Help Understanding Home Insurance Terms And Conditions

[aussiebebe]

Hi, I just don't really understand a few things about home insurance, could anyone help please?

I have a policy with MSIG up for renewal, I've never made a claim and presently have no need to.

Firstly, no-one from MSIG has ever visited my home - they just asked me how much it was worth/ value of contents etc. Is this normal? do they just trust customers to accurately assess these things? what's preventing fraud? ie someone lying about the cost of their property?

Secondly, the policy exludes flood damage - is this typical of home insurance? do other companies offer it? do I need sepearate coverage?

Thirdly, the renewal notice shows that MSIG made a new exclusion of almost all electronic devices for the policy (Home Safe Plus Package if anyone's knows it). Is this reasonable or typical do people feel?

Thanks

[ThaivisaInsurance]

It sounds rather like you did not use the services of a Broker but went direct?

First point, MSIG is a good company and we at Thai Visa Insurance Brokers have them on our approval list - and do in fact use them.

Home visits : for a straight forward property insurance this is not necessary as all the information required by the Underwriters can be gleaned from the application form. Obliviously there are a few times when the Broker needs to asses the property, example if it is of wooden construction.

Fraud : example, should one be silly enough to insure their property for way more than the (say) rebuild cost, the insurance company knows the cost of rebuilding and so will only pay that out - not the amount hoped for by the policy holder.

Flood : again a good Broker will show you the policies which cover flood if you ask for this coverage plus your electrical items etc.

Bottom line : no sense in going direct as by going via a Broker you get offered all the choices and help should you have problem - all for no extra cost

May we suggest you go Here for a quotation.

[thaiericsweden]

It is recommended that you take lots of photos of your house and contents.

In addition to the photos, make an inventory list of your belongings.

Photos and the inventory will be invaluable when it comes time to asses a claim.

The value to insure is easy to estimate. Contents: Add up the total value of your belongings and home improvements.

You did not say if the policy includes the building or not. If you own the house, then you will have to estimate the reconstruction cost of the building.

If you rent the house, ask the owner for a copy of the insurance policy.

If they say the insurance policy is with the bank or refuse to show you a copy of the policy, this means that they most probably have a mortgage with a bank.

The insurance policy will only be for fire insurance and the policy will only cover the amount of the loan.

This basically means the house is uninsured.

If you are deemed liable for any damages to the house (worst-case-scenario, the house is destroyed), the owner will expect to be compensated in full.

If you don't have any insurance, guess who is going to pay the bill.

If your home is in a flood risk area, it will be extreemely difficult to ask the insurance company for cover against flooding. If they will offer this, it will only be for a small percentage of the total value you are insured for. The flood cover can be added as an extension to your current policy. If MSIG will not offer this, shop around for another insurance company, there are 75 insurance companies in Thailand.

Many insurance companies offer a packaged insurance policy including limited cover against electrical damage.

Lightning, short circuits and power surges are covered to certain limits.

If MSIG does not offer this cover, look for another company that includes this benefit.

I see from the MSIG website that the electrical cover is only against lightning and fire..............there are alternate insurance companies that offer more.