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fire insurance
fire insurance
During this period, it often rains. But there are news of fires constantly coming out, including short circuits, lightning, and negligence for many reasons, all causing damage to lives and high-value property that no one wants to happen. which is required "Fire insurance" to help protect the occurrence of unexpected events with the homeowner. Let's see how fire insurance has details. and coverage to what extent
Is fire insurance necessary?
It is necessary to do when borrowing to buy a house from the bank.
All home loan applicants will be required to take out fire insurance according to the law. To be used as collateral for the bank in the event that the home is damaged by fire. That's why homebuyers are inevitably forced to take out fire insurance with every home purchase. And it is also necessary to extend fire insurance during the installment of the house until the contract expires.
no need to when buying a house for cash
The law does not require a cash home buyer to have home fire insurance. Cash home buyers do not need to pay extra for insurance, but homeowners should also insure them for peace of mind. Because no one knows when the fire will start. Or will there be a fire spreading from the house next door? If there is insurance attached to the house Compensation will help mitigate the damage that has occurred.
How much do I have to pay for home fire insurance premiums?
Home fire insurance premiums for each insurance company are different. but in general Insurance premiums per year will be calculated about 0.1% of the sum insured. For example, if you want a home insurance sum of 3 million baht, the buyer must pay a premium of 3,000 baht per year, with the house fire insurance premium being reduced. If buying insurance to cover continuously for 2-3 years
What types of coverage does fire insurance cover?
fire insurance It provides coverage in residential types such as single houses, townhouses, commercial buildings, flats or condominiums. It will provide protection in case of fire from the following events.
- fire
- lightning
- short circuit
- bomb threat
- Threats from vehicles
- danger from aircraft or objects dropped from aircraft
- danger from water
- Threats from a storm
- earthquake disaster
- danger from hail
It can be seen that fire insurance does not only provide coverage only for fire incidents. but also covers other disasters that cause damage to the house as well However, before getting fire insurance every time Don't forget to always study the coverage conditions first because each country will have some conditions that are different. * With concern from Connex Property
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