Whom will the payment go in case of property and content loss?

[Ananya Vishwanath]

Whom will the payment go in case of property and content loss?

[Vivek Rane]

The claim amount in the case of property and content loss shall be given to the bank and the home loan is settled.

[Arti · Accepted solution]

Dear Sir /Madam 

In case if propoerty is hypothicated than in case of propery Loss It is further agreed that whenever the Company shall pay the Bank any sum in respect of loss or Damage under this policy and shall claim that as to the Mortgagor or owner no liability  therefore existed,

In case if Content loss Your home belongings are being covered on Replacement basis, New for old. Value of contents should be equal to cost of buying a new content of similar make, model, capacity in today’s date. This may be more or less than the cost at which it was purchased it in earlier time. For Sum insured upto 10 lakhs we cover you on Loss limit.
    

[N.Kumari]

Hi,

If the property is hypothecate with bank then the claim will be paid to the finance.

incase property is non hypothecate then the clain will be settled to policyholder account.