Question: What Insurance Do I Have To Get For My Bangkok Condo?
- If you have an outstanding housing loan for your Bangkok condominium, the bank would require you to obtain mortgage insurance. In the unfortunate event of the demise of the property owner, the property will be paid up in full by the insurance. Of course, if the property is fully paid in cash, this insurance is not required.
- Another consideration is to get a fire and theft insurance for your Bangkok condominium. This is usually offered to you when opening a bank account in Bangkok. You can also choose to get it from independent third-party providers but for ease of the procedure, we would recommend you just get it from the banks. The fire and theft insurance is relatively cheap and you can opt to have the insurance premium deducted via GIRO from your bank account.
These insurances mentioned are only required when your property is completed.
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