Are You A Foreigner Who Lives Or Owns Property In Thailand? These Insurance Covers Could Be Useful
Contribution from freelance writer Jennifer Alley
A survey done by HSBC revealed that Thailand has the most accessibility and affordability among 46 countries analyzed. This proves why Thailand is one of the most popular countries where foreigners look for overseas properties for sale. For anyone living in Thailand, whether a local or a new addition to the country, making sure you and your property are insured is a key consideration. It’s all too easy to fall back into the relaxed way of life, which Thailand is famous for, and forget the importance of getting an insurance cover. As a foreigner, even as you are looking for financial options to buy Thai property, it is also important to shop for insurance.
Property and Tenant Insurance
Many foreigners own apartments in popular beach destinations such as Hua Hin that are famous for beachfront houses and villas. If you own your condominium or apartment, then you will want to make sure the physical building is covered. Why insure your building you may ask? For example, over the past 5 years there have been several fire hazards such as forest fires in popular locations that threatened the safety or razed down apartments. This may be due to fire standards in Thailand not being up to the same level as they are in other developed countries which is even more of a reason to cover against fire. If you rent your home, you may need to get a tenant insurance in order to cover your belongings or unit improvements that you paid for. A tenant coverage may also extend coverage for liability situations such as negligence.
Health and Short-term Disability Insurance
The ministry of public health in Thailand recently approved mandatory health insurance as a new requirement for all foreigners staying in the country on one-year Non-Immigrant O-A visas or retirement visas. This may be inconvenient for some but those who were previously covered in case of medical emergencies may be allowed to use their foreign insurances in Thailand. On the plus side, local health insurance (a form of private insurance that is sold by Thai companies) is often inexpensive and easy to use by foreigners. Local hospitals are used to dealing with local insurance and the hospital staff will process your paperwork and treat you as soon as you avail your insurance card. Also, if you are working in Thailand, a health insurance may cover your medical bills, but if you’re too ill to work how will you generate enough income to meet your daily needs? Depending on your coverage, a disability policy will partially replace your income by paying about 60% of your usual income.
The low cost of living, amazing weather, delicious food, and a large supportive local community makes the decision to invest and live in Thailand an easy one. But in order to enjoy your time, you need to insure your property and yourself in order to avoid spending funds in costly repairs and medical bills.
We know several reputable insurance brokers in the Hua Hin area and are happy to pass out their contact details upon your request.