Mortgages / Insurance / Medical

Insurance Introduction

Insurance is a first concern for many who are considering purchasing or selling a property. Insurance is used to cover your assets in a number of different scenarios and to protect you and your property should the unexpected occur. With so many different levels of cover available it can be difficult to ascertain which is the most appropriate, whether it be building, contents, burglary or even a combination, we seek to provide clarity and peace of mind when it comes to your protection.

When a new property is purchased a number of questions regarding insurance cover is brought to mind. Which is the most applicable? How much cover do I require? What exactly am I covered for?

To try and simplify the matter, there are two types of general insurance:

Indemnity Policy: Repairs the property to its original state but takes into account any reduction in the overall value. Generally the insured would receive only a fraction of the required amount.

Replacement Policy: Provides cover for the property to be re-instated to its former condition in case of structural destruction.

The Different Levels of Cover Available

Building Insurance

There are a number of different variables to take into account when considering building insurance. From the smallest to the biggest of details there is a range of factors which can affect the price of the premium. From trivial matters like locks on each door right the way through to the type of construction material used and your properties location.

It is vital that you read through the conditions of your policy and understand what exactly your cover provides. Many insurance policies in Thailand do not cover for incidents deemed an ‘Act of God’, such as earthquakes, lightning strikes etc.

Moving Insurance

Any insurance taken out on a new property is effective from when the first premium is paid, however no matter how well you plan in advance for the insurance to carry over from your old property to the new there is always the menace that your items may become damaged in transit. When contacting your removal company to start proceedings check with them if your goods are covered during the moving process. If not, then insist on the insurance to be included in the quotation.

Theft Insurance

Theft insurance premiums are determined on what items you declare in your property. When arranging theft insurance, make certain that all your valuables are listed in the original quotation so the insurers can set an appropriate premium. Theft is usually covered in what is referred to as ‘special risk’ policies. Again, locks on doors and appropriate security will be taken into account when considering the level of insurance. If possible take photo or video evidence of your possessions to assist in any future claims you may make should the unfortunate occur.

Contents Insurance

There are generally two types of cover available depending on what policy you have - replacement and cash value. A replacement policy does what it says on the tin, i.e. if your television is destroyed you will receive a replacement television of the same value. A cash value policy will pay you the current value of the item at the time of the claim, so if your television is a few years old and no longer worth its original value you will not receive a like for like replacement. Naturally, policies that offer a like for like replacement are more expensive and it is suggested that you keep the receipts of any major purchases you make.

Acclimatization To Your New Life In Thailand

Any move to a new property can be daunting. The experience of moving to a foreign country however can be a real challenge for some who have not experienced the local lifestyle or are simply not aware of all the ins and outs of life in Thailand. To make your transition as smooth and carefree as we can, we offer a range of services through our network of contacts to ensure that you can start your new life as hassle free as possible.

Thanks to our unique local knowledge and our experience in assisting our clients with life’s little problems we provide detailed information and contacts for:

We weigh up the pros and cons of any enquiry you make to ensure that you have a clear understanding and are able to make an informed decision when it comes to matters like health care or banking, decisions which can sometimes be left aside in the excitement of relocating abroad. Whatever your request, be it big or small, we have the team and the cultural know how to guarantee an organic switch to your new life in Thailand.

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