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Thread: Home Insurance - Society Flat calculation?

  1. #1
    PolicyWala NewBie
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    Question Home Insurance - Society Flat calculation?

    I am living in the XXX Society in Indraprastha Exnention, East Delhi. Yesterday, I have got a intimation from my Society to pay Annual Society Maitenance Changes and Annual Insurance Premium.

    Annual Insurance Premium the Society asked as below -
    1- 2BHK Flat - 270 (Area 950 Sq Feet, Sum Insured - 630,000)
    2- 3BHK Flat - 380 (Area - 1250 Sq Feet,Sum Insured - 770,000 )


    How is the value of the house, and its contents assessed?



  2. #2
    Super Moderator PolicyWala's Avatar
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    Sum Insured is calculated as per below calculator -
    Covered Area (Sq. ft) * Cost of construction (per sq. ft) = SI for your Building

    Now calculation for both the above flats assuming Cost of construction (per sq. ft)= 1000/sq ft -
    1- (950 sq ft) * (Rs 1000/sq ft) = Rs 950000/-(SI of Building)
    2- (1250 sq ft) * (Rs 1000/sq ft) = Rs 1250000/-(SI of Building)

    The contents are assessed on the market value of the items.

    * Fire and Earth Quack Insurance is now non tariff, so each comapany can give any rate. So take help of online comparing sites.

  3. #3
    Moderator Expert's Avatar
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    Gargi, I have one question for you. Could you please tell that -

    Is society management not asking for insurance premium for the area which is common area like stair case, common party area, society office, guard room etc.?

    I have asked this because in my society they charge for this also.
    * SAFE
    Self Appointed Financial Expert

  4. #4
    PolicyWala NewBie
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    Apr 2009
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    Mumbai
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    Thumbs up

    Thanks PolicyWala for telling me the calculations.

    Expert - I have checked with the Society. They have told me that I need to pay Rs. 50/- for common assets of the society.

    Thanks both of you.


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