Insuring a home is important. The world is unpredictable and though you can prevent a few mishaps that may occur due to simple carelessness, there are too many things that are beyond human control like a natural disaster, fire etc. Therefore insuring a home is a must. A standard insurance will protect the structure of the house as well as its contents and the insurer will pay for the reconstruction of the house if the damage is caused by any of the factors listed on the insurance policy.In case of an independent house or land the terms are pretty uncomplicated. The restoration value is calculated on the basis of the built up area and the cost of construction. But the rules get complicated in case of apartments. In case of an apartment the confusion arises when one asks how the sum of insurance for a single unit will be calculated. How will the insurer pay up as in this case there will be more than one claimant? If insurances are bought by individuals how will that serve to calculate cost of reconstruction? Questions like this should not deter the owner of a flat to buy insurance as it is exposed to same dangers just like an independent house.To make things a little easier the structure of an apartment building is usually insured by the housing society. In such a case individuals have to insure only the contents of the house. If the building is not insured by the housing society, the owner of an apartment can opt for an individual insurance. This will have the same clause as are applicable in case of an individual house. It will have no added advantages or disadvantages and the cost of reconstruction will be calculated on the basis of the built up area. An apartment owner can also buy an individual insurance if the insurance bought by the society seems inadequate.Insurance claims can get rejected for a number of reasons but a fault of the neighbor cannot nullify your claim if you have not personally breached any of the clauses on the contract. Each flat owner is given a separate cover even if the insurance is bought jointly by the society. So if you have not breached a clause like using a flat for commercial activities even though you have declared occupancy as residential, you will receive your claimed amount.But to insure the whole apartment, that is, the areas including the common stairwell, compound walls etc it is possible to approach the insurance company only through the owners’ association.Things to consider before buying apartment insurance:Tenure: The tenure of apartment insurance can be of two types: annual cover policy and multi-year policy. In an annual cover policy one can check the adequacy of the sum of insurance every year and hike it up if required. A long term policy or a multi-year policy may seem less preferable than such an annual policy in the sense that cost of reconstruction may increase every year making the insurance cover inadequate over time. But the advantage of a long term policy is that it can offer discounts up to 50%.Insurance amount: The basis of compensation will be the sum for which the house has been insured. The sum should be decided on the basis of the construction cost. Arriving at an exact amount for insurance can be difficult as construction costs keep fluctuating and generally increase by 10-15% every year. Thus opting for an escalation clause might be a wise decision. займ на карту без отказов круглосуточновзять кредит онлайн