Everything your property insurance covers
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For many people, their house is the most valuable thing they own. It’s a precious asset that took years of hard work and savings to achieve. That’s why it only makes sense to protect it with Thailand property insurance. Of course, no one wants anything bad to happen to their property, but the future is uncertain, and unwanted things can always happen. Imagine being away on vacation, and a fire breaks out in your home, or a tree falls on your roof because of a storm. These damages aren’t only frustrating but can also cause you financial losses since the cost of building and repairing properties is very expensive. However, it’s possible to reduce the financial damage if you have the right property insurance policy. Here’s what property insurance generally covers.
1. The structure of your home
Property insurance can help protect the physical structure of your property, such as the walls and roof. If your home suffers damage from man-made or natural disasters, your property insurance policy will pay you compensation. Thus, allowing you to repair or even fully rebuild your property.
The disasters covered by property insurance typically include fire, lightning, vehicle impact, aircraft, explosion, windstorm, hail, water damage, theft, and falling objects. Some policies may also offer extra coverage for damages caused by strikes, riots, and vandalism. However, property insurance can’t protect you from all disasters. For example, damage from floods and earthquakes is not typically covered, but you can usually buy additional coverage if you want that type of protection.
When you’re purchasing coverage for the structure of your home, be sure that it covers at least equal to the amount it would cost to rebuild it.
2. Other structures
Your property insurance policy can also help you pay for repairs of certain structures that aren’t attached to your property if a covered risk damages them. If a car or a motorbike hits and damages your fence, for example, you will get compensation to help you repair the fence. Aside from a fence, other structures that your property insurance might protect include a detached garage, a sala, and an in-ground swimming pool.
3. Personal belongings
Your property is not the only thing property insurance protects. It may also provide protection for the personal belongings you keep within it. From your furniture and clothes to portable items like laptops and cameras, your personal items can be covered if they are stolen or damaged. Suppose a fire damages your furniture or someone steals your TV from your property. In this case, your property insurance policy may help you pay to replace or repair your personal belongings.
Property insurance doesn’t cover all of your belongings, but you might get optional coverages to further protect other items you own. For example, you might add extended coverage for expensive items like jewellery.
4. Personal liability
Personal liability protects you from lawsuits for property damage or bodily injury you or your family may cause to others. In some cases, it may also cover losses brought on by your pets. So if your dog bites your neighbour, you can file a claim, so your insurer pays her medical expenses. Or, if your son damages your neighbour’s Turkish rug, your insurer will help reimburse her for the damage. Moreover, if you break your neighbour’s window and the broken pieces cause injury to them, then they sue you for pain or lost wages, and your property insurance will cover you, too. You won’t be covered, however, if you or your family destroyed your own rug or windows.
Property insurance also covers bodily injury that occurs on your property. For instance, a friend visits your property, and he trips over a broken step on your staircase. In this case, your insurer will pay for his medical bills. However, if you trip on your own broken staircase, you’re out of luck — your property insurance will not pay for the medical bills for you, your family, or your pet.
Keep in mind that not all property insurance policies are created equal. Different policies will offer different levels of protection, depending on your need and the type of property being covered. There will also be a maximum amount of money that your policy will pay for claims.
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