I’ve been told by many sources, including people who own homes, that there is no such thing as natural disaster insurance in crowded, earthquake- and typhoon-prone Taiwan. I find this next to impossible to believe, especially considering how absurdly priced homes are. Who would willingly pour their money into a cramped concrete box that could burn down, fall apart, or be bull-dozed by money grubbing politicians with no guarantee you’d get anything back?
Geez, based on its estimates the 35-ish ping place I live at in Zhonghe would only be insured for 2.6 million… that’s the value of probably just the living room. 
Any idea on whether the majority of people have insurance? I feel like the vast vast majority of US homeowners have all sorts of insurance policies, but in Taiwan not so much.
I believe most people don’t, or have a very limited coverage. There are a lot of insurances that people in the west normally have that aren’t available in Taiwan. For example, disability. I tried to get that in Taiwan but the cost was ridiculously high (in Canada I could get coverage for CAN$100-200 a month). A friend who works in insurance said that only celebrities and models have that. Everyone else just relies on their family if they can’t work.
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I inquired before regarding home owners insurance, due to starting to buy stuff that started mounting on the nts. There is no real coverage as we know in our countries, not to mention the US where losing something can even be to your economic advantage -and hence insurance fraud is a concern. Basically, everyone told me that if it burns down or gets stolen, buy new. :s
Also, I had inquired about the insurance in case I bought a place and crooked before I paid it off. It is a new products, not all have it, while back in the ol country it is mandatory. 
I wonder about insurance like in restaurants and public places, while I know in the ol country that if something happens to me while inside, there will be coverage. As a small business owner, I’d be concerned if not. 
I mean, you could be sued into the Stone Age.
In summary, as things stand, the Taiwanese superstition about this kind of things is understandable. The insurance companies here have al the benefits, no risks, and having them is next to useless. So don’t talk about it.
[quote=“Hokwongwei”]Geez, based on its estimates the 35-ish ping place I live at in Zhonghe would only be insured for 2.6 million… that’s the value of probably just the living room.
Any idea on whether the majority of people have insurance? I feel like the vast vast majority of US homeowners have all sorts of insurance policies, but in Taiwan not so much.[/quote]
Most Taiwan banks require or encourage their mortgage loan applicants to take out earthquake and fire insurance on the home they purchase with the mortgage.
[quote=“Icon”]I inquired before regarding home owners insurance, due to starting to buy stuff that started mounting on the nts. There is no real coverage as we know in our countries, not to mention the US where losing something can even be to your economic advantage -and hence insurance fraud is a concern. Basically, everyone told me that if it burns down or gets stolen, buy new. :s
Also, I had inquired about the insurance in case I bought a place and crooked before I paid it off. It is a new products, not all have it, while back in the ol country it is mandatory.
I wonder about insurance like in restaurants and public places, while I know in the ol country that if something happens to me while inside, there will be coverage. As a small business owner, I’d be concerned if not. I mean, you could be sued into the Stone Age.
In summary, as things stand, the Taiwanese superstition about this kind of things is understandable. The insurance companies here have al the benefits, no risks, and having them is next to useless. So don’t talk about it.[/quote]
According to the wwunion web site they have it all … well almost all. I got my Scooter insurance with them by accident as it was the counter inside the DMV (the bad, it’s WantWant related) but hey, if they pay in case of accident who cares. I have a hospital insurance with 國泰人壽 (Cathay life), they paid out, no questions asked.
WELCOME TO BUY LUXURY HOME IN TAIWAN
Live in Taiwan, a small island (but not part of China) in East Asia (more civilized than Southeast Asia) and home to some of the best land developments, including the exciting New Century Dubai London Aspire Castle in a picturesque industrial park of Taichung, right next door to where world-quality Made-in-Taiwan saxophones are manufactured and tested 24/7. Act now, and pay only 20 years of every cent you make at your mind-numbing local job, and you can get:
[ul]A comfortable pad somewhat bigger than a hotel room[/ul]
[ul]The empty promise of “public facilities”[/ul]
[ul]The city government has promised not to tear down your new luxury apartment for at least 20 years, when they will reevaluate as part of the BRT expansion plan. You may lose a home, but you’ll gain a BRT![/ul]
[ul]Hot in summer, cold in winter – get those jackets ready to wear under the covers![/ul]
[ul]Door man and management committee who hold you in the highest contempt[/ul]
[ul]A parking spot that you might be able to fit your vehicle into if very skilled, but sometimes Wang A-bei from two doors down parks his scooter in front of the exit so don’t expect to rely on your car daily[/ul]
[ul]The slim hope that your home will continue to appreciate in value despite all the evidence indicating it’s not likely[/ul]
While our asking price is higher than market rate, we are confident you will love our cold, soulless marble decor and unconvincing facade of modern design prowess. The building is a 30 minute walk or 45 minute drive from three infectious disease research institutes and is next door to Central Taiwan’s noisiest night market, which only raises its value. Taichung Lord and Sovereign, Forever May He Be Exalted, Hu Žrčãng has vowed (every day for the past 13 years) that there will one day be an MRT right next door.
If you’re lucky, you won’t lose it all overnight in a fire (no sprinkler system in the building, sorry!) or earthquake or Chinese invasion. So what are you waiting for?!?!
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This fits with the Taiwanese belief that bad things won’t happen to them.
Moreover, even if insurance is available, it doesn’t mean it is available for foreigners.
Not every local property insurance company is willing to give home (earthquake/fire) insurance to foreigners, but some definitely are. (I have it on my place.)
Not every local property insurance company is willing to give home (earthquake/fire) insurance to foreigners, but some definitely are. (I have it on my place.)[/quote]
Exactly. Anyways, one should shop around for the best deal. Being denied a couple of times helps with that. 
Apologies for reviving this. Anyone here actually buy insurance for your home? I was looking to understand some of the costs and get a ballpark figure.
I will ask my neighbor (he owns homes, and wants to buy his second one).
But I can sort of understand the lack of all kinds of insurance policies in Taiwan. Believe me, insurance companies in Taiwan is very proactive and if they saw a need they will very quickly fill it (there have been COVID related insurance offered recently and it sold like hotcakes). First, when comparing to the USA, Taiwan isn’t nearly as sue happy and so risk management isn’t nearly as big of a deal as the USA. When people said why felons couldn’t get a job or are refused housing in a lot of places, it’s insurance companies who demanded such policies.
Also comparing and contrasting against the USA and Taiwan: In the US a fire would destroy a structure completely as everything, including many apartment buildings are made from wood. In Taiwan a fire would destroy furniture and valuables but 99% of the time, unless the structure is sheet metal (and those are cheap to construct), the structure is completely fine and a little renovation will bring it back to the way it was before the fire. Major earthquakes don’t happen that often so insurance companies have no trouble underwriting it.
But I never seen renter’s insurance. I asked an insurance agent about this once and they looked at me like I’m from the planet Zebulax.
However comprehensive insurance in Taiwan is very common. Comprehensive means life, medical (anything NHI lacks), accident, etc… Premium was about 15,000 per year. Most insurance companies will have something like this. I’m guessing those insurance cover personal loss due to fire or whatever…
That’s not necessary. I’m looking for other forumosans to talk about their own experience.
Looked into this recently as well and even asked the locals but no one I know at least have purchased such insurance for the contents of their home or flat or know of such a thing to even exist. I, however, have found international insurance companies offering expat insurance plans for belongings in your home or flat in a foreign country. Received a quote for about 30k usd worth of stuff which worked out to be about $200 usd a year. But they don’t cover earthquakes, typhoons, or any kind of flood damage to your property, which is a bummer. Theft and fire are covered though.