Suggest cheap home insurance plan for under construction builder flat

[samkapoor77]

My home loan for a builder flat has been sanctioned by SBI. The property is under construction. SBI has asked me to get a home insurance as it is mandatory. Since I haven’t got the possession and the entire risk lies with the builder, I don’t want to invest my funds in insurance. Please suggest me something with less cost.

[Sameer Kapoor]

Purchase an insurance policy from SBI for construction cost only and not for the land. In any unfortunate case, land will remain intact. The only impact will be on building. Insurance on construction cost will reduce your cost.

[Author]

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