Home Insurance - Society Flat calculation?

[Gargi Gupta]

I am living in the XXX Society in Indraprastha Exnention, East Delhi. Yesterday, I have got a intimation from my Society to pay Annual Society Maitenance Changes and Annual Insurance Premium.

Annual Insurance Premium the Society asked as below -
1- 2BHK Flat - 270 (Area 950 Sq Feet, Sum Insured - 630,000)
2- 3BHK Flat - 380 (Area - 1250 Sq Feet,Sum Insured - 770,000 )

How is the value of the house, and its contents assessed?

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[PolicyWala]

Sum Insured is calculated as per below calculator -
Covered Area (Sq. ft) * Cost of construction (per sq. ft) = SI for your Building

Now calculation for both the above flats assuming Cost of construction (per sq. ft)= 1000/sq ft -
1- (950 sq ft) * (Rs 1000/sq ft) = Rs 950000/-(SI of Building)
2- (1250 sq ft) * (Rs 1000/sq ft) = Rs 1250000/-(SI of Building)

The contents are assessed on the market value of the items.

* Fire and Earth Quack Insurance is now non tariff, so each comapany can give any rate. So take help of online comparing sites.

[Expert]

Gargi, I have one question for you. Could you please tell that -

Is society management not asking for insurance premium for the area which is common area like stair case, common party area, society office, guard room etc.?

I have asked this because in my society they charge for this also.

[Gargi Gupta]

Thanks PolicyWala for telling me the calculations.

Expert - I have checked with the Society. They have told me that I need to pay Rs. 50/- for common assets of the society.

Thanks both of you.