MANAGEMENT

Detailed explanation-1: -A Home Insurance policy is one of the most important policies that a homeowner can buy. It insures against damage or loss to the structure of the home, and also provides coverage against loss or damage to the contents of a home. Here are some more reasons why you should apply for a Home Loan today.

Detailed explanation-2: -There can be several reasons for a refusal. for instance, if a high value claim has been paid or your circumstances have changed since the original policy was taken out. In some cases, an insurance provider may not be able to offer cover because you didn’t meet an underwriter’s criteria.

Detailed explanation-3: -RBI or the insurance regulator do not mandate that you buy insurance for the purpose of availing of a loan. Further, banks cannot force you to buy insurance from their recommended insurers only. However, it is a general practice for banks to ask for property and life insurance when extending a home loan.

Detailed explanation-4: -It is essential to purchase home insurance to safeguard your investment. However, it is not mandatory to buy home insurance as neither law nor regulatory authorities like RBI or IRDAI have made it mandatory.