Vijay is based in US on career. He has some land on his name in his native village. But he did not arrange any fencing to that land as he has no time to do it. He feels shy to have somebody do this for him and even others cannot do this for him all the while.
He heard that an apartment is being built beside this land he is scared that somebody may occupy his land. He wanted to know whether there is any insurance policy that covers encroachment.
No hesitation to buy such policies:
It is true that those who have open land think about its protection and don’t hesitate to buy a policy to serve this need. Let us see if there is any such thing.
General insurance companies provide insurance to house or household appliances, that too in ratio of the total sum assured. Apart from this, the value of things is determined through depreciation.
When it comes to property, there is a policy called title policy that covers ownership disputes, this policy protects the ownership rights of the property. It is better to take title insurance to avoid any future issues.
Unfortunately, there are no policies in India that cover open land. However, IRDA is encourage insurance companies to introduce such policies. Let us see if any policies of that sort come in the future.