Why Home Insurance Is Essential in Thailand and How to Buy It

Securing Your Home in Thailand with Insurance

Thailand is a destination that attracts expats from many different backgrounds, but something that they will all have in common after moving to their new country are unexpected experiences.

There is only so much about other societies that you can learn second-hand, after all.

While many of these unforeseen events are positive, accidents and crime happen in Thailand as they do in every country.

Being insured against these will help make sure your experience of living in this exciting country is as enjoyable as possible.

Home insurance is especially important for expats because their homes are the most secure and safe places they have access to in what is, for a while at least, an unfamiliar land.

It is also where cherished items and important documents are stored.

This means that there can be a lot of financial and emotional strain when their homes are affected by fires, thefts, or floods.

This short guide will explore the benefits of home insurance for Thailand’s expats in more detail and offer a few tips on how to find great cover.

The benefits of home and property insurance

Home and property insurance covers your belongings, the property itself, and any compensation that must be paid to people who get injured on your property.

It can be purchased for either houses or condos.

Here are some of the benefits that make it essential for expats.

Protection against theft and burglary

Incidents of theft and burglary in Thailand are pretty low. For every 100,000 people in the country, only around six are expected to experience a break-in.

However, nowhere is completely free of these crimes, and experiencing them can be an extremely stressful experience.

This is especially true if valuable items such as jewelry or electronics are taken, and it is even worse if you do not have enough money to replace them.

Home and property insurance covers the contents of your home, which means that you will not have to pay out of pocket to replace your stolen goods.

You will also be compensated if they are damaged instead of taken. This can make a difficult situation much easier to bear.

Compensation for fire, flood, and disaster damage

Some areas of Thailand experience severe flooding during the country’s rainy season, while others suffer from forest fires when it is very dry.

Of course, fires and water damage can also happen for unnatural reasons too. No matter what the cause, they are always unexpected and extremely devastating.

These forces have the power to cause a lot more damage to your home than thieves.

This means that there is usually a large repair bill, and the amount is often far bigger than what people keep in their savings accounts.

That is why having insurance to take care of this financial burden is essential.

Liability cover

While unlikely, there is still a small chance that a visitor to your home could get injured and try to hold you responsible.

These cases often seem silly, but the legal system takes them very seriously and they could cost you a lot of money.

However, most home insurance provides protection against this.

How to choose great home insurance

While insuring your property is not legally required in Thailand, we can see from the benefits above that it is worthwhile.

Below is a brief outline of how to choose appropriate cover for your needs.

Compare different policies

There are a wide range of policies available for expats.

You do not need to choose the first one that meets your needs.

An insurance broker, such as BSI Insurance Broker LImited, can help you overcome the language barrier and find the best option for your home insurance and other essentials like health insurance.

Understand the pricing

The premium amount alone will not tell you whether you are getting a good deal.

As with other types of insurance, the premiums will vary depending on whether you want basic cover or something more extensive.

They are also affected by the location of your home, its value, and the value of its contents.

Expect a visit

Many insurance companies will send an agent out to assess your home before drafting the insurance agreement.

Look out for unusual exclusions

Different countries will have different expectations of what should be covered by default.

Look out for exclusions of high-value items and specific natural disasters, and add them on if you need them.

Be especially vigilant about floods, which are often excluded even though they are known to happen in the country.

Check the details carefully

While theft is not excluded from home insurance coverage, the details often specify that there needs to be clear evidence of a break-in before any compensation will be paid out.

But if somebody picks your locks, there may not be any.

Make sure you either avoid policies with conditions like these buried in the details or take steps to make sure you get all the compensation you are entitled to.

In the above example, you could set up cameras.

Home Insurance in Thailand: Conclusion

Renting or owning property in Thailand is a crime and disaster-free experience for most expats. However, taking out home insurance is still a wise decision.

As well as helping you out if something terrible does happen, it also means that you do not have to worry about it in the meantime.