House Insurance - Strange Requests and Details from Companies

[scooterboy]

Hi

We finished building our house a year ago (or so) in the CM area and have recently been looking for house insurance. The house is brick & concrete, around 130 sq.m. including carport. Insurable value 2,6M plus furniture et. al. for 400K. In all
3M coverage - simples. But no.

 

We've been in contact with (as yet) 3 Insurance Companies.

 

The first one didn't want sq.m. but the length and breadth of the house. When asked what for, they couldn't tell us - only that it was a requirement. We were then informed that they didn't have theft coverage - as we live out in the
 sticks and they only cover for theft "in town". Huh? I always thought that there were more burglaries and thefts in the towns than out in the sticks.
Later, we were informed that they had a fixed price per sq.m. of 10K baht, Thus if you have a 100 sq.m. house then you apparently could insure it for 1M - regardless of how old it was, its condition, whether you'd used cheap or expensive materials, etc.

 

The next company likewise had the "fixed price per sq.m." thing and likewise no theft coverage. They also "complained" about us wanting to insure for 3M and were told "you can't include the cost of the land, you know". Say what??? It ain't included!

 

The third company we're still in contact with - though the wife seems to feel that they'll be having a "fixed price per sq.m." tantrum, like the other 2 companies.

 

All companies have quotes of around 4K baht a year - give or take.

 

I'm rather confused that an Insurance Company apparently has general rules that seem to disregard which good or bad, cheap or expensive materials have been used to build the house.

 

To me it appears somewhat "crazy" that you can theoretically build a 100 sq.m. house for say 800K and you can insure it for 1M, but if you build a 100 sq.m. house for say 1.8M you can still only insure it for 1M.

 

Mind you, there may be a reasonable explanation for it all - danged if I can see it, though.

 

Anybody know a decent and inexpensive Insurance Company in the CM area to deal with - that will insure our house for its real worth and NOT some fictive value set by the company?

 

Thanks

 

[Chicog]

Does this help?

They are brokers so they might be able to find someone that does what you want.

 

http://www.aainsure.net/home_insurance_thailand.html

 

http://www.insureinthailand.com/huis_verzekering.aspx

 

 

Edited September 26, 2016 by Chicog

[NancyL]

If you used unusual materials in construction of your home, then it would seem you could pay extra for "riders" to a standard insurance policy, whereby those unusual materials were specifically listed in the policy.  

 

For example, back in the U.S. we had a 120 year old heritage barn that we'd paid a fortune to have restored and used for special functions associated with our greenhouse/nursery business.  The normal payout for loss of a farm outbuilding of that size would have been peanuts, but we had a special rider to our insurance policy that spelled out the details about that building in great detail, complete with photos and receipts for what we'd paid for the restoration work.  

[Dante99]

Insurance is a relatively new thing here thus limited options unlike the west where you can insure almost anything.

 

High value property insurance coverage is hard if not impossible to get because property torched raises cash.

[HullyGully]

We use Bangkok Insurance on the Super Highway

[iainiain101]

we use AIA and we define the amount we want insured. Includes flood coverage which was paid in full in 2011.

[scooterboy]

Thanks for the input, guys. Looks like it might not be THAT easy to get what coverage we need - or think we need.

 

I'm not too keen on having to use brokers - past experience shows that they are/were often more interested in what commission  they receive, rather than finding the most suitable coverage. Naturally, that's just my experience - others are undoubtedly pleased with their broker(s) and quite rightly so, too.

 

Anyway, we're still looking - so any further suggestions are very welcome.

 

Cheers

 

[JaseTheBass]

Cnxinsure.com

[scooterboy]

Thanks...

 

After sifting through some of the above names and others, the wife has now chosen a company to deal with. It appears that this company can supply more than adequate insurance for our needs.

 

As said, the wife has all the details - I'm keeping well out of it. I do know that it's a Thai company (not one of the above mentioned, I think) and I understand that the yearly premium is just over 5K baht for 3M basic house insurance, plus 900K coverage for theft and other things.  She was very happy with the coverage details - which included fire, storm damage, water damage, lightning, earthquake, etc.. - which some of the other companies we checked out didn't cover or only covered SOME items.

 

I'll post the company name (which I still don't know, yet) when it's all settled - women have the habit of changing their mind at he last minute...

 

Cheers

 

 

 

[scooterboy]

The wife has decided.....

 

It's Dhipaya Insurance - located somewhere in the great CM. The wife has (again) gone through the policy details and everything suits her needs in general, so she's sticking with this one.

 

The premium is  over 13K baht - that's a discounted price for a 3-year period. Annual payments are just over 5K, so we're saving quite a bit...

 

Hopefully it's not something we'll have to use, but it's always good to have a safety net.

 

Thanks for all your input and comments.

 

Cheers

 

 

 

[Dante99]

What is the coverage?