Homeowners Insurance

[Ban Mai Guy]

I, have been looking online at a couple different companies ( AXA, AA) that seem to offer homeowners insurance. Does anyone have any experience/suggestions on who to go with ? The value of my house with belongings I would estimate to be around $ 3.8 million baht.  Thanks

[Peterw42]

Others may be able to recommend a specific company, but a little hard without knowing your criteria.

Otherwise, companies like AA are brokers, the idea being that they can present multiple options from multiple insurance companies.

As a foreigner who cant own land but may own half a company or just the structure, access rights etc, options may be limited for insurance in your name

 

[4MyEgo]

40 minutes ago, Ban Mai Guy said:

I, have been looking online at a couple different companies ( AXA, AA) that seem to offer homeowners insurance. Does anyone have any experience/suggestions on who to go with ?

 

I can recommend AA Insurance Brokers, I have insured the house and car (both in wife's name) with AXA through AA Insurance Brokers, and also have two separate health insurance policies, one for the family and one for me with pre-existing condition.

 

Very efficient service and always send me reminders every year.

Edited April 1, 2021 by 4MyEgo

[Ban Mai Guy]

The house is in my wife's name. She said she wants to put me on the registration but as far as I see it's just easier to keep everything in her name. Thanks for all your input.????

[Pilotman]

one thing is for sure, AXA will be twice the cost of a similar product from almost any of the online suppliers. I'm sure that quite a few people choose AXA because it sounds 'western', not because it is any better than the others.  I would always hesitate to recommend one particular insurer to anyone, but I have mine with an online supplier at half the cost of the AXA quote. 

Edited April 1, 2021 by Pilotman

[4MyEgo]

7 minutes ago, Pilotman said:

one thing is for sure, AXA will be twice the cost of a similar product from almost any of the online suppliers. I'm sure that quite a few people choose AXA because it sounds 'western', not because it is any better than the others.  I would always hesitate to recommend one particular insurer to anyone, but I have mine with an online supplier at half the cost of the AXA quote. 

 

Cheaper isn't necessarily better.

 

I had a claim and AXA sorted it very quickly, all I had to do was pay the 5,000 baht excess, so for me AXA works.

 

Mate of mine got into an accident and his car was a ride off, the guy who hit his car with a company truck that he was driving, was drunk and on drugs, the insurance company for his employer wouldn't pay up, so my mates insurer said to my mate that they will pay him less than the insured value in a lump sum, it went on for months, cops involved to negotiate and he ended up taking a lot less than his car was insured for, he needed that money with what he had in the bank to buy another car. I never heard of his insurer, but I know it was about half of what I paid, so for 7,500 baht a year less, he ended up losing a lot more than it was worth.

 

Have you ever had a claim with your insurer ?

[Pilotman]

1 minute ago, 4MyEgo said:

 

Cheaper isn't necessarily better.

 

I had a claim and AXA sorted it very quickly, all I had to do was pay the 5,000 baht excess, so for me AXA works.

 

Mate of mine got into an accident and his car was a ride off, the guy who hit his car with a company truck that he was driving, was drunk and on drugs, the insurance company for his employer wouldn't pay up, so my mates insurer said to my mate that they will pay him less than the insured value in a lump sum, it went on for months, cops involved to negotiate and he ended up taking a lot less than his car was insured for, he needed that money with what he had in the bank to buy another car. I never heard of his insurer, but I know it was about half of what I paid, so for 7,500 baht a year less, he ended up losing a lot more than it was worth.

 

Have you ever had a claim with your insurer ?

Yes, I understand your point and agree with it, except that, equally, more/most expense doesn't mean better. Our Home Insurance is with the insurance partner of Roojai. We also have our Covid insurance with them.  They have been very efficient  with the process, although I freely admit that you don't know until you make a claim, which we are yet to do. I guess its a matter of stick to what you are comfortable with, because we all know that they will do all in their legal power not to pay out, regardless of who they are. 

[Ban Mai Guy]

Thanks guys I just sent an email to AA and they got right back to me and said they would talk to the underwriters and let me know. Since my wife and I basically reside back in the states I was concerned that we were not eligible. In the states if you are not physically living in the house insurance companies will usually frown on that and most will not insure you. 

I, don't have a problem paying a little more for services sometimes I've had cheap car insurance back home and making a claim was a nightmare. But at the same time I still like to know my options. Everyone's input has been a big help. Thanks.????

Edited April 1, 2021 by Ban Mai Guy

[4MyEgo]

6 hours ago, Pilotman said:

Yes, I understand your point and agree with it, except that, equally, more/most expense doesn't mean better. Our Home Insurance is with the insurance partner of Roojai. We also have our Covid insurance with them.  They have been very efficient  with the process, although I freely admit that you don't know until you make a claim, which we are yet to do. I guess its a matter of stick to what you are comfortable with, because we all know that they will do all in their legal power not to pay out, regardless of who they are. 

 

I have to disagree with your last sentence as I have made claims with insurers over the years and have never had an issue, suffice to say it's usually best to get the insurance through a broker as brokers usually know which ones pay up, plus they get their commission from the insurer and if a particular insurer starts to become difficult and not pay, then the broker can stop referring customers to that insurer, meaning less business for that insurer, so it's best practice for the insurer to pay for claims, providing the customer didn't step outside of the policy, e.g. drunk when in an accident, was not licensed, etc.

 

Even though I get my insurances through a broker, I always read their policies thoroughly, especially any fine prints, as it pays to know what your covered for and whether the policy is for you before taking it out, as not all insurers insure you for the same things, and have different fine prints.

 

It's tedious reading, but is in one's best interest, because when making a claim, you know where you stand.

 

 

[KannikaP]

9 minutes ago, 4MyEgo said:

It's tedious reading, but is in one's best interest, because when making a claim, you know where you stand.

That is if you understand the fine print's legal jargon, which has been translated from Thai, which would over-ride any translation. And TIT !

Edited April 1, 2021 by KannikaP

[4MyEgo]

2 minutes ago, KannikaP said:

That is if you understand the fine print's legal jargon, which has been translated from Thai, which would over-ride any translation. And TIT !

All polies and fine prints in English as I will not insure with a Thai company, just my personal choice as I have heard they don't pay up, or only pay part of the policy, that also came from the broker mouth, so I have no doubt when someone is dealing in insurance companies they know who pays and who doesn't.

[KannikaP]

3 minutes ago, 4MyEgo said:

All polies and fine prints in English as I will not insure with a Thai company, just my personal choice as I have heard they don't pay up, or only pay part of the policy, that also came from the broker mouth, so I have no doubt when someone is dealing in insurance companies they know who pays and who doesn't.

Is the AXA over here not a Thai subsidiary of the main company. My AXA Motor polcy is.

[Ban Mai Guy]

I, got 3 quotes today from AA brokers with the price ranging from $3600b-$19,000b annually.  I, chose to go with a company called MSIG as they were the cheapest and figured they were the best policy to suit my needs at this time. I, could have signed with them for up to 3 years but figured it would be best to go with a 1 year policy so if I find next year I need to make adjustments it will give me options. I, was really impressed with how AA got back to me and how easy it really was. I, feel a lot better now knowing I at least have some coverage. Fingers crossed I never have to use it.

[4MyEgo]

18 minutes ago, KannikaP said:

Is the AXA over here not a Thai subsidiary of the main company. My AXA Motor polcy is.

Correct and the handbook/policy was in Thai, I therefore requested an English copy and received one, and I do recall when completing the claim form, it was both in Thai and English.

 

The car is in the wife's name, as is the policy, but that didn't stop me from going through it like a fine tooth comb as I know the Mrs would have just signed on the dotted line, thinking insurance is insurance like most people.

[KannikaP]

26 minutes ago, Ban Mai Guy said:

I, got 3 quotes today from AA brokers with the price ranging from $3600b-$19,000b annually.  I, chose to go with a company called MSIG as they were the cheapest and figured they were the best policy to suit my needs at this time. I, could have signed with them for up to 3 years but figured it would be best to go with a 1 year policy so if I find next year I need to make adjustments it will give me options. I, was really impressed with how AA got back to me and how easy it really was. I, feel a lot better now knowing I at least have some coverage. Fingers crossed I never have to use it.

Who was asking for Bht 19000 for the same thing?

How do you know/decide if an insurance company is 'best policy to suit my needs'? 

As you say, MSIG were the cheapest, but is that always the best.

Surely you want one which will pay up for any legitimate claim, which you do not know until that claim comes along.

[Ban Mai Guy]

1 minute ago, KannikaP said:

Who was asking for Bht 19000 for the same thing?

How do you know/decide if an insurance company is 'best policy to suit my needs'? 

As you say, MSIG were the cheapest, but is that always the best.

Surely you want one which will pay up for any legitimate claim, which you do not know until that claim comes along.

The policy for $19k was from AYUDHYA. I, went with what I did because I do not need flood insurance coverage and insurance to cover vehicles or jewelry/gold, silver etc, maids etc. I, was really looking to basically cover the house. We don't have much for possessions in the house at this time so I didn't really need a huge policy covering the items we do have in case of a break in. I, only went with 1 year so if I find next year we need more coverage I can buy a better policy to cover those items mentioned. 

[Ban Mai Guy]

AYUDHYA did have another quote that was about $8500b but again there was things like the flood insurance and coverage for jewelry that we didn't need . The payouts were much less than the one that was much higher but really overkill for what I need at this time.

[topt]

3 hours ago, Ban Mai Guy said:

AYUDHYA did have another quote that was about $8500b but again there was things like the flood insurance

I am surprised to hear that they were offering "flood insurance". Most companies after the (2011?) floods basically stopped offering it or, more accurately, capped it as a minimal payout - mine is 1000 baht. This is separate to flooding caused by windstorm/internal pipes.

[Etaoin Shrdlu]

11 hours ago, Ban Mai Guy said:

 Since my wife and I basically reside back in the states I was concerned that we were not eligible. In the states if you are not physically living in the house insurance companies will usually frown on that and most will not insure you. 

 

You should check this carefully with any insurance offer here as well and discuss with the broker.  Insurers might not decline to issue a policy, but could refuse to pay a claim if at the time of the loss the residence had been unoccupied for longer than the time stated in the policy.

[Ban Mai Guy]

There was nothing in the policy that stated non payment for the house being vacant for any period of time. I, do hear what you are saying though It was something I discussed with the broker as it was a concern that was on the top of my list for being covered. My wife and I do have a caretaker that will be looking after the house when we are gone. I, never trust insurance companies anyway it's all good until it really comes to making the claim that's when you know if you picked the right one. I, feel better at least having something for coverage since building the house we have had nothing. Being optimistic I'll never have to use it.

[Etaoin Shrdlu]

1 hour ago, Ban Mai Guy said:

There was nothing in the policy that stated non payment for the house being vacant for any period of time. I, do hear what you are saying though It was something I discussed with the broker as it was a concern that was on the top of my list for being covered. My wife and I do have a caretaker that will be looking after the house when we are gone. I, never trust insurance companies anyway it's all good until it really comes to making the claim that's when you know if you picked the right one. I, feel better at least having something for coverage since building the house we have had nothing. Being optimistic I'll never have to use it.

You're definitely on the right track. I would suggest that you ask your broker to have the insurer confirm in writing that the policy does not contain any term, condition or exclusion that would allow the insurer to deny paying an otherwise valid claim in the event the dwelling was unoccupied for any length of time during the period of insurance. This type of exclusion is quite common on homeowners policies and I would take the belt and suspenders approach of getting this in writing from the insurer.

[Ban Mai Guy]

1 hour ago, Etaoin Shrdlu said:

You're definitely on the right track. I would suggest that you ask your broker to have the insurer confirm in writing that the policy does not contain any term, condition or exclusion that would allow the insurer to deny paying an otherwise valid claim in the event the dwelling was unoccupied for any length of time during the period of insurance. This type of exclusion is quite common on homeowners policies and I would take the belt and suspenders approach of getting this in writing from the insurer.

I, appreciate the advice.  It's why I come to this site. I, will admit I'm still pretty green when it comes to things especially in Thailand.  I've been coming here for years but for me now it's a different level after building this house. It's not like being on holiday being able to pack my bags and go home and not have to worry. I, don't look at my house as an investment here it's something I put my wife off from doing for over 15 years. She worked for it and saved her money. I'm just trying the best I can at this point to protect what we have. It's all part of the learning process of life I guess...555

[topt]

7 hours ago, Ban Mai Guy said:

There was nothing in the policy that stated non payment for the house being vacant for any period of time.

As @Etaoin Shrdlu says above worth double checking. My policy has a 60 day limit for almost all conditions except fire but it may be they charge a bit more to not have that exclusion. If you have had the whole policy booklet and "unoccupied" or "vacant" is not mentioned then you should be ok.

I doubt you would find a western based policy that didn't exclude most things if unoccupied more than so many days but TIT.

[Ban Mai Guy]

Thanks I will definitely check into that. I, still have not fully committed to the policy that I have chosen. I, have to get all my wife's information together such as her Thai ID and Blue house registration book. I, have 5 days left til I can leave quarantine and head up to the village but I, will be sure to look everything over again though to make sure it doesn't have anything like you mentioned. Thanks for that info.

[colinneil]

19 hours ago, KannikaP said:

Who was asking for Bht 19000 for the same thing?

How do you know/decide if an insurance company is 'best policy to suit my needs'? 

As you say, MSIG were the cheapest, but is that always the best.

Surely you want one which will pay up for any legitimate claim, which you do not know until that claim comes along.

Well mate, we use M.S.I.G. and i would certainly recommend them to anyone needing home insurance.

We insured our home with them, 5 days after insurance started, we had a serious storm, roof was damaged.

I contacted M.S.I.G, all contact was in English, they asked for photos of damage, which i sent, they gave me the go-ahead to get the work done.

After work was done, i was asked for photos of work, they accepted my photos, nobody came.

Two weeks later cheque arrived in the post, now no other company could have done better than that.

[Ban Mai Guy]

7 minutes ago, colinneil said:

Well mate, we use M.S.I.G. and i would certainly recommend them to anyone needing home insurance.

We insured our home with them, 5 days after insurance started, we had a serious storm, roof was damaged.

I contacted M.S.I.G, all contact was in English, they asked for photos of damage, which i sent, they gave me the go-ahead to get the work done.

After work was done, i was asked for photos of work, they accepted my photos, nobody came.

Two weeks later cheque arrived in the post, now no other company could have done better than that.

 

Wow that's pretty good. I've had some pretty reputable companies back in the US that didn't even come close to that kind of service when it came to making a claim.

[Ban Mai Guy]

16 hours ago, topt said:

As @Etaoin Shrdlu says above worth double checking. My policy has a 60 day limit for almost all conditions except fire but it may be they charge a bit more to not have that exclusion. If you have had the whole policy booklet and "unoccupied" or "vacant" is not mentioned then you should be ok.

I doubt you would find a western based policy that didn't exclude most things if unoccupied more than so many days but TIT.

So after much reading again and again I stand corrected there is a clause in the policy about 60 consecutive days of the house being vacant and 7 days of consecutive vacancy for theft. In this paragraph though it states without maintenance also and since we have hired a caretaker to oversee our house and small Mango farm and conforming this with the broker he said there is no problem with coverage should either incident should occur (damage, fire, or theft).

The schedule for the caretaker is for them to do assigned work at the house 3 times per week with daily work at the farm. Thanks to the members here for opening up my eyes, giving me advice and a  little education. 

Edited April 2, 2021 by Ban Mai Guy

[Etaoin Shrdlu]

2 hours ago, Ban Mai Guy said:

 the broker he said there is no problem with coverage should either incident should occur (damage, fire, or theft).

 

Make sure that the discussion of your situation with the broker and his confirmation that coverage will not be denied is in writing. If you discussed this verbally, write the broker an email detailing your conversation and your understanding and ask him to confirm back in writing.

[Ban Mai Guy]

1 hour ago, Etaoin Shrdlu said:

Make sure that the discussion of your situation with the broker and his confirmation that coverage will not be denied is in writing. If you discussed this verbally, write the broker an email detailing your conversation and your understanding and ask him to confirm back in writing.

Thanks I will do that. 

[kamalabob2]

You might check the limits of the LIABILITY coverage on your home owner policy.  My insurance broker has helped me with several home owner claims. The discount with some insurance policies on a three year policy can be very attractive.