How Does The Insurer Assess The Value Of House?

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One has to consider the market value of the house when one takes that home insurance policy. Market value is often mistaken as resale value where the land as well as the construction and the locality are factored in. In the case of a home insurance policy one has the market value minus the depreciation at the rate of 2% per annum. After a period of 50 years the market value minus the depreciation will be zero. Hence houses over 50 Years of age are not insured. Under a reinstatement policy the cost of rebuilding the house structure is considered. No depreciation is deducted in this case. Let us consider ones house is destroyed due to a flood. The land remains in ones name and the new structure can be built at the same location as home protection cover is a basic structure replacement cover. The reconstruction costs are reimbursed after the house has been reconstructed and in some cases the money is reimbursed in installments. One of the most important factors to be noted is one does not need to consider the value of the property but only the cost of reconstruction or structural protection. If a 1000 Square Foot apartment in Bangalore costs INR 80 Lakhs one has to bear only the reconstruction costs of the structure and the land price is not factored in .One can purchase home insurance protection against structural damage for as low as INR 50 per Lakh and for a sum of INR 2000 premium paid per annum protection of about INR 40 Lakhs on the structure can be obtained

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