If you are from a Western nation and live, rent, or own a property in Bangkok, no doubt you are looking for honest and viable condo insurance. But Thailand is not the USA or the United Kingdom, and to be fair, that’s why we love it. What Thai insurers might cover in their condo policies might not be the same you would expect back in your country of origin.
This Bangkok condo insurance guide aims to give you the lowdown on the local insurance sector. What does property insurance cover in Thailand? Who are the major players in the game? And what do I need to know to make the right decisions? Keep reading and everything will become clear.
What is Bangkok Condo Insurance?
The key focus of Thailand property insurance is to provide you with coverage against accidental or even human-made damages to your property. That is quite a simplistic overview though because there are varying policies that cover all sorts of potential issues. These types of policies can cover condos, houses, villas, or even commercial properties.
Some Bangkok condo insurance policies cover fire damage and will offer financial compensation even if you are the owner or renter. They can also cover potential repairs to your property or if your belongings are stolen or damaged.
What Sort of Prices Does My Bangkok Property Insurance Cover?
Let’s get a bit more streamlined so you can fully understand what your Bangkok condo insurance covers. For example, if you have paid a figure that is 200,000 THB per SQM for your condo, your insurer will probably only insure your condo for the reconstruction price, which is around 22,500 THB per SQM. This can be slightly different with some policies, but this is a solid projection.
The vast majority of a condo purchase prices are based on the value of the land it’s built upon. The insurable value of Furniture and Contents is mostly between 300,000 to 500,000 THB.
If you want a clearer example of the potential coverage costs, a 75sqm condo that costs 15m THB would be insured for 75sqm x 22,500sqm = 1,700,000. Then you add the 500,000 THB value of the furniture and contents and you are left with an insurable price of around 2.2m THB even though your paid 15m THB to buy it.
What Type of Bangkok Condo Insurance is Available?
Now we have a ballpark figure on the amounts your Thailand condo insurance covers, it’s time to discuss the type of policies available and what they actually cover. Here are some of the things your policy might cover against.
Fire Coverage Insurance
One of the most important things to be covered against is fire and fire damage to your property. It’s one of the most common issues with owning a property. The vast majority of condo insurance policies in Thailand will cover the costs of fire completely destroying your property. These policies will cover stays in hotels or rentals that you stay in while your condo is being repaired.
Covered Against Natural Disasters
The majority of condo insurance policies cover some types of natural disasters. Not all of them, but definitely some. They usually cover damage incurred to your property from thunderstorms, water hazards, lightning, and smoke damage. They might also cover things broken due to falling objects caused by wind or other natural disasters.
Flood Insurance Coverage
If you get leaking pipes or an internal flood due to issues with your indoor plumbing, some policies have flood coverage. These policies probably won’t cover flood damage that comes from some sort of external flash flood or a natural disaster. But if this isn’t already part of your pre-existing insurance policy, you could always add it on.
Insurance Against Personal Injuries
Coverage is mostly available for any personal accidents or injuries that occur in your own home. If you fell or slipped due to a broken step or floor tile, most insurance policies cover against that sorts of personal injuries.
Robbery and Theft Insurance
If your house or condo gets burgled by robbers, you are covered against any of the household items stolen. If your windows, doors, or other fixtures are damaged during the robbery, you can claim compensation to cover the cost of replacement or repair.
Cash Insurance Cover
If any cash was stolen from your house during a burglary or theft, some insurance companies will compensate you. However, it’s important that you read the small print of your policy because in some cases it might not be included. But you could add cash coverage to your existing policy if you don’t already have it.
List of Recommended Thailand Condo Insurance Providers
Now you know what you are covered against with your Bangkok condo insurance policy, who are the most trusted insurance providers that offer these types of policies in Thailand?
LMG Insurance Public Co., Ltd
Their Home Secure Plus Insurance is one of the most reliable policies you can get in Bangkok to ensure your condo has full coverage. LMG is a tried and tested provider that offers comprehensive coverage for condo and house owners or renters.
Chubb Insurance Thailand
This reputable insurance provider offers comprehensive property coverage with their Home Shield Plus policy. This policy is so great because it also covers all manner of natural disasters aside from giving you viable coverage for theft and fire damage.
AXA Condo Insurance
AXA is one of the most trusted house insurance providers in the world. Their Smart Condo Policy is at the cutting-edge of the condo insurance sector. It covers a wide range of things from fire and theft to damage and natural disasters. It even covers harm to your household pets. It doesn’t get any more comprehensive than that.
AIG Insurance
AIG is another reliable worldwide insurance provider that you can trust. They offer a wide range of customized condo insurance plans that can and will cover anything you want. You will have to tailor that policy to your own specific needs, but that’s what’s so great about it.
Buying Bangkok Condo Insurance
Choosing a reputable Bangkok condo insurance provider is the only way to go. Backstreet insurance companies that offer plans with minimal monthly premiums are always dubious. If something is too good to be true, the answer is already in that statement.
You don’t want to live in Bangkok without ensuring you are adequately covered against damage or theft. Most reputable insurance companies offer policies that cover virtually anything you can imagine. And if they don’t you will be able to add any extra items to your policy if you are willing to pay the higher premiums.