Basic insurance for new property?

[Yugendhar]

I am 35 years old, software engineer, working with a American Software Company in Noida. I am interested in buying a two bed room flat in Ghaziabad. I have read the forum and found out that I must need to buy some basic insurance for new property like – Term insurance for myself and home insurance for fire etc. Please suggest me, if any other insurance, I need to take for the above said purpose.

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[Expert]

Yugendhar,

You have correctly pointed out the insurances, you need to buy, to cover new loan and property. Just to point out that you need to buy ‘Home Insurance’, only when you buy ready to move in house. Buy home insurance, when it is ready and the possession is transferred to you.

[Master]

Few things, which I can suggest -

1. Don’t take insurance from your bank (from where, you have taken loan, to financed the flat).
2. Search on the price comparison websites like policybazaar.com and apnapaisa.com
3. Initially go for ‘Fire policy only’, without content insurance, you can cover them later, when you move in

[collen]

You may consider business Personal Property Insurance that provides coverage for furniture, fixtures, merchandise, materials and all other personal property owned by you and used in your business. Coverage is at replacement cost. Come across also of insurance that protects you against loss or damage to the property of others that is in your possession at a job site or on your premises.