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Till your property has market value. Usually insurance is available for one year. So renew the insurance annually to be covered. Once the property is out of use/ obsolete/ fully damaged - insurance coverage is of no use further. Just like in case of computers - useful life is say 5 years. So market value is 0 after 5 years. However, if it is useful for you, then u can continue the insurance (of course on new replacement value, which is hard to derive).

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