While I recently came across an article on householders' policy, it occurred to me that we could look at taking a householders' cover for our apartments at Mantri Synergy.
I am not sure how many residents at Mantri Synergy have already gone for this cover.
According to me, it is worthwhile to go for it, considering the peace of mind it gives us in return.
As most residents may be aware, most insurance companies offer separate covers for Structure and Contents and the covers are self-declaration based.
Typically, the cover for structure secures the structure from natural calamities and man-made calamities.
The cover for structure is calculated on the basis of the reinstatement value i.e. the value of house if it had to be re-constructed at the current construction rate per square foot, and NOT the market value of home.
The cover for contents offers a wide range that one can opt for at his discretion.
(There are even specific clauses like automatic increase in sum insured for a period of 15 days before and after wedding of any of family member!)
Again, while deciding on cover for structure, insurance companies generally advise us that the builder / developer would have taken a cover for the project as a whole. However, the pro-rated apartment-wise sub-limits are mostly inadequate and hence individual house-owners should go for a top-up cover.
I was just wondering if we have any such details available from Mantri Developers so that we can take a call on topping up.
Householders' Policy is offered by all leading general insurance companies.
My suggestion: if a significant number of residents are interested, a road-show could probably be organized at our complex by the insurance companies or their agents over a week-end and attempt to get special terms from them.
Comments welcome, please.