Good Morning Sir, Sir, I have purchased a residential apartment (flat) and wish to get it insured. For this, I have checked few policies which are available in the market. I have found some clauses like FIRE – SHOCK – EARTHQUAKE – RIOT – TERRORISM ETC in these policies. But, till now I do not understand that what/which clauses are essential and are needed to be covered for a residential flat. I live in Kolkata, My apartment is located in a residential zone, surrounded by residential plots. In the front there is a 20 ft. Wide road (Neither a highway nor a bus bay – only for vehicles which visit the residential zone for some purpose). I would be obliged to know the followings : (1) what are the clauses needed to be covered for my flat ? (2) which insurance policy/policies should I look into ? Thank you very much in advance.
1 Answers
There are two types of insurance needed in order to protect home and its contents.
- Building insurance
- Contents insurance
In building insurance, construction cost is covered in case of any calamity like earthquake, floods, fire, lightning, housebreaking etc. Almost all of the home insurance covers such things. It would be better if policy also covers terrorism, riot etc. This cover provides you amount for reconstruction of building. Some policies would also provide house rent for the period in which house is being reconstructed. This type of insurance may not be needed in case residential society already has this cover for whole building.
In home content insurance, all household items like furniture, electronics and electrical goods, jewellery etc are also covered for electrical, mechanical breakdown, theft and fire. This is a must cover for each household.
Personally, I have taken both covers from Royal Sundaram. I even claimed fridge and home theater repair costs once they went bad from power fluctuations on Diwali.
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