A must to protect your investment. Check basic covers such as fire and theft, and be sure to read the fine print. Although we previously have not had any major disasters in Hua Hin some areas are prone to flooding. Remember to start insurance coverage when you settle on a property. If building a home ensure you have cover from the day you start building. We are able to assist you with all your insurance & security system requirements.
1. Replacement cover - reinstates your property to it's former condition if destroyed i.e. new for old. Don't confuse the replacement value with the price you paid for the property. A home bought for 3,000,000 baht may cost 7,000,000 baht if replaced. It's cheaper for a builder to build several houses at a time than to construct just one for instance.
2. Indemnity policy - reinstates or repairs the property & depreciation is taken into account i.e. old for old. You only receive a partial amount of the cost it would require to replace.
Premiums vary greatly depending upon the size of your home, features, location and construction e.g. security system, fences, locks on all windows and door. Maintain your home: Check for loose roof tiles, electrical fittings, plumbing, sewerage outlets, wiring & lines. Some insurance policies in Thailand don't cover your properties against "Acts of God" such as lightning, hail, earthquakes and floods.
Coverage is replacement value or cash value. Say your 5,000 baht fridge is destroyed, full replacement ensures a new fridge. Cash value would only give you the depreciated value, say 3,000 baht. But, full replacement policies are dearer than cash value policies. Contents of a home can be valued at 50% of the structure's replacement value e.g. on a 2,000,000 baht policy, contents could be as high as 500,000 baht. Always keep receipts for major purchases and detailed inventory records for insurance purposes. Standard content policies in Thailand don't cover you against burglary and theft of your valuables e.g. video recorder, computer, jewellery - for those items you will need a burglary and robbery (special risks) policy.
For this 'Special Risks' policy you must provide a detailed list of items. Again, keep receipts for major purchases and detailed inventory records. Our lawyer suggests keeping a camera record. Limit small claims and minimize burglaries with more security measures.
You may need 'in transit' insurance cover if moving from one house to another. Check this out & if possible talk to other homeowners or us for recommended companies to use.
If you are stay in Thailand permanently:
5 Reasons you need Life Insurance
If you are a young man reading this thinking life insurance is the last thing in the world you need right now, the following are 5 reasons why you could not be more wrong as to why you need to take out a life insurance policy today!
As well as providing us with the necessities in life, earning a wage also allows us certainly luxurious in life. Unfortunately, once we retire, our pensions are rarely enough to continue living life in the manner we have become used to while we earned a salary. In order to offset this dramatic change in lifestyle many children help their parents by giving the money to tide them over. However, if you were to die today, who would look after your parents in the future? The government? Having your parents named as beneficiaries under a life insurance policy could mean the difference between them enjoying the remaining years of their life and struggling once you have gone.
If you are married, even if both of you are working, chances are you are living an expensive life. Most likely you have a mortgage, car repayments and possibly loan repayments. You most probably like to go on holiday once a year too. However, what will happen to your spouse if anything happens to you and you are not insured? For sure they are going to have a dramatic change in their life and it won't all be down to the fact that you are no longer here.
If you have children then they are possibly the biggest reason why you should have life insurance. Children are dependent on us to buy them food and clothing. Children need money from us to survive. Children need us to pay for their university education. All of these become immensely more difficult to provide for if you die without life insurance. Would you really want your children to suffer because you didn't want to pay an insurance premium today?
With a whole life insurance policy you can start to save money for when you retire. Due to the compounding nature of interest the earlier you start, the bigger the nest egg you'll have. So, if you are happy with the idea of living off a government pension when you retire, fine. Otherwise, think about getting insured!
5. Funeral costs
Today's funeral costs are exorbitant! If you die and do not have an insurance policy someone else will have to be responsible for paying the very high cost of your funeral. On the other hand, if you have a life insurance policy, you can arrange the funeral party of your choice.
On our 'Driving Conditions' and 'Thai Driving Licence' pages you will find clear and comprehensive information on Thai traffic laws, the Thai driving rules & regulations, the license requirements in Thailand, local law enforcement, their language skills and their expectations, international driving licenses etc.