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House insurance in Thailand: Everything you should know

house insurance in thailand

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House insurance in Thailand is an effective risk management tool that safeguards your property from loss or damage. It usually covers the interior and exterior damages, personal assets and possible injury that occurs in the property. One of the risks of buying a property in Thailand is how prone it is to calamities.  By getting house insurance in Thailand, you can take control of calamity risk, minimize the potential losses, and ensure your home’s protection. This article will explain more about house insurance, its benefits, and what house insurance you can get in Thailand.

What to look for in house insurance in Thailand?

When getting house insurance in Thailand, the first thing to remember is the flexibility of the coverage. Home insurance in Thailand offers a range of coverage, allowing protection for your specific needs. Here are some of the coverage options you can look for in property insurance in Thailand.

House insurance coverage inclusion

The following is included in house insurance in Thailand:

  1. Home or dwelling: The house insurance policy should cover the physical structure of the house and its attached structures. It must cover various damages from the following causes:
    • Fire and lightning,
    • Windstorms,
    • Theft (may have limitations and requirements),
    • Vandalism,
    • Explosions,
    • Smoke damage,
    • Water damage (from burst pipes or certain weather events). 
  2. Other structure: House insurance covers the detached structures of the property, including the garage, yard, pool house, greenhouse, and outdoor storage.
  3. Personal property: Personal property inside the house, such as clothes, appliances, and furniture, must also be covered. The house insurance policy limits how much personal property it covers based on specific monetary limits.
  4. Personal liability: Your house insurance policy will protect you against legal liability if someone or a third person is injured on your property.
  5. Other inclusion: If needed, you can add special coverage like flood and earthquake coverage.

House insurance coverage exclusion

The following is excluded in the house insurance coverage:

  1. Wear and tear: Depreciation of house value is excluded from the coverage.
  2. Natural disasters: Natural calamities like floods and earthquakes in Thailand are typically excluded from the policy and require specific and separate policies.
  3. War and terrorism: The house insurance policy does not cover acts of a foreign country or war, nor is nuclear war included.
  4. Pest and mold infestation: Pest and mold infestations are excluded from house insurance coverage.
  5. Intentional damage: House insurance in Thailand does not cover intentional and negligent damage to the property.

How much is house insurance in Thailand?

House insurance in Thailand costs an average of ฿ 4,500 ($122) to ฿ 7,500 ($204) per year for a house valued at ฿ 3 million ($81,660), and depending on the coverage, this amount can increase. Additional coverage, like floods or earthquakes, can increase the amount since it is normally not included in the policy. 

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Choose the best house insurance policy in 5 steps

Follow these steps to select the best house insurance policy for your property:

Step 1: Assess your needs

The first step is determining the property composition, location, and personal property cost. Depending on your needs and preferences, your property may require more or less coverage. You must determine if you need to add special coverage to your policy, like fire insurance or earthquake coverage. Moreover, consider your financial capability to pay for home insurance in Thailand to avoid financial constraints. 

Step 2: Research reputable house insurance providers

The second step is to research reputable house insurance providers in Thailand and streamline which offers a policy that meets your qualifications. Choose an insurance provider with reputable financial records and good customer satisfaction ratings. You can visit their websites and obtain information about their house insurance policies. 

Step 3: Read and compare the coverage

This step requires critical thinking to compare each house insurance provider’s policy coverage. Review each provider’s coverage and note differences or unique features. Review the inclusions, exclusions, limitations, and special additions. In this step, a second opinion can be helpful so you can connect with someone well-versed in house insurance in Thailand.

Step 4: Make an informed decision

Make an informed decision and choose a policy that satisfies all your requirements. Contact the property insurance Thailand provider for further details and clarification. Review your policy and adjust it if needed.

The best house insurance providers in Thailand

Here are some of the best house insurance providers in Thailand and what they offer:

  1. AXA Thailand: AXA Thailand is one of Thailand’s leading home insurance providers for homes and condominiums. They offer tailored policies for residential properties; one is the Sabuydee My Home Insurance, which has coverage for building and home contents up to ฿ 30 million ($816,600), home contents for actual loss or damage, damage arising from fire, natural perils including windstorms, flood, earthquake, and hail, and more.
  2. Bangkok Bank Insurance: The company offers Home Property Insurance 1st that covers all assets from theft or accident and even protects your rental income in the event of damages. It boasts three protection plans you can choose from.
  3. Allianz Ayudhaya: This provider offers three home insurance plans: Basic Home, Master Home, and Perfect Home. Each offers distinct coverage that may suit your needs and financial capacity.
  4. AIG Thailand: This home insurance provider offers My Home My Choice, designed to suit a private home or condominium. Flexible building and home contents are covered with protection for high-value items. 

Secure your house insurance in Thailand

Our expert team simplifies the process of finding the perfect property insurance in Thailand. We offer personalized advice to help you choose the coverage that best fits your needs.

Protect your property confidently. For more information, leave your name and email in the form below or email us at [email protected].

Contact us to get your house insurance in Thailand

Leave your name and email below – Our property expert will reach out and help you with finding a suitable home insurance for your Thai property.

Frequently Asked Questions (FAQs)

Does Thailand have house insurance?

Yes, Thailand has various house insurance that you can choose from.

How much is house insurance in Thailand?

House insurance in Thailand would normally cost around ฿ 4,500 ($122) to ฿ 7,500 ($204) annually for a house valued at ฿ 3 million ($81,660). This amount could increase from ฿ 8,000 ($218) to ฿ 15,000 ($408) if there is additional coverage like fire insurance and Thailand earthquake protective insurance.

What is covered by property insurance in Thailand?

Property insurance in Thailand usually covers the home or dwelling structures (including the attachments), detached structures, personal properties and belongings, personal liability protection, and other additional special inclusions.

Why do I need home insurance in Thailand?

You need home insurance in Thailand because there are risks associated with acquiring property or buying a condo in Thailand. These risks threaten your property, and to avoid possible damages, you need house insurance in Thailand to protect your assets.

Written by Emmanuel Jason Casas

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