Think of home insurance as a guardian angel who protects your house and provides relief during an unfortunate event such as a natural disaster, factory explosion, theft, water damage, fire, or other damage caused by human negligence. These events could happen to you anytime and cost you thousands, if not millions.
Chubb Samaggi Insurance’s home insurance claims records from 2017 to 2021 indicate that the five most common causes of house and property damage are fire, water damage, storms, floods, and explosions.
In one particular incident, the fire rose from the house’s front wall, destroying the garage, motorcycle, and bicycle. The fire then spread inside the house and ruined the structure, stairs, and property. The second and third floors also suffered partial damage. The assessment concluded that the insured property could be repaired, and there was no need to dismantle the building. The house owner, who’s insured by Chubb, was thankful to have the renovation costs covered by the policy.
Apart from floods, we also often receive water damage claims such as clogged plumbing systems, out-of-order drains, or burst water pipes causing damage to structures and property. In one case, when a client made a water damage claim, the inspection indicated that a broken drain on the ceiling sent water through the balcony into the bathroom on the first floor damaging the wallpaper, ceiling, and other items in the house. Fortunately, this house was insured, so the damage was covered and compensated.
Houses in the Samut Prakan Province were hit by storms and whirlwinds, with many large and small objects being blown away all over the area. In one instance, one of the houses sustained damage on the roof, resulting in the rainwater made its way to the second floor and damaged the ceiling. Fortunately, the house owner had recently upgraded his fire insurance policy to cover storm damage and was rightfully compensated for his loss.
One of the clients in the Northeastern Region suffered heavy damage from a flash flood. The area remained flooded for a long time and damaged the house inside out. Not only did mold start growing all over the floor and ceiling, the property, furniture, appliances, plumbing and electrical systems were also damaged. Unfortunately, the client’s insurance policy only covered o the house, which means he had to pay for costs related to repair works for the property, plumbing and electrical systems.
A massive explosion at a nearby chemical plant factory destroyed the glass doors, ceilings, walls, and tiles at a client’s double-story house. The client was fortunate enough to have procured explosive insurance and was compensated for the damage.
From the examples above, it’s clear that home insurance provides coverage for a wide range of risks. In addition to providing protection, home insurance is also a good investment as the insurance premium is significantly lower than the damage cost.
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