I own a flat/home/unit in an apartment.

I recently paid off all may outstanding mortgage. While the mortgage, the home-insurance was owned by (in name of) bank which is now cleared off.

As there is no home insurance in place now, I want to protect myself from unexpected BIG damage to my property. Unexpected damage include natural disaster or gas blast in my/neighbor unit etc. So, in general, the loss that is most unlikely but may cause huge damage to my property.
If you really want in numbers, say, at least 30% value loss of current market value is something I consider BIG loss.

Property is in considerably safe area. There is no sea nearby. There are not big storms. There are no earth quakes. There are no floods.

Gas supply is through gas pipe lines. Some units (specially my neighbor) still use gas cylinders though.

What factors I should consider wile buying an insurance for such a property?

Just in case it matters, the property is in India-Maharashtra-Pune. I avoided to tag this question as . I am thinking about only the structure (wall/pillars etc) of the property. I am not thinking about contents (equipment/furniture etc.).

2 Answers 2


US centric answer:

The purpose of homeowner insurance is to ensure that you’re covered from damages. The higher the amount of coverage, the more costly the policy. The higher the policy's deductible, the lower the cost.

Most policies insure possessions but that doesn’t mean everything you own is fully covered. Very valuable items like art or jewelry may have coverage limits.

Some policies will pay for items like medical expenses (with caps) or include a limited housing expense should your home become inhabitable.

Some policies do not cover natural disasters (floods, earthquakes, etc.) and that will require an additional policy. In some cases, home insurance covers flooding from home damage but not flooding from the street (see FEMA flood insurance policies).

In summary, you have to look at available insurance policies and compare what each offers and decide which one best meets your needs. And bear in mind that all insurance is a waste of money until you need it :->)


Nothing specific. Just check with insurance company, basic structure insurance is in place by society.

You can buy additional insurance for fire damage as well as goods. The cost is pretty minimal

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