Insurance for flats
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| skdc14

Insurance for flats

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 Replies

| Learning... from others' experiences!
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.
| Member
If bank system doesn't work for you or neither does your construction manager''s advice go to your local real estate agent in the region your flat is in. Tell them u r not interested in buying a property but insuring an existing one. They will take some money obviously but get the work done. In Fact after getting the bank quote rates and getting other rates you can always go to these private agents and price compare or ask them to price beat Just so you get the best rates. Also double check on these private agent reviews. Not difficult to find a reliable one in any town. Ask the locals if the home is in a different state.
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