Do you have condo insurance?

[KittenKong]

Just curious as to what owners and tenants do about this. The obligatory building insurance taken out by the building management may not be enough to cover all costs of rebuilding in the case of a major disaster, and of course the building insurance doesn't cover your contents at all.

[AAInsuranceBrokers]

The building insurance taken by the Juristic person is enough (or should be - check !) forrebuilding the structure but you are responsible for everything else.e.g. your ceiling, floor, kitchen, bathroom etc. The cost of 'condo' insurance is not expensive but it could save you a great deal e.g. your pipe breaks and it dumps water on the occupant of the unit below you

[KittenKong]

The building insurance taken by the Juristic person is enough (or should be - check !) forrebuilding the structure but you are responsible for everything else.e.g. your ceiling, floor, kitchen, bathroom etc.

Indeed. I should have made this clearer in the poll.

[SantiSuk]

Insure against anything where you cannot afford the risk of loss.

Sounds obvious but too many people insure stuff just because 'that's what you do'. I dislike paying for other people's rip-offs on insurers and insurance company profits. I have been lucky enough to save a reasonable amount in my lifetime. I insure against very little. Certainly would not bother insuring a 5m baht condo - didn't even realise there was some building cover effectively paid for through the service charge. I realise that not many people can afford to be that blase but the same principle works at the lower level. A lot of people are unlikely to be financially hurt by the loss of their contents for instance. Of course if all you are going to do with the saved premiums is blow it on more consumables, rather than invest, then better to buy the insurance

I would be happy to buy insurance if there were policies that had very high excesses for major catastrophe loss only, but insurers would make no money out of those so they don't offer them retail and writing a tailored policy is expensive, so I typically self-insure.

Maybe Thai insurance is better value than in the West.

[KittenKong]

1MB cover suitable for a modest condo would be perhaps 2500B/year and this should include some personal liability cover.

Whilst I may be prepared to take my chances with the theft of my own items (I dont consider this to be at all likely in my building), I would be more concerned about a possible bill if my toilet developed a water leak and flooded the downstairs unit with something evil. Or if my condo flooded and it damaged my own fitted woodwork or laminated flooring etc. Or even if the sprinklers went off for no reason whilst I was out.

There is also the question of whether the building insurance is enough to cover the interior fittings of a unit (kitchen, bathroom, tiles, lighting) as well as the concrete structure.

[AAInsuranceBrokers]

1MB cover suitable for a modest condo would be perhaps 2500B/year and this should include some personal liability cover.

Whilst I may be prepared to take my chances with the theft of my own items (I dont consider this to be at all likely in my building), I would be more concerned about a possible bill if my toilet developed a water leak and flooded the downstairs unit with something evil. Or if my condo flooded and it damaged my own fitted woodwork or laminated flooring etc. Or even if the sprinklers went off for no reason whilst I was out.

There is also the question of whether the building insurance is enough to cover the interior fittings of a unit (kitchen, bathroom, tiles, lighting) as well as the concrete structure.

Please read my previous post, the Building Insurance will only cover the structure i.e if the whole condo fell down it would be rebuilt but all you will get is a concrete box no Kitchen, Bathroom, tiles etc - that is what your Condo insurance should cover when you buy it.

[PC800]

So there is a RENTERS POLICY as well. I am sure it would be similar to a condo policy, but I assume might be less expensive?

[cassde]

I have recently purchased a 2 bedroom condo on 17th floor and need insurance. The condo cost 2.3MB. What would you consider to be an appropriate cover plan and cost? I was thinking 3MB. What premium for that sort of figure.

[wiki12]

My Thai girlfriend looked into insuring my cameras and stuff (about 240,000 new) in a condo I am renting off a Thai colleague. Both said no company would touch me.

[rak sa_ngop]

I have a policy with Axa. Policy called SHP Smart Home.

Sum insured 1,500,000 baht

Premium 3,868 baht. per year.

As I understand it if my condo gets flooded out by upstairs I will receive 'immediate' compenstion and Axa will pursue a claim against the upstairs owners.

[jbaldwin]

I am the Chairman of a condo in Pattaya. For the reasons already set out we think that it is important that owners have there own insurance. We therefore spoke to our building insurance firm and subject to getting a minimum number of owners involved they agreed to offer cover to our owners at a cost of 650 baht for 500,000 baht of cover or 1,300 baht for 1 million. I believe that these are much better rates than could be obtained individually.

[KittenKong]

I am the Chairman of a condo in Pattaya. For the reasons already set out we think that it is important that owners have there own insurance. We therefore spoke to our building insurance firm and subject to getting a minimum number of owners involved they agreed to offer cover to our owners at a cost of 650 baht for 500,000 baht of cover or 1,300 baht for 1 million. I believe that these are much better rates than could be obtained individually.

They are indeed better rates than I have found elsewhere (about half the price in fact). Of course the cover may not be quite as good.

[KittenKong]

My Thai girlfriend looked into insuring my cameras and stuff (about 240,000 new) in a condo I am renting off a Thai colleague. Both said no company would touch me.

Why? As long as you pay the right premium you should get cover.

[KittenKong]

I have recently purchased a 2 bedroom condo on 17th floor and need insurance. The condo cost 2.3MB. What would you consider to be an appropriate cover plan and cost? I was thinking 3MB. What premium for that sort of figure.

Your building should have cover in place for the structure of your unit, so in theory you only need to insure your personal possessions, your fixtures and fittings and your third party liability.

For a 3MB condo various agents and brokers have suggested 1MB cover for a premium of about 2500B, but this seems a bit low to me as just my TV, hifi and PC are worth together over 200KB. I'm inclined to go for 1.5MB cover.

[GAS]

Bumping this up....can anyone throw out some names of large reputable insurers for a condo in BKK?

[AAInsuranceBrokers]

There are several good companies out there and we would be happy to quote on your requirements, may we suggest you go HERE

[KittenKong]

I am the Chairman of a condo in Pattaya. For the reasons already set out we think that it is important that owners have there own insurance. We therefore spoke to our building insurance firm and subject to getting a minimum number of owners involved they agreed to offer cover to our owners at a cost of 650 baht for 500,000 baht of cover or 1,300 baht for 1 million. I believe that these are much better rates than could be obtained individually.

The committee in my building is also investigating this and the savings are indeed around 50% when compared to buying the cover individually (for the same cover).

I hope they will just buy the cover for everyone whether they want it or not, as this would remove all the stupid and petty arguments involved in getting people to pay for repairs when water leaks from above damage a unit below. Some of these seem to drag for years.

[greenlifeinsurances]

What is condo insurance?

[KittenKong]

What is condo insurance?

It's a bit like an idiot only more useful.