Basic insurance for new property?

[Expert]

Yugendhar,

You have correctly pointed out the insurances, you need to buy, to cover new loan and property. Just to point out that you need to buy ‘Home Insurance’, only when you buy ready to move in house. Buy home insurance, when it is ready and the possession is transferred to you.

[Master]

Few things, which I can suggest -

1. Don’t take insurance from your bank (from where, you have taken loan, to financed the flat).
2. Search on the price comparison websites like policybazaar.com and apnapaisa.com
3. Initially go for ‘Fire policy only’, without content insurance, you can cover them later, when you move in