Blocks Of Flats Insurance: Some Facts To Understand
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Now day’s when cost of raw materials used for constructing a personal house is hiking at jet dynamic speed across the world trend of living in flats has gained huge popularity in recent years. Especially last two decades have witnessed huge shift towards this trend which is mainly due to flexible migrating laws in various countries which inspire people throughout the world to migrate to another country in search of suitable job for them. Therefore going through the increasing cost of land and raw materials they are compelled to live in flats which have been constructed by professional builders and then given either as free holder or lease holder to buyers willing to live in these flats. But as these flats are constructed by some another person they are not sure about the quality of raw material used for constructing it, although every builder endorses to construct the flats with the best raw material available in market, but buyers cannot be assured about his words and are concerned about any kind of damage that they might face after purchase of flat.

It becomes therefore imperative for them to have proper knowledge about the insurance practices that are available for their block. Normally there are various builders who consider integration of various safety measures enough to get the building developed by them protected from any kind damage. But till the time those preventive measures start their operations at the time of any damage there are chances of loss to some extent resulting in financial loss to persons living in that building. Therefore to get the residents of that building protected from any kind of financial loss practice of blocks of flats insurance is adopted by a builder which is applicable to the residents of that building. But as mentioned above due to absence of knowledge about the applicable laws and practices sometimes the flat owners are deprived from claiming the actual amount which they would have got on damage despite of being paid huge amount of insurance.

1. If the flats are own individually by a person as a freeholder than the insurance policy purchased by him will be applicable only his individual flat. But claim under this type of insurance policy is generally very complex because it is not necessary that his neighbor or another flat owner should also get his flat insured from the same insurance agency. This is mainly because of different policies and benefits offered by different insurance agencies. As an impact of this normally the responsibility of insurance is given either to some agency or is carried out by committee determined by the families living in particular building, which collects specific amount from each flat owner for insuring whole building.

2. If the flats are taken on lease for specified period of time the responsibility of getting blocks of insurance done is mainly on the actual owner of property who charges specified amount of insurance from lease holder and himself bears any loss in case of any damage to his property.

Today there are various online insurance agencies which offer the facility of blocks of insurance depending upon the requirement of buyers at competitive rate strictly according to laws and regulations determined by country laws.


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