Age Limit for Residential Property to be Insured..!


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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