Is It Must To Insure The Housing Society ?
Your housing society is the most treasured place where you live in.
It’s is entrusted with managing the affairs of the society and handling
of its administration. We know you have little time to think about managing all the risks involved, but your building and residents are often exposed to various risks and liabilities.
Your housing societies insurance generally covers following risk:
- Fire/ Lightning/ Bush Fire/ Aerial Objects Falling and Destroying Property
- Storm/Cyclone/Flood/Earthquake/ Subsidence/Landslide/Rockslide
- Explosion/Implosion/ Leakages from Automatic Sprinklers
- Strikes/Riots/ Malicious and Terrorism Damages
As per the Bye-Laws of Co-operative Housing Society, Maharashtra state, “The Society shall insure its building/buildings necessarily against risk of fire and earthquake.”
Hence it is compulsory to take insurance against the Cooperative Housing Society in order to reduce the worries and financial stress to a certain extent
What Asset’s of Cooperative Housing Societies can be Covered?
It covers assets of buildings including water tanks, elevator, electrical fittings, garages, plinth, and other important facilities like electrical installations inside the building i.e. it covers all common properties belonging to the societies. It also provides financial security in case of accidental death or injuries due to life crash.
What is the basis of taking insurance for Cooperative Housing Societies?
Cost of construction of Building is considered while calculating the value of sum insured.
Rest of the assets of the building is considered on reinstatement value basis.
Cost of land is not to be considered