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How To Insure Your Apartment:
Many a time the housing society avails home insurance for all the apartments in the building. This is a basic fire and allied perils home insurance. This protects the structure of the building from damage due to a fire, earthquake, landslides or a flood.
The basic home insurance availed by your housing society does not cover the contents of your house. You need to avail a separate home content insurance to cover for the loss/damages to the contents of your home.
Your claim is not affected as long as you are not breaking the clauses of the home insurance policy by running a commercial setup/business in your apartment.
The housing society might avail home insurance for the entire building but the apartment which you own is insured in your name.
The money you spend for the repair of the damage to your apartment may be paid directly to you if the housing society gives a no objection certificate.
What about the corridors and staircase in your apartment?
The corridors outside your apartment and the staircase are not part of your apartment.
They are known as the super built up area and your housing society only can insure this under a home insurance policy.
What happens if you feel that the sum assured (amount the housing society insures the building) is inadequate?
The housing society insures the building and only they can increase the sum assured of the building.
If you feel your apartment is not sufficiently insured then you must avail a householder’s package policy.
Opt for an escalation clause in your home insurance policy?
The escalation clause allows you to increase your sum assured each year.
The cost of reconstruction/repair to the damage of your house changes (increases) each year.
You have to increase your sum assured to match the rising cost of reconstruction. It would be wise to increase your sum assured (amount you insure your house) by 20% each year..
Use the escalation clause to increase your sum assured. Opt for a reinstatement settlement where the actual cost of repairs you have incurred to repair your damaged house, is paid to you after you have repaired/reconstructed your apartment.
For More Details Give Missed Call To :
How To Insure Your Apartment:
You own an apartment in a housing society. There are several apartments in this society. So how is home insurance availed for your apartment in a housing society?
Many a time the housing society avails home insurance for all the apartments in the building. This is a basic fire and allied perils home insurance. This protects the structure of the building from damage due to a fire, earthquake, landslides or a flood.
The basic home insurance availed by your housing society does not cover the contents of your house. You need to avail a separate home content insurance to cover for the loss/damages to the contents of your home.
What happens if the housing society does not insure your apartment?
If your housing society does not insure your apartment then you need to avail a householder’s package policy.
This covers both the structure of the apartment as well as the contents of your home. You cannot avail home insurance if you run a commercial set up/business in your apartment.
If the housing society insures the building and your neighbor runs a business in his apartment will your claim be denied?
Yes the housing society avails insurance for the whole building. Yes ..your neighbor may violate the conditions of the home insurance and run a business from his home. The insurer would deny his (neighbors) claim for the damages to the structure or the contents of his house.
Your claim is not affected as long as you are not breaking the clauses of the home insurance policy by running a commercial setup/business in your apartment.
The housing society might avail home insurance for the entire building but the apartment which you own is insured in your name.
The money you spend for the repair of the damage to your apartment may be paid directly to you if the housing society gives a no objection certificate.
What about the corridors and staircase in your apartment?
They are known as the super built up area and your housing society only can insure this under a home insurance policy.
What happens if you feel that the sum assured (amount the housing society insures the building) is inadequate?
The housing society insures the building and only they can increase the sum assured of the building.
If you feel your apartment is not sufficiently insured then you must avail a householder’s package policy.
Opt for an escalation clause in your home insurance policy?
The escalation clause allows you to increase your sum assured each year.
The cost of reconstruction/repair to the damage of your house changes (increases) each year.
You have to increase your sum assured to match the rising cost of reconstruction. It would be wise to increase your sum assured (amount you insure your house) by 20% each year..
Use the escalation clause to increase your sum assured. Opt for a reinstatement settlement where the actual cost of repairs you have incurred to repair your damaged house, is paid to you after you have repaired/reconstructed your apartment.
For More Details Give Missed Call To :
