Housing societies typically insure the building's structure. This implies that you must only cover your home's contents, including your jewellery, gadgets, and furnishings. You can purchase a cover on your own if the building isn't covered by the building insurance policy.
Do I need building insurance for a new build flat?
An apartment's insurance cover cannot be purchased during construction because it is a component of the overall building structure. Ideally, a building's construction should be covered by the building insurance coverage.
This would remain in place until the construction is finished in accordance with the approved plan. Following project completion, either individual flat owners or the entire society as a whole can purchase the insurance coverage.
If a private bungalow is being built by the customer or a builder, the owner may purchase coverage for it and later switch it to a conventional home insurance policy.
Do I need building insurance for a flat?
Even though it is not required by law, buildings insurance for flats could still be a smart investment so that, in the event of an unforeseen event, you won't have to worry about losing your investment or loan repayments.
Factors Impacting Premium for buildings insurance for flats:Location
Age and structure of your building matter
Home security
Value of the content you choose to insure.
Sum insured or the total value of your home
So I hope this suffices your query about the building insurance policy. I hope this helps:)
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Do I Need Building Insurance for a New Build Flat?
Karishma
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2023-05-20T20:51:41+00:00 2023-05-31T18:18:46+00:00Comment
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