Insurance cover for building only ?

Siddhi Agarwal (Querist) 16 January 2015 This query is : Resolved
Due to people with vested interests we could not get the land conveyed in the name of society nor the coterie has insured the building so far although building is 24 yrs. old. Will we get Rs. 5 crores if we insure the building for 5 crores and pay the premium as required. Will the claim be refused in the event building collapse and insurer says he will pay only actual reconstruction cost only which will be less than 5 crores.

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ajay sethi (Expert) 16 January 2015
insurance of buildig is mandatory requirement . check with insurance company amount that would be paid in the event of building collapse

Rajendra K Goyal (Expert) 16 January 2015
The terms and condition of insurance over need to be referred. Consult Insurance Company and also have cross check.

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