Do I need to take a home insurance if my apartment complex is insured?

POSTED BY manojm ON January 5, 2015 10:38 am COMMENTS (3)

I live in an apartment complex in Mumbai. There are around 100 flats in the complex insured against earthquake, fire etc. Can I flat owner buy additional insurance for his property? Assuming that a major disaster destroys the entire building, how much can 1 apartment owner claim?

Will it be divided equally? Or should I buy an additional home insurance to be on the safer side?? I dont have any housing loan otherwise this would have covered the insurance part…Please help I am confused whether to buy the additional insurance or avoid it since I am not getting any tax benefits as well on premium…

3 replies on this article “Do I need to take a home insurance if my apartment complex is insured?”

  1. I don’t think there is any need for it, because you already have a cover from your complex. It covers most of the things you want. Regarding the query you have asked, I think it can only be answered from your apartment association or society because only they know the rules of the policy !

    1. manojm says:

      Thanks Manish !! In case if I feel that my apartment is not adequately insured by the society (underinsured) and in case I want to buy an additional home insurance can I avail that….Will there be a problem while getting an insurance claim during disaster.

      1. No , there wont be .. but the only problem is that you cant get more than your house assured value. I mean if your house worth is Rs 50 lacs, and insurance from two places is for 40 + 30 lacs, you cant get more than 50 lacs (the house worth)

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