The Transfer of Property Act, 1882 provides that where an immovable property is transferred for a consideration which happens to be insured against loss or damage by fire at the date of the transfer, the transferee may, at the event of such loss or damage, require the transferor to pay all or so much of the money, he receives under the insurance policy as is necessary for the purpose of reinstating the property. If someone purchases a house which has already been insured by the vendor, he is entitled to get such amount of money from the vendor which the vendor receives under the policy which he would be requiring to repair the house in case of any loss or damage.
