Insurance for flats

#1 Feb 18th, 2018, 12:02
Join Date:
Mar 2014
Silchar, Cachar,Assam,India.
  • skdc14 is offline
Dear Friends..
I have stuck with an insurance problem regarding my flat which I am not yet in possession and no one in my friend circle, relatives could give me advice and know about it.
I have booked a flat through bank loan. The flat is in the final stage of its construction and will be delivered within 3 months. Now my bank is telling me to submit the insurance paper. I could not convince my bank that I did not get possession of my flat and thus I have not done my insurance yet.
Actually I dont know the rules and trend in other cities.

Can any one help me out in this matter. What is the procedure when one buys a flat ? What shall I do ? Shall I do the insurance ?

Note : My bank is UCO Bank.

Thanks .
#2 Feb 18th, 2018, 12:52
Learning... from others' experiences!
Join Date:
Sep 2011
  • Prakaant is offline
A bank sanctions loan and get the property insured through an agent (known to them) in your case, it seems, it has not happened. You should contact an insurance agent and get it insured. Developer may also help you in getting it done. You will have to show agreement between developer and you.

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