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Home Insurance Buyers: Be Ready for Structural Audit

Recently, In Gurugram’s Sector 109, a portion of a sixth floor fell on the first floor of the building called Chintels Paradiso Society. The incident has alarmed the homeowners and new buyers. however, there are safety measures that you can take to get yourself and your home secure.

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Structural Audit

If you have recently built a new house then it should not be required, however, in case your house is old and you’re looking for a home insurance policy then it is suggested to get a structural audit done. There are many home inspection companies out there that check the house thoroughly for any kind of structural, material or content defects.

Old houses are more prone to structural damage than new ones. This can also lead to higher premium rates and the insurance company can also deny selling you the policy if the house is older than the time specified in the clause.

The founder of PropCheckup, Nitin Prabhakar Shingote, is a home inspection company that says their inspectors check the defects in the doors, electricals, walls, plumbing, ceiling, etc. they do a visual inspection and in case they notice any large cracks then they bring in the structural auditors to evaluate the structural stability of the building.

They test everything by doing different procedures and according to the number of tests the cost ranges from Rs 2-5 per square foot and can also go higher. To the new home buyers, it is suggested to make sure that their society or building obeys the norms of the National building codes.

Purchase Adequate Home Insurance

Purchasing home insurance for your house and its content is the best move you can make. You can purchase the home insurance policy online as many insurance companies provide different types of home insurance plans.

Since you can purchase home insurance plans online now, it would be easier for you to choose the best one that suits your requirements. You can compare, calculate the premium and learn about your policy in detail. You can get the house covered against specified natural calamities, acts of terrorism, explosions, riots, etc. However, collapse due to regular wear and tear is not covered.

Avoid These Mistakes While Purchasing Home Insurance

Here are a few mistakes that you should avoid while purchasing a home insurance policy.

  • It is advised not to purchase the lower value cover than the replacement value as it can eventually be costly for you.
  • Understand the exclusions (What is not covered) under your insurance plan.
  • All family members should be included in the policy.
  • Purchase cover for contents along with the structure as it can cost you much more eventually in case of unexpected disaster.

Cost of Replacement Is Covered

Under an adequate home insurance cover, both structure and the content of the house are covered. The insurance company provides coverage according to the amount that would be required to rebuild the damaged part. Also, the sum insured amount is calculated as per the carpet area that is multiplied by the cost of construction per unit. The per-unit construction cost can vary as per the locality, quality of construction and so on.

As per the Chief technical officer of an insurance company, the raised claims are paid after the completion of reinstatement. What happens is that the insurance company provides the fixed sum insured at the time of purchase and then hand over the damaged house and purchases a new home anywhere in the country or within the specified diameter.

In Case of Emergency Structural Collapse, Do This!

You are advised to take these steps in case of the structure of the home collapses.

  • Make sure to move out to an open space to get yourself safe.
  • Make sure that you do not touch any electric socket or switch and beware of the gas leak in the house.
  • Call the fire brigade and local police.
  • In case any family member is missing, report to the disaster management authorities along with the municipality.
  • Also, notify your insurance company as well.

Conclusion

After witnessing Gurugram’s case, it would be better to get the structural audit done of your home or the building in which your flat is located. Once you get it done, the structural auditor's guidance can help in deciding the home insurance plan. Be very keen on the inclusions and exclusions of the policy along with the terms and conditions.

Written By: PolicyBazaar - Updated: 06 April 2022
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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(Showing Newest 10 reviews)
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Coverage for natural calamity
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Qiuck claim
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Delhi, July 26, 2022
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Kolkata, July 26, 2022
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Amritsar, June 09, 2022
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I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

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