Can the builder buy the policy before building the property?

[Gowri Mulgund]

Can the builder buy the policy before building the property?

[Aditi Anjaria]

Yes, the buildercan buy Inherent Defect policy. This Policy provides protection against the cost of repairing, restoring or strengthening of the insured building if the “ Damage” is caused by an “ Inherent Structural Defect”.
The cover is only offered for new buildings or civil structures.

[Arti · Accepted solution]

Dear Sir/ Madam , 

“In case you are getting your house constructed, you could buy a property under construction insurance to insure the building. But if you have a builder apartment under construction, you can only buy home insurance once the construction is complete and the house is registered in your name.