By: savinghabit

savinghabit
Sat, 26 Jan 2019 05:16:05 +0000

In reply to Financial Gladiator.

Thanks for the detailed reply. Yes! I too found insuring contents to be expensive. especially if house is rented out then insuring contents is the tenants responsibility.

Since Home Insurance is not well-known here in India, the practice of association taking insurance has not caught on here. Also associations here are notorious for decision paralysis. They constantly bicker over paying maintenance, organising festivals and getting promised facilities from the builder even many years after handover. So a Quadrant-2 activity like Home Insurance is the last thing on their minds especially since it would increase the monthly maintenance.
So for apartment owners in India, I recommend taking their own Agreed-Value insurance.