I am giving my Mumbai house for redevelopment into a multi-storey building. In return, I will get ownership of two floors and some lump sum. In the meanwhile, I will live on rent. I have a comprehensive home insurance policy with a rent-paying clause in case of damages. Will that apply during redevelopment? Will I be able to transfer the policy to at least one of the new flats I will own?
—Saurabh Sikka
The standard home insurance is for completely built and occupied homes, and does not apply for under-construction property. The risk perception of an insurer for these two different types of property varies substantially.
