Home Insurance | Frequently Ask Questions
The Sum Insured for the building needs to represent the rebuilt value of your home in case of a major disaster (for example: fire). This meaning, without your land value and without the value of your foundation. In general this leads up to about 10% of the total building costs.
When taking out a Home Insurance it is important for us to know what the rebuilt value of your property is. The Sum Insured should be high enough to rebuild your home after a major disaster. However, it can also be important in case of smaller incidents. If after a claim the insurance company finds out your home is actually under insured, they might pay you only a certain percentage of the actual damage.
The Sum Insured for the contents needs to represent the value of your personal belongings, furniture, fixture and fittings (for example: airconditioners, cupboards, kitchen, floors etc.).
The level of cover can be calculated by adding the value of the building, contents and swimming pool all together. For most Expat Homes you can calculate with 20.000 Thai Baht/m2 under the roof. To determine the Sum Insured for the contents in general you can take 25 % of the Sum Insured for the building. A home with a Sum Insured of 4 million Thai Baht usually will need a Sum Insured for contents of 1,000,000 Thai Baht. If you would like to have your swimming pool covered, you can generally count with 12,500 Thai Baht/m2. In case you have any questions on the calculation of the Total Sum Insured, we will be more than happy to assist.
Check with your landlord first. However, in general you will be responsible for any damage caused to the property. Therefore you should get a full cover Home Insurance (building and contents).
In general, standard Home Insurance policies do not cover flood damage but only cover water damage. A 'flood cover' can be obtained as an additional option next to your regular home insurance.
Burglary is defined as ‘theft with forcible entry or exit’. I.e. if someone breaks into your home there must be visible signs of forcible entry. For example: a broken window or door. Without these visible signs of forced entry your home is not covered for Burglary.
We kindly refer you to the General Terms and Conditions of your Home Insurance policy. The top 3 events which are not covered are: 1. Damage caused by Termites. 2. Breaking or Leakage of underground waterpipes (where the water does not cause damage inside the home). 3. Subsidence of Land.