Condo Insurance -- Fire, Water, Theft, Etc

[tangoll]

Hello, I've been quoted an annual premium of baht 4834 for a newly constructed condo unit in Bangkok, insured amount baht 3 million for all risks, plus liability, by a company called Bangkok Insurance PLC. Does anyone else have insurance written by this firm, and is this a reasonable premium for this kind of coverage?

Thanks.

[ThaivisaInsurance]

Hello, I've been quoted an annual premium of baht 4834 for a newly constructed condo unit in Bangkok, insured amount baht 3 million for all risks, plus liability, by a company called Bangkok Insurance PLC. Does anyone else have insurance written by this firm, and is this a reasonable premium for this kind of coverage?

Thanks.

The problem with jus putting out premiums without the full details is a tad confusing. For example Thai Visa Insurance can offer 3m Baht of condo cover for 3,000 Baht !

Please contact Thai Visa Insurance and we shall see how we can help.

[briley]

Check the cover - I have been trying to get realistic answers to many points about condo insurance but after 4 years I am almost as confused ....................

If you insure your unit you only insure your things, wiring, lighting, tiles, decoration etc. You do not insure the common area - the concrete floor, ceiling and walls.

So if an earthquake destroys the building what do you get? Probably not the 3 million you paid for the condo???

If the building falls down and the management has no insurance or funds to rebuild will you get anything? Your insurance company might only pay to replace the wiring if there is somewhere to place the decoration. (Sky hooks spring to mind here)

Since you only need to insure for renovation of your unit is 3 million of cover too much?

If you condo is damaged by a cause outside your unit, flood or fire from a neighbouring unit who pays? Will your insurance company say claim off the other persons policy (if they have one).

Or if the damage is caused by something in the common area, do you claim from the condo management, who might not have any insurance or money, or will you insurance pay?

The price sounds OK, but do look at NZI's website for an online quote. However Thaivisa insurance do also give competitive quotes.

[BigSnake]

No don't have insurance written by this firm nor a condo, but we do own a home, our insurer is AIG. Our premium is about the same as your and many of our friends. So yes it sounds on Par to me.

[ThaivisaInsurance]

Condo Insurance :

By law, the condo building has to be insured for the rebuild cost by the Management Company. As an illustration, with the previous post’s example of an earthquake, the site would be cleared and the building rebuilt BUT leaving the individual units as concrete shells.

This is where the individual owners insurance takes over. The amount one needs to insure for is for the interior cost of reinstatement i.e. the floor, ceiling, A/C, the kitchen, bathroom, furniture etc.

Every owner can easily check the building insurance is in place by asking to see (or be given) a copy of the policy from the Management – suggest starting with the condo office. Note of interest : premiums for building insurance are not expensive.

Your condo damaged by a 3^rd party. The first obvious step is to talk to the offender and ask for compensation or for them to put right. If this fails then revert to your insurance company who will pay you. Damage caused by common area - most unusual - but claim from the Management.

[backflip]

If you own a condo, it will be covered by the general policy for the entire building. Policies and deductibles vary but, with my building: my individual unit is covered for 50M THB (a lot more than the actual value), and the deductible depends upon the damage (for example: water damage has a 20% deductible...glass has a 10% deductible). Checking the latest condo owner's meeting minutes: the condo insutance company paid out twice the past year for water damages in 2 units, and for a set of tires damaged by a protruding screw in the garage floor.

If you RENT a condo, you could be held liable for 100% of any damage you cause to the apartment that you rent, or any other apartment damaged by your negligence.

[briley]

AA Insurance - thanks for your comments, you seem to clarify the point that if you own, say, a condo bought for 3 million you only need to insure for, say, 1 million as that could be the cost of all the 'inside' work. It confirms what I have always thought that you can not actually insure your condo, since you don't own the bare concrete part. I'm contacting you off board.

I do have a problem with your comment that condo management must, by law, have cover. Can you quote the law? I am aware that there is a move to make third party insurance compulsory but know of nothing in law that requires rebuild insurance.

I must agree, building insurance is dirt cheap. We have been quoted under 0.01% for the condo building insurance. I assume it is so low because the possibility of a claim is also very low.

Backflip - I am interested that you say that your unit is covered by the managements insurance policy. The companies I have approached refuse to give blanket cover for all units. One company even refuses to provide any figures for units owned by Thia's saying they must get their own, individual quote. Do you know which company they use?

[ThaivisaInsurance]

AA Insurance - thanks for your comments, you seem to clarify the point that if you own, say, a condo bought for 3 million you only need to insure for, say, 1 million as that could be the cost of all the 'inside' work. It confirms what I have always thought that you can not actually insure your condo, since you don't own the bare concrete part. I'm contacting you off board. Your comments are correct

I do have a problem with your comment that condo management must, by law, have cover. Can you quote the law? I am aware that there is a move to make third party insurance compulsory but know of nothing in law that requires rebuild insurance. Sorry, do not knw the 'number' of the Law (we try not to get mixed up) but I'm sure one board member will be able to quote it.

I must agree, building insurance is dirt cheap. We have been quoted under 0.01% for the condo building insurance. I assume it is so low because the possibility of a claim is also very low. Correct

Backflip - I am interested that you say that your unit is covered by the managements insurance policy. The companies I have approached refuse to give blanket cover for all units. One company even refuses to provide any figures for units owned by Thia's saying they must get their own, individual quote. Do you know which company they use? Sorry, you have just lost me - your previous paragraph was correct, one can get building insurance - does not matter who owns the condos.

[wrecker]

Makes sense, the promotions for that are 690 baht for every 600.000 insured amount.

[BlackJack]

please advise

does the common fee cover the building insurance?

[ThaivisaInsurance]

please advise

does the common fee cover the building insurance?

Yes, the annual (common/service) fee you pay does include the building (structure) insurance.

[trogers]

please advise

does the common fee cover the building insurance?

Depends on whether your juristic management bought an insurance cover to rebuild the condo in the event of a major incident. The cover would exclude the interior architectural, M&E, decorations, furnishings and equipment. The latter portions should be covered by insurance of each individual unit owner.