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Insurance for my condominium. What makes sense?


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Which insurances are required and/or make sense as the owner of a condominium unit?

I think some things are covered by the building and others not.

Here are some samples of what I think could happen. What is covered by the building or what could be covered by private insurance?

 

Fire

a) There is a fire somewhere in the building, maybe in a lower floor and my unit is not accessible/usable.

b) Like a) but my unit (or things in it) was also damaged by the fire.

c) Like b) except the fire started in my unit (maybe an accident in the kitchen)

 

Flooding

Similar to fire

 

Burglary

Someone breaks in through my front door.

Or maybe one of the building window cleaners enters my unit from outside

 

And what is covered by a possible insurance?

Let's say there was a fire in the building, and I can't live there for a year. Can I rent another place in a similar location similar size and the building insurance pays for that?

 

Which insurance do you have and how much do you pay?

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Up to 1 million for fire etc, also if someone else has a fire and you are damaged .

 

10% of total insured for burglary.

 

Very cheap, 1600 for 12 months. foolish not to do it.

 

I bought it years ago when someone else in the block had a fire, friend had lots of smoke damage due to a unit below him catching fire, neither of them were insured so if he wanted to claim it was a lengthy court case.

 

 

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It makes sense to me that the " Legal Entity " IE Juristic Committee, would legally need some kind of Public Liability Insurance to cover themselves for any Incident to Third Parties, and any Damage to the Building.

However, where their commitment, and boundaries stop, and yours begin, needs some kind of very clear and distinct definitions.

As does the Policy they should hold, regarding their exact liabilities in respect of Third Party losses ( IE - yours ) should you suffer loss from something that is within their Jurisdiction.

 Any Policy taken out by you can, and will, only Insure your Property ( that which is on the Chanot ), and will not cover damage from another Party.

Whether that be from another Unit or Property belonging to the Management Committee 

Sounds like a Minefield to me.

 

 

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48 minutes ago, scubascuba3 said:

i think most people don't bother because the property values here vs back home

At least for me a couple of million THB is real money. And if I wouldn't be able to live in the place which I bought and would have to pay for another place to live in that would be more than annoying.

The idea of insurances is obviously to spread the risk (and for the insurance to make money).

There won't be too many places which can't be used anymore because a fire somewhere in the building. But I am sure there are a couple of them with lots of unhappy owners.

 

I remember a place (not sure if condominium or apartment house) which had what seemed like a relatively small fire at the top of the building. And then I saw lots of people from that building with lots of suitcases moving out. And then I think the building wasn't occupied for years. I didn't look at any details at that time.

 

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OMF,

The coverages you have mentioned are mostly about property damage.  Insurance should also cover liabilities that arise to individuals who may be your guests or visitors and who incur some injury or loss in your unit or building.  

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1 hour ago, OneMoreFarang said:

At least for me a couple of million THB is real money. And if I wouldn't be able to live in the place which I bought and would have to pay for another place to live in that would be more than annoying.

The idea of insurances is obviously to spread the risk (and for the insurance to make money).

There won't be too many places which can't be used anymore because a fire somewhere in the building. But I am sure there are a couple of them with lots of unhappy owners.

 

I remember a place (not sure if condominium or apartment house) which had what seemed like a relatively small fire at the top of the building. And then I saw lots of people from that building with lots of suitcases moving out. And then I think the building wasn't occupied for years. I didn't look at any details at that time.

 

If you go through with it let us know the cost

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You need to remember as a condo owner you only own the area inside your condo, floor to ceiling and inside of front door to inside of window.   Get coverage for your property and liability for visitors and guests. Also liability for any damage that may come from your property, eg. Flood from plumbing that affects adjacent property or property below. Also validate what coverage the building has as they own collectively with all tenants the common areas like hallways, elevators exterior building envelope and any shared services like fire sprinkler etc.  Reputable Insurance companies will guide you on whats available and what riders to add to a policy. 

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6 minutes ago, Dan O said:

You need to remember as a condo owner you only own the area inside your condo, floor to ceiling and inside of front door to inside of window.   Get coverage for your property and liability for visitors and guests. Also liability for any damage that may come from your property, eg. Flood from plumbing that affects adjacent property or property below. Also validate what coverage the building has as they own collectively with all tenants the common areas like hallways, elevators exterior building envelope and any shared services like fire sprinkler etc.  Reputable Insurance companies will guide you on whats available and what riders to add to a policy. 

Thanks

Do you know any names and maybe websites of reputable Insurance companies?

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11 minutes ago, OneMoreFarang said:

Thanks

Do you know any names and maybe websites of reputable Insurance companies?

No I don't unfortunately as I live down in NST. I would check with other foreigners in your building. I'm sure a web search will also provide a lot of companies. I would definitely search reviews of any company you're considering. 

 

I managed a number of resort condominiums in the US before retiring and highly recommend making sure you have coverage for any damages caused by or coming from other condos or common areas\shared services or areas and also any damages you may be responsible for coming from your condo affecting other areas outside your condo 

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