The RWA where I live has taken a home insurance for the flat I live in. What will be the case if I take an individual plan and raise a claim on both the policies?
Jitesh Parekh, Bangalore
Normally, RWAs take an insurance cover for the structure and not for the interiors of your flat. Actually, they can’t insure the contents of your house, because they have no insurable interest in it. So, in case of structural damages, their policy will be useful and will actually be restricted to the reconstruction cost for the structure of the flat.
To have a comprehensive cover of your house, you should take a policy on your own, which covers for the contents in your house. When taking such a policy, do assess the value of the cover taken by the RWA; if that is less, you could take a higher value cover on your independent cover. However, in case of a structural damage, you cannot claim the loss from both the policies, as such an action will mean you are profiting from the policy, which is failing to hold to the principles of insurance. In case of structural damage, both the insurers will settle the claim proportionately.
