anyone recommend such a company that I can try? (English speaking agent/broker please)

Edited October 27, 2022 by KhaoYai

[lopburi3]

Now you know why most Thai, without influence, do not bother with home/property insurance.  And with few customers the insurance company does not have a large pool of money and needs to avoid risks.  For most Thai having relative stay in home during an absence is the insurance of choice.

 

Sorry can not provide a reference but suspect most will be adverse to any claims.

[internationalism]

try https://misterprakan.com/en/home/home-insurance

 

Those robbers would be coming back for the next loot, as they were happy with the first one and they are still at large.

Track them down. Pay police to arrest them. They might still have part of your loot if they are not professional or get money from them - promise police some 10% of that money for putting robbers behind bars to the maximum of what is possible.

No gate or cctv will stop them, even if they are not professionals but just opportunists, neighbours.

I would allow family to stay at house.

Or get anybody from friends - build them a smallish house. Even pay for upkeep of garden and property.

Pay for upkeep of family of several dogs, a 20kg bag of dry food is from 450b and lasts a month. Feed them in the evening, so they won't be much tempted for poisoned food thrown at them.

 

Make an arrangement with police to watch your house. Install an alarm which will alert you and police by text message 

Edited October 27, 2022 by internationalism

[Etaoin Shrdlu]

My suggestion would be to use an independent insurance broker and ask him/her to get you quotes from two or three different companies. Ask about claims-paying attitude of the different insurers and what they do upon renewal if you have a claim. 

 

You will likely have to disclose your claim on the application form. You should also disclose the steps you have recently taken to secure your house, even if the proposal form does not specifically request it. Explain your situation to the broker and state what your requirements for cover and cost are.

 

Don't use an agent. Legally they represent the insurance company and have less motivation or ability to assist you. A broker is the legal representative of the policyholder and will usually go to bat for a client that runs into a situation like yours.

 

Some insurers aren't very keen to insure houses upcountry, especially if in a more remote area and when the value of the contents is high or cover is sought for valuable items. A good insurance broker should be able to find a solution, if one exists.

 

Good luck.

[topt]

On 10/27/2022 at 8:23 AM, KhaoYai said:

Can anyone recommend such a company that I can try? (English speaking agent/broker please)

Just come across this hence late reply and you may have this already sorted.

 

I use AA Insurance Brokers (offices in Pattaya and Hua Hin) and have had a property insured through them with the same company for 10 years or so. First claim last year which was the equivalent of a years premium so quite small, no increase at renewal time. The claim was referenced on my renewal notice.

The company is now called Tokio Marine Safety Insurance co but original policy and compoany was a New Zealand company which has gone through several different ownerships since.

 

AA should be able to offer several alternatives.

 

[KhaoYai]

3 hours ago, topt said:

Just come across this hence late reply and you may have this already sorted.

Thanks - no I'm not sorted. I'll be getting quotes when I get back in mid December.