House Insurance

[nanyang]

I have been insuring my house and contents with a company named MSIG in Bangkok.
The company have now informed me that, as I spend several months of the year out of Thailand, my insurance is not effective should anything happen.
Can anyone recommend an insurance company who will insure an unoccupied property and its contents?

[sateeb]

Have a chat with the guys at AA Insurance opposite Citin Loft Hotel on Petchkasem

http://www.aainsure.net/hua-hin.html

[Top Croc]

Second that, contact Matt, he will give good advice.

[nanyang]

Much appreciated.

[Blake]

Well...

I suggest you, contact with any agent of well reputed organization of your state..

[nanyang]

Well...

I suggest you, contact with any agent of well reputed organization of your state..

I, politely, suggest you try and communicate your, intended, message to me in English.

A "well reputed organization of your state" (sic) doesn't make any sense - to me!

[hhfarang]

Don't know it it is fact or not but have read that upon new application or renewal of homeowners insurance now, flood, earthquake, strong wind, waves, any act of God (sorry Sandman) is not covered by the majority of companies in Thailand, so fire and theft is about it now if true.

Maybe Mat can let us know if true or not. I got the information from a friend (in Bangkok) whose policy came up for renewal.

[nanyang]

[quote="hhfarang"]Don't know it it is fact or not but have read that upon new application or renewal of homeowners insurance now, any act of God (sorry Sandman) is not covered by the majority of companies in Thailand, so fire and theft is about it now if true.quote]

I'm sure the Thais could find a way of arguing that fire and theft was an act of God .

[Dannie Boy]

Don't know it it is fact or not but have read that upon new application or renewal of homeowners insurance now, flood, earthquake, strong wind, waves, any act of God (sorry Sandman) is not covered by the majority of companies in Thailand, so fire and theft is about it now if true.

Maybe Mat can let us know if true or not. I got the information from a friend (in Bangkok) whose policy came up for renewal.

True indeed!! I insure through Matt at AA and have just had my insurance renewed on the 3rd January - according to Matt, all of the big insurance companies have invoked the new restrictions as from 1/1/12 following the devastating floods.

[lomuamart]

I suppose you've got to expect the goalposts to change over time dependent on circumstances.
For instance, the area in central London where my property is is prone to subsidence. It was underpinned some 10 years ago, all on the insurance. The cost was around 17,000 GBP.
Needless to say the insurers caught a cold on that one and over three years I believe that about 30 properties on my street were done as well.
The new insurance deal that the freeholders negotiated on behalf of all properties on my side of the street about 8 years ago carry a 1,000 GBP surcharge - I know that's not the right word but I've got to pay that. Anything over, is covered.
Just normal insurance stuff, even in Thailand, as I see it.

[Nereus]

I have several Home Safe policies with MSIG in Bangkok. The only one written in English has several exclusions:

The Company shall not be liable directly or indirectly for any loss or damage:

1. caused by tidal wave or Tsunami and / or High Water and / or overflow, and / or flood

2. refers to open sided buildings
..........................................................
However, it does have a preceding clause which states: Windstorm loss or damage coverage:

1. loss or damage caused by the water from the sea, lake, or ocean, which is blown or carried away with the windstorm, resulting in waves overflowing the coastal area

2. loss or damage to the insured contents within the premises caused by rainfall, frost, snow or sand entering into the premises through the cracks or damaged part of the building damaged by the direct force of the windstorm only

3. loss or damage caused by water from the sprinkler system or other water pipes damaged by the direct force of the windstorm only

There are several other exclusions, but the above is just concerning water.

[mat]

Regretfully it is correct that the majority of the insurance companies have stopped coverage for natural catastrophes for new and renewal policies after the 1st of january. The reason is that the re-insurers (where the insurance companies re-insure their risks, like LLoyds and SwissRe) have decided not to cover this anymore in Thailand and the insurance companies can not carry those risks by themselves. At this moment some companies are still busy reviewing their policies and what will be in- and excluded in the future. Some however do still offer coverage, but for limited amounts.
The Hua Hin area luckily is not an eartquake- or flooding zone, so the effects in the end are not very bad. After all, the top 5 for claimreasons in this area are: Burglary, waterleakage, electricity short circuit, lightning and fire. And these perils will still be covered.
Regretfully also many companies will have to make up for the huge losses they made so with most of them there will be premium increases.

[Big Boy]

Surely, if you're getting a lot less for your money, then the premiums should reduce.

Last year's premiums would have been underwritten based on the likelihood of risk. If the underwriters were incompetent, and couldn't foresee mass flooding, why should the public be made to share the loss. After all, when they get it right, they don't share their profits.

[bonnielass]

I took out home insurance in Hua Hin recently and was quite surprised at the difference in quotes offered.
So I took the advice of locals and used the insurance broker mentioned in an earlier post.
Comparing like for like, the premium worked out to be more than 50% cheaper; it certainly pays to shop around.

[hhfarang]

We have had earthquakes here and windstorms. True the earthquakes were in Burma but we felt them and a neighbor's roof was blown of by a windstorm a few years ago.