Is there an age limit for residential property to be insured?
Yes, most insurers decline to insure homes that are 30 or 40 years old. Even if an insurer issues a home policy for an old property, it will charge a high premium (25 to 30 per cent higher, on an average), depending on the risk to the house/society and the increase in cost of construction in the area where the house is.
What happens if an insured house is sold?
Once the ownership is completely transferred, the policy stands cancelled and policy proposer or the previous owner of the house is paid back the premium for the remaining policy period.