Many general
insurance companies decline to insure houses that are 40 or / 50 years old.
Even if an insurer
issues a house policy for an old property, it will charge a high premium ( 25
to 30% 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.
Once the ownership of
a property is completely transferred, the policy stands cancelled & policy
proposer or / the previous owner of the
house is paid back the premium for the remaining policy period.
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