Home Owner Insurance For A Condo In Bkk?

[austallia_1980]

Is home owner's insurance available for a farang who owns a Condominium in BKK?

How realiable are the companies that offer this insurance?

Considering what we know about getting ripped off in Thailand, the scariest part of purchasing a Condo for me is the fear of it getting it destroyed, and getting screwed out of a large sum of money.

Any horror stories on the above?

[tornado40]

Well I have had very good experience with dealing with an insurance company for my house in Samui. I only have buildings cover for 1.2m THB - which will easily cover the rebuilding cost for fire etc.

This does not cover the contents, but you can add if you like.

The premium is very cheap compared to my UK house insurance at 1,614 THB per year.

I have to say however, that I have not yet made any claim which is the usual proof of service.

I was amazed when I first purchased the house - that not many people take out insurance - still there you go as they say!

Please PM me for contact details

Tornado 40

[malcolminthemiddle]

Suggest yoy first check with the Juristic Committe to establish the common insurance cover.

[austallia_1980]

is this not an interesting topic? do you guys not get insurance on your condo?

[thaihome]

Very interesting topic, but post #3 answered it.

"Considering what we know about getting ripped off in Thailand"

"getting screwed out of a large sum of money"

You are just trolling.

TH

[Firefan]

1. find out how much your comittee have covered. This number cover the ENTIRE building Incl. common areas/pools Etc. so when it comes down to actual payout (calculated per sqm owned) to condo-owners one would rarely see this number cover market price. Maybe 1M Baht for a 3M Baht (market value) condo.

2. The remaining 2M Baht (or part there of) one can then purchase seperate insurance for. Not that expensive as already mentioned. I looked into it, but have yet to take action.

Cheers!

[astral]

Rebuilding cost and market cost are rarely the same!

[thaihome]

1. find out how much your comittee have covered. This number cover the ENTIRE building Incl. common areas/pools Etc. so when it comes down to actual payout (calculated per sqm owned) to condo-owners one would rarely see this number cover market price. Maybe 1M Baht for a 3M Baht (market value) condo.

2. The remaining 2M Baht (or part there of) one can then purchase seperate insurance for. Not that expensive as already mentioned. I looked into it, but have yet to take action.

Cheers!

Have to agree with this. Our management has just posted all the insurance values purchased. This is so people can see what their coverage and exposures is.

TH

[Firefan]

True - but seen from the owner point of view, that does not really matter, as one needs to ensure one can purchase new similar place to live - as re-building can take years(not to mention; find new developer/legal wranglings as to whom own the land Etc.). THEREFORE it makes sense to ensure the market price is insured - which is fully acceptable for the insurance companies. Insurance company will pay out the insured max amount (but read all the small print!). Cheers!

Rebuilding cost and market cost are rarely the same!

[FRM-BKK]

Since I bought my condo in central Bangkok, just over two years ago, I have always taken out building and contents insurance.

Although the building is insured through the management committee and thus through the service charge, I have taken out additional insurance against the full cost of the purchase price of my condo (market value) the insurance company was happy with that.

The total cost of the insurance, building and contents (which includes accidental damage), per year is 6,700 Thai baht.

I have taken out my insurance with:

NZI / IAG Insurance (Thailand) Ltd.

24th floor Thanapoom Tower

1550 New Petchaburi Road

Makkasan, Ratchtevi,

Bangkok, 10400

Tel: 0 2207 0266-85

www.nzi.co.th

The process of getting cover can be completed on-line and payment can be made with VISA.

All correspondence has been conducted in English, without any problems.

The comprehensive Policy book / schedule is written up in English.

As I am not living in Bangkok permanently, the insurance company did ask if anyone looks after the condo in my absence. My good and trusted friend (Thai) who lives just up the road from my condo, pops in every few weeks or so. The Insurance company were happy with that, although they did require his details.

I added an item to the contents insurance this week, for a value of 55,000 Thai Baht. They charged me an additional 151 Thai Baht to endorse the cover.

Please be aware that single items to be insured costing over 30,000 Thai Baht, will need to be verified with receipts.

This policy also covers me for personal liability for up to 5 million Thai Baht.

The quality of the company and the actual policy have not been tested, as I have not made any claims and would rather keep it this way!

Some of you may consider that 7000 Thai Baht is too much for insurance. My view is that it gives me peace of mind. I can spend 7000 THB in a few nights out in Town. So, this will not make a significant difference to the bank balance but may be the saving grace one day!

If anyone wishes further information, PM me.

FRM-UK

[Firefan]

FRM-UK - thanks for the update - and exactly my experience contacting insurance companies. Cheers!