Is this home insurance Mandatory?

30th January 2018

Other in Shagun Perfect 10, Balewadi, Pune

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home insurance

is home insurance mandatory?

what are the benefits of home insurance?

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Replies (3)

Whether you purchase a vehicle or take it on the rent, you should protect that speculation. This is the place where accident protection comes into the image. It offers affirmation on the off chance that you are messed up in a mishap or your vehicle is taken, destroyed, or marked by a cataclysmic event.

Manish Shukla,

23rd March 2022

Comment

You don't need to pay from your pockets. Rather, be brilliant and pay yearly expenses to a collision protection organization. Then, at that point, the organization covers all or the greater part of the costs connected with a car crash or other kind of vehicle harm.
https://www.getmypolicy.app/blog/dorm-insurance

Manish Shukla,

23rd March 2022

Yes, I am agreed with Priyanka. It is not mandatory for you to take insurance on your home loan, although it makes a lot of sense to opt for one. Your bank cannot force you to take an insurance.

You can shift your home loan to a different bank if they insist on taking insurance on your home loan, or you can complain to the banking ombudsman about the unfair demand.

Suraj Kalled, Pune

5th February 2018

Comment

Banks always offer Home Insurance with Home Loan. Although, it is not necessary but at the same time, it has a number of benefits such as
1. Life Cover for the entire housing loan tenure.
2) In case of death of the loan borrower, the benefit, which is as per the original loan schedule and the specified moratorium period, would be used towards paying your outstanding loan amount.
3) Provides cover for the loan borrower for the entire loan amount during the under construction period.
4) Availability of joint life coverage.
5) You can claim Tax Benefits under Sec 80 C.

Priyanka Vats, Pune

5th February 2018

Hello Vikas,
It is not mandatory to get property insurance but some lenders insist on it as they are distributors of such policies and get the commission on the same. There is no regulation or requirement to have property insurance. Although it is not compulsory, some banks are forcing to have it.

Priyanka Vats, Pune

5th February 2018

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