Thai condo insurance is very affordable in Thailand and is a must have for condo owners for the protection of costs incurred from flooding and water damage alone.

We have seen countless condos that have flooded from water leaks or been damaged from water leaks from their neighbours. The smallest of water leaks can quickly destroy flooring, ceilings, electrical appliances and even the buildings elevators and the costs can quickly escalate into the millions of bhat.

Most insurers will provide all risk type of coverage which includes losses caused by fires, explosion, water damage and other instances of accidental damage to the property and its contents.

For most landlords coverage that includes personal liability insurance is also a benefit to protect from accidents in the condo that to the injury, or loss of life of a third party tenant.

While you may have paid 10 million bhat for your condo, the insurance company may only insure it for a fraction of that amount, which is usually equates to the cost to rebuilding the condominium. Intangibles such as the condos location and the current market value cannot be insured.

Most insurers will value the condo at 25,000 bhat per square meter regardless of the location or the fair market value.

One of the common misconceptions that condo owners have is that each year when the pay the building management fee, a additional fee for insurance is itemised causing some owners to belie they are covered by the buildings insurance policy.

However the building insurance generally only covers the common areas and the external building structure. Each of the individual units are required to have their own coverage for complete protection.