I have taken a loan to construct a house. What kind of insurance can I get for my property while the house is still under construction? Please also explain the insurance policies available in the market for my house after it is ready.While your house is under construction, you can get a contractor’s All Risk Policy which will provide a comprehensive cover for the risk exposures during the construction period. Among other risks the policy will cover the property against the risks of theft of construction material, damages due to vehicle impact and liability towards third parties.
Once the building is constructed you can insure the building against the risks of fire and allied perils like flood, storm, cyclone, earthquake, inundations, and others. Usually all general insurance contracts are for one year, but for a residential building you will also have an option to get a policy for 10 years at a time. Besides this, when you occupy the house you can insure its contents with a householder’s policy.
