Fire insurance for apartments: What RWA and flat owners must know
With increasing fire risk in high-rise apartment complexes, it is essential that residents and housing societies learn about how apartment fire insurance operates.
What residential complex fire insurance covers Fire policy protects against financial loss because of fire, explosion, lightning, or allied risks. For multi-apartment buildings, the policy generally covers building structure, common areas, and sometimes fixed installations like lifts or water pumps. The policy does not cover household contents automatically, which must be covered by occupants separately.
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Role of Resident Welfare Associations (RWAs) RWAs play a key role in obtaining fire insurance cover for the entire complex. A master policy purchased by the association can cover the building and common facilities, so that none of the residents need to bear the cost. RWAs also ensure fire safety standards compliance and coordinate with the insurers when there is damage to claim.
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Why individual flat owners need extra cover While RWA regulations secure the building, personal belongings like furniture, electronics, or jewellery might not be insured. Individual fire insurance for contents can be availed by flat owners to avoid unsuspecting loss. This double-layered security ensures structural and personal safety.
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Legal and regulatory requirements In the majority of cities, the insurance for fire is mandatory for obtaining a building completion or occupation certificate. RWAs must renew policies periodically and also ensure that the sum insured is in consonance with the current reconstruction value of the property. Without such valid cover, dwellers are left exposed financially if a fire accident occurs.
How to choose the right cover RWAs have to approach insurers to estimate the replacement value of the building and infrastructure before purchasing a policy. Flat residents, on their part, have to estimate the value of their individual property and opt for content cover accordingly. Simple and direct communication between RWAs and residents is necessary in not to leave gaps in cover.
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Growing relevance of fire insurance in urban life With urbanization and growing high-rise constructions at a fast pace, fire accidents have become common. Proper insurance does not only bring financial ease but also reassurance for families. RWAs and individual owners both need to consider fire insurance as an unwavering element of being a responsible homeowner.
