ASEAN NOW Sales Posted November 28, 2022 Share Posted November 28, 2022 Property insurance is important for a few reasons. Firstly, if something happens and you don't have homeowner’s insurance, you may end up having to pay for the damages yourself. Here are the Top 5 reasons for expats to get property insurance. 1. Peace of Mind No matter what your home situation is, having the knowledge that you are covered if something goes wrong, will allow the homeowner to rest easy and relax. For expats living away from their home country, getting property insurance means there is one less thing to worry about. There are always unexpected eventualities and home insurance can just take the worry out of unforeseen problems that occur that affect the condo or villa. Even if you've never had to use property insurance before, odds are good that at least sometime in your life something will happen where it's beneficial to have coverage. Homeowners insurance can provide peace of mind by helping to financially cover any damages done to your home or its contents. 2. Low Cost – High Benefit Property insurance is not an unwanted expense but rather a necessity than can prevent you from losing significant sums in the event an unexpected disaster or theft. Property insurance is relatively inexpensive with premiums starting at around 2000 Baht per annum. When you think of potential cost of theft, property damage or even property loss it is a small sum to pay. It gives the homeowner the knowledge that if the unexpected happens, at least they are covered, and someone will be there to help when disaster strikes. Expat Insurance Scanner can help expats to determine how much insurance cover to purchase. A good rule of thumb is to always buy enough coverage (in terms of Baht) for both your personal assets and your business assets. This means, even if one asset experiences a significant loss, you will still be adequately protected overall. 3. Protection from Loss of Use of the Property If your property is damaged, often you won’t be able to live in it while it is being repaired. This means you will incur hotel or temporary apartment costs. Having loss of use coverage included in your homeowner’s insurance policy can help pay for your additional housing and living expenses while your home is being repaired or rebuilt. This ensures the costs of property damage aren’t increased by the extra costs of having to live somewhere else while your property is fixed. 4. Replace Contents Contents insurance helps pay to replace your personal belongings if they're stolen or damaged by a covered peril, such as a fire or theft. If someone breaks into your home and steals your laptop, or your clothing and furniture are ruined in a fire, you may find that contents insurance helps cover the loss. As a tip keep records of all your expensive belongings so that they can be documented and easily referenced if you need to make a claim. 5. Satisfy Your Mortgage Lender When taking out a mortgage, banks require property insurance to protect the investment, they have made by offering a mortgage. Property insurance ensures that the bank won’t lose money if something happens to your property. Banks require that the borrower has enough property insurance to pay for a complete rebuild of your property in the event of a fire, storm, or other covered damage. Banks will have stipulations on how much coverage is if you have just taken out a mortgage. Banks often have “scope of coverage” requirements that detail exactly what the policy must cover. When choosing an insurer Expat Insurance Scanner helps expats find an insurer with a good reputation. We research which insurers have the best track record for customer service, and help clients choose one that fits their needs specifically. This gives clients peace of mind that they can find a property insurer that fits their requirements. If you would like to get a free quote today, please click on this link 1 Link to comment Share on other sites More sharing options...
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