My apartment is one flat in a high-rise with large number of apartments. A few questions regarding this:
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Does it make sense to go for home insurance at all as an individual? If the whole building comes down will insurance company pay me individually? Or is it only the association that can go in for insuring whole of apartment?
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Generally any commercial activity is not allowed for claiming insurance. I can guarantee that no commercial activity goes in my individual flat. However if my neighbor is conducting tuition classes at her home, or some bharatnatyam-classes are going on in the club-house, can these incidents be used to reject claim on behalf of my flat?
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How much should one insure the home for? I am NOT talking about insuring the contents within home. I bought an apartment for 20 lakhs in 2004. Now the apartment may be priced around 45 lakhs. Can I go for a home insurance of 45 lakhs? At the time of claim will questions be raised about correctness of this 45 lakh pricing? How do home insurance companies determine that pricing is not outlandish? If I had insured the home for 1.5 crores, will the insurance company pay me 1.5 crore (say in case of complete destruction by earthquake) just because I paid the premium?
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Are there any IRDA pointers where we can check the claim settlement history of housing insurance companies?