Is there an age limit for residential property to be insured?
Yes, most insurers decline to insure homes that are 30 or 40 years old. Even if an insurer issues a home policy for an old property, it will charge a high premium (25 to 30 per cent higher, on an average), depending on the risk to the house/society and the increase in cost of construction in the area where the house is.
What happens if an insured house is sold?
Once the ownership is completely transferred, the policy stands cancelled and policy proposer or the previous owner of the house is paid back the premium for the remaining policy period.
Yes, most insurers decline to insure homes that are 30 or 40 years old. Even if an insurer issues a home policy for an old property, it will charge a high premium (25 to 30 per cent higher, on an average), depending on the risk to the house/society and the increase in cost of construction in the area where the house is.
What happens if an insured house is sold?
Once the ownership is completely transferred, the policy stands cancelled and policy proposer or the previous owner of the house is paid back the premium for the remaining policy period.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%