Insurance is a means of protection from financial loss. It’s a form of risk management all homeowners should consider.
Nobody can predict the future but you can go a long way to protect yourself from the unexpected. So the short answer is “yes,” you should insure your property in Bali.
And it’s not difficult to do.
If you’re simply looking to protect your family home or business investment, you should be looking at insurance policies, which will typically cover hazards such as fire, lightning, wind, hail, liability and personal injury.
If you’re renting out your property you may want to get specific landlord insurance for unexpected damages that can cover furniture, appliances or other items.
The coverage can be extended to cover legal costs, loss of income and more.
As Indonesia sits on the “Ring of Fire” you should also take into consideration the possible risks of earthquakes, volcanoes and Tsunami. Some insurance companies cover these (at additional costs), some do not.
There are many reputable insurance companies in Bali, which many of our clients use, such as Allianz, AXA, MSIG and Asuransi MAG (a Fairfax company).
The best thing to do is to make contact with one or all of them. Ask questions, get proposals and make comparisons. Ultimately any insurance policy should be the one you feel most comfortable with and one which addresses your specific needs and expectations.
A lot of that boils down to the agent.
Do they answer your questions? Do they listen to your needs? Do they offer a competitive price? Are there any mark-ups or hidden fees? How do you make a claim? How long does it take to get your money? Do they seem honest and trustworthy?
If you get positives for these sorts of questions then you’re on the right track.
However, before committing to any property insurance policy, you should always read the insurance agreement in detail before you sign on the dotted line.