Living Insider X MSIG has launched a new service, Worry-Free Rental Insurance, targeting the online residential insurance market. This insurance protects landlords' properties against fire, natural disasters, and accidents that may cause damage to both houses and condos. The insurance premium is only 1,990 baht per year, and it includes free 24-hour emergency assistance through MSIG Home Assistant.

Mr. Phuwanai Pattharaphokin, CEO of Living Insider Co., Ltd., shared that Living Insider has achieved success as a Market Place platform due to three key factors:
1. The easiest
2. The cheapest
3. The fastest
The service is available on both the website and mobile application, with up to 4,500,000 page views per month.



“According to real estate market statistics in 2020, the number of new projects launched has significantly decreased, likely by over 70%, due to the economic downturn and the Covid-19 pandemic. However, the rental market still shows consistent demand, with approximately 100,000 units available for rent each year, consisting of 80% condos and 20% houses.

Nonetheless, the most common issue in property rentals is damage caused during the rental period, whether from natural disasters or accidents. These problems prompted Living Insider to seek solutions that would assist both landlords and tenants.”

The Worry-Free Rental Insurance policy, developed in collaboration with MSIG, is designed to address disputes between landlords and tenants directly. The primary customer base includes homeowners and condo owners who are concerned that their property may incur damages exceeding the insurance coverage collected from tenants.



Tenants can also purchase this insurance to alleviate costs if the landlord's property in the rental unit is damaged. Additionally, agents should consider purchasing this insurance as it serves as a marketing tool, instilling confidence in potential tenants and facilitating quicker rentals. “Living Insider has extensive experience in providing online real estate services, allowing us to market effectively to our target audience. Importantly, we have over 100,000 members who are both homeowners and agents, creating a large customer base for the Worry-Free Rental Insurance policy. Our website, www.livinginsider.com, serves as the main platform for information and immediate purchases. The Worry-Free Rental Insurance will enhance our service ecosystem, and our network of over 40,000 real estate agents can also help sell this insurance, a strength that competitors cannot replicate,” Mr. Phuwanai stated.

For claims, the company has designed an online claims system in collaboration with MSIG, allowing customers to submit claims through the website and an application currently in development, with a processing time of only 2 minutes. The company aims to sell no less than 20,000 policies for the Worry-Free Rental Insurance in 2021, with a target of 100,000 policies within three years.

Mr. Ratthapol Kittisakchaiyakul, Managing Director of MSIG Insurance (Thailand) Public Company Limited, stated that this policy is highly valuable, covering property within homes or condos up to 200,000 baht against fire, water damage, lightning, explosions, floods, natural disasters, and theft. It also provides liability coverage for landlords and tenants during the rental agreement, up to 50,000 baht, for incidents such as dropping a flower pot on someone or water leakage from the rented unit to another unit. In cases of accidents causing damage to tenants' property, such as furniture, bedding, and electrical appliances, the tenant must pay the first 5,000 baht of damages as specified in the policy.

Customers can purchase the policy through Living Insider.
Emergency home assistance via MSIG Home Assistant is available free of charge 24/7 at 02 305 8715.