CONDO INSURANCE

Member since 18 October 2015

badman1000Member18 October 2015 13:34:23

Who is responsible for Condo insurance? Owner or tenant?
does it differs to the subject, or its a mainly over all insurance?

thailand4me Serial expat

Member since 28 January 2015

thailand4meSerial expat18 October 2015 13:48:56

435

Owner. For the inside of the condo.

cthierrymk ViP

Member since 24 January 2015

cthierrymkViP18 October 2015 13:49:30

1418

There was another forum about it ( but few feedbacks received ) : /forum/viewtopic.php?id=458644

In Thailand it is not common for people to take insurance, however in the rental contract it will be specified the responsibility of each party, read it carefully and understand the terms.

If owner have an insurance it will not cover your personal valuable items or your furnitures ( if any ).... it will be more for the owner building and content..

Both owner and tenant can purchase a home/condo insurance.

Owners will find that a bank only requires them to insure the amount outstanding on the mortgage.

Purchasing additional insurance to cover the rest of your house and belongings is worthwhile if you suffer a catastrophic loss.

Even if you rent a house, you are exposing yourself to a risk of loss. If the house is damaged or destroyed. You will have to compensate the owner for his loss.

An insurance will cover you for different things like ( depends on your policy ) :.

All risks, such as earthquake, fire or theft
Water damage
Valuable items, such as jewelry, gold and/or money
Theft with visible mark
Compensation for temporary accommodation
Etc...