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No house insurance in Thailand - how normal?


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My ex gf, (now a friend) has a house and business building. Each worth about 4.5 mil.

Neither one has any insurance! Crazy...

She was leasing out the house and didn't require any insurance. Now she doing same for business - w/o requirement.

Is this common and why?

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35 minutes ago, msbkk said:

While it is not common here it is recommended. It is not just about concrete walls. Just think about all furniture, appliances and other belongings. I have seen a lot of news especially in rural areas

where people lost everything they had because of a fire or flood. And in Isaan there are still many houses with wooden parts. 

 

Agree.

 

Until the great flood of 2011, insurers may have provided flood/water damage cover up to the full sum insured for the building and contents. Afterwards, they limited it to about ten percent of the total sum insured.

 

Wooden structures are difficult to insure.

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On 7/24/2024 at 6:46 PM, AnotherOneHere said:

Because people over here are not building houses from cardboard. Fire doesn't matter, wind doesn't matter, water doesn't matter. What do you want be insured against? 🤔

 

Further: My Thai son grew up with things being insured. His Thai mother (Dr. of Medicine) spent 12 years studying in Australia living with one family.The Oz family, typical, insured / renewed everything.

 

Back here is LOS we built a house in a good moo bahn, wife had explored available insurance and was ready to start a house and contents policy and she did.

 

All of this explained to our one Thai son .

 

Later son married, built a house, started house and contents insurance in his and his wife's names.

 

Brother of son's Thai wife tried to stop then taking the house and contents insurance. "INSURANCE IS A TOTAL SCAM".  Son's brother in law even tried to convince son's wife to cancel the insurance and get a refund. He was serious "INSURANCE IS A TOTAL SCAM" 

 

Sons spoke to the insurance company and they agreed to change the name on the house and contents policy from names of both husband and wife to son's name only and insurance company then agreed that my son was now the only person who could cancel the policy.

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in our condo only a small percentage of owners  insure the contents of their unit for fire,  theft and third party coverage despite the cost  for yearly cover is quite small. 

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On 7/24/2024 at 6:46 PM, AnotherOneHere said:

Because people over here are not building houses from cardboard. Fire doesn't matter, wind doesn't matter, water doesn't matter. What do you want be insured against? 🤔

Electrical faults cause many fires in Thailand and that matters.

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On 7/24/2024 at 5:07 PM, JeffersLos said:

Because they're not panicky indoctrinated Americans that get heart palpitations if they don't have insurance for tying their shoe laces. 

We get insurance because it is required by law.  Otherwise I am sure lots of Americans would not get it.  Also in America someone can break into your house, fall down, get injured, sue you, and win.

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It costs around 5,000/year to insure our house here.  To be honest I don't know what exactly would be covered.  Like if the roof starts leaking I don't think they would cover it.

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I finally stopped buying house insurance here, even though it is only 5k per year. The house is not covered for storm damage, if the storm is announced in advance by the weather people, just one example of get out clauses in their policies. @kickstart please note

Edited by chiang mai
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On 7/24/2024 at 8:41 PM, kickstart said:

You are wrong on the wind and water matter, every year on Thai TV you see a hole row of houses with no roofs on, a big gale come in and away the roof goes, it happened near us a few months ago.6-7 house lost they roofs during a storm, that never made  Thai TV.

I take it you live under a rock during the rainy season, a lot of provinces get flooded our province certainly does. again, turn on Thai tv during October you will see lots of flooding.

My wife is always worried when a big wind comes afraid that house roof will go, or a tree will blow down nearby, so I found some house insurance, in fact I only paid the premium last month 3500 baht for 3 years cover, the wife is now happy again.

what does your insurance cover for less than 1200 baht a year?

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