Home insurance is essential for protecting your property or house against any unforseen circumstances. In Thailand, the variety of home insurance plans is limited in comparison to the other insurance plans such as auto, travel, etc., which vary more widely. However, to get the right insurance support for your house, you have to consider the protection coverage of the plan and also the price as well. Try to find a home insurance plan that comes with special provisions for jewellery, computers, phones and other valuable assets. If you are planning to get any basic insurance policy in Thailand, apart from the above mentioned special provisions, also look out for special coverage against natural disasters.
Some of the basic home insurance policies in Thailand are:
Basic Homeowner Insurance is what you need if you want a home insurance coverage that will protect you against losses and damages caused by various perils such as windstorm or hail; fire or lightning; smoke; explosion; aircraft; vehicles; vandalism or malicious mischief; riot or civil commotion; theft; volcanic eruption; and damage by glass or safety glazing material.
Basic Older-Home Insurance policies provides coverage against the eleven perils mentioned above. The difference lies in the coverage of repairs or real cash values, not the costs of rebuilding. This type of insurance policy suits properties with architectural or historic value for which the replacement cost of the homes is higher than the market value.
Home Insurance Plus provides additional coverage apart from the mentioned perils such as weight of snow; snow and ice (not a big concern in Thailand); falling objects; electrical surge damage; and damages caused by water to the home utilities or appliances. Altogether there are seventeen perils included.
Renters Coverage for home insurance in Thailand will also provide protection of personal property against the 17 listed perils.
In case you need more protection against 17 mentioned perils, apart from damages caused due to war, nuclear accident, earthquake or flood, then you can opt for a Special Homeowner Policy or Extended Home Insurance Plan which will state other specific perils to be covered by.
There is another house insurance plan called Condominium Owner Insurance where the user gets protection against 17 listed perils and also other items relating to damages to the condo building which may cause some hardship to the unit owner even if their own unit is not affected.
There are home insurance policies not just for the personal properties in Thailand, but also for the dwelling and mobile phones. If you are a landlord in Thailand, you can purchase an insurance policy for your dwelling only and not the personal property. You may rent out a portion of the dwelling and the tenant can get personal property insurance for that portion.
Special home insurance policies cover various requirements. Before chosing a policy, be sure to contact different insurance providers and do thorough research before opting for a particular plan. This will help you to enjoy the best rights and coverage for your home.