I have been reading in the forums that the thumb rule when availing term insurance is 15 times your net income
On similar lines is there any thumb rule for the value of the house to be considered when availing property insurance?
Background – I am in process of taking a home loan of 25 lakh. Now property insurance is mandated for 25 lakh i.e loan amount for 20 years. Actual market value of home is 75 lakh. So does it make sense to take property insurance for 75 lakh(or above) considering the duration is 20 years and the value of house in ideal circumstances should increase with time