Category Archives: Insurance

Should You Invest In Airbnb?

In this day and age, before making any rash decision with regards to spending money and investments, it is recommended to find financial advisor that will help you along the way. This is important if you don’t want to get old with nothing to your name. Many people believe that real estate is a good investment and one of the most popular trend that has caught the attention of many especially travellers is the rise in Airbnb.

Airbnb is an online marketplace that offers guests short-term rentals while they are on a vacation. These are not exclusive to hotels and accommodation industry but private homes and properties can also be listed by the owners. While this may sound like a lucrative business requiring very little work, experts have warned that it may not be what you are expecting in real life.

According to a certified financial planner, location is very important in this type of business. There are places that will be booked all year round because of the good location while there are those that will only have seasonal increase in bookings. It is important for an investor to know the different market conditions in the area where they want to hold a rental property. Aside from this, a number of things have to be considered too.

Unless you are well-verse with your local laws and rules with regards to short-term rental, it is best to inquire with your local office. The local laws are always changing therefore getting updated is important. In places where there is a short supply of affordable housing, local authorities mandate landlords that available properties should be listed on the market with long-term rental as a condition.

Do not think for second that your property will survive with short-term rentals forever. This is why it is important to ask if it can be listed for long-term rentals or any other purpose. This will ensure that you will have a steady passive income even if the age of Airbnb has long gone. The demand will not stay the same thus if you find financial advisor it is best to discuss these things beforehand.

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Thailand Considering Making Travel Insurance Compulsory

Thailand’s been getting a lot of extra press coverage recently, and not always for its Koh Tao villas or its Bangkok nightlife; not the reasons the Kingdom’s hoping for.

Following the trapping and the heroic rescue of a football club, comprised of 12 young Thai boys and their coach, earlier in July from Chiang Rai’s RhamLuang cave, Thailand has been caught in a series of tragedies and accidents, one after the other.

One notable example is the tragic boating accident in the south, when the Phoenix sank off the coast of Phuket, resulting in the death of 47 people, all Chinese nationals. Said incident led to thousands upon thousands of hotel bookings getting cancelled across the country, as well as causing a precipitous drop in the number of Chinese tourist arrivals into the Kingdom.

But Thailand’s National Legislative Assembly committee on religion, culture and tourism, are refusing to let the recent issues stop tourists from travelling for Koh Tao villas and beach vacations. Currently, Thailand holds the reputation as one of the best, if not the best, destination for Chinese tourists travelling internationally.

To that end, they held a special seminar late in July in the capital. There, proposals were discussed on how to entice Chinese tourists back into the Kingdom, as well as improving safety and security measures to ensure their well-being and peace of mind.

One particular initiative took the interest of WeerasakKowsurat, the Tourism and Sports Minister, which was to make travel insurance compulsory for any foreign visitor coming into the country.  Notably, this isn’t the first time the Kingdom has looked into the idea after the foreign tourists racked up a total of TBH3 billion (US$9.2 million) in unpaid hospital bills.

The seminar and its attendees were made aware of the fact that the boating accident cost Thailand THB64 million (US$1.9 million) in compensation paid to the families of the deceased. Said payout led to the country’s tourist protection fund being one major accident away from being completely drained.

The travel insurance hasn’t been enforced yet, but local news channels say that the Office of the Insurance Commission will be working on establishing distribution channels, like insurance vending machines at the international airports in the country.

Weerasak has admitted that there’s been too many major incidents in Thailand, despite the fact that absolutely no one wants them. He believes that, if the country becomes known as being unwilling to compromise on safety, it’ll be another point they can use to attract tourists.

Thailand’s been named as one of the world’s riskiest places, based on the number of insurance claims made from the country, emphasizing how crucial it is for the country to have travel insurance. On the financial side, the cost of travel insurance is minimal compared to the cost of having to handle compensating, on top of reducing the burden on the country’s healthcare system.

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