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Insurance Premiums for Flat Owners

Insurance premium is usually contributed by members in proportion to the built up area of their flats. However, if extra premium is charged due to goods stored in a flat, that amount must be collected from the owner of that flat alone rather than treating it as common expenditure shared by all members. This prevents disputes over smaller flats having to pay high maintenance amounts.

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Shirish
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47 views1 page

Insurance Premiums for Flat Owners

Insurance premium is usually contributed by members in proportion to the built up area of their flats. However, if extra premium is charged due to goods stored in a flat, that amount must be collected from the owner of that flat alone rather than treating it as common expenditure shared by all members. This prevents disputes over smaller flats having to pay high maintenance amounts.

Uploaded by

Shirish
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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Insurance Expenses
As per the Bye-Law insurance premium is to be contributed by the Members in
the ratio of built up area of the flats. However many a times extra premium is
charged by insurance company due to storing specific goods in the flat. In case
of extra premium, in such cases the amount needs to be collected from respective
flat owners. Such extra premium must not be collected from all the members of
the Society as common expenditure. This will reduce the change of dispute about
heavy maintenance for smaller flats.

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