Please don't waste money on getting a separate fire insurance.

The fire insurance that bought by JMB should be covering the entire building including individual parcel.

You just request the copy of fire insurance bought by JMB/MC from the management office then submit to bank.

No owner can escape from fire insurance, even the property is fully paid.

It is stated clearly in the strata title act, that JMB/MC has the duty to buy the fire insurance to cover the entire building, and individual parcel unit need to pay according to the unit share. Generally, JMB/MC charged the insurance premium incurred through the maintenance account annually one.

Ah okay cleared now.
Sorry for confusion coz last year i didnt not pay anything (probably paid by the previous owner that time).

I just checked last year policy, sum insured is RM80,000,000.00
My property 425K.

Anyone knows how's the calculations being done?
Curious to know whether it would be cheaper (if allowed) to ownself buy rather than the master policy.

It is for strata highrise.
As in highrise, you cannot detached individual unit from the building.

While for landed strata, I am not too sure.
Need someone experience in managing or involving in landed strata management before to share their experience.

If no loan, bank no care.
Landed house, no act required owner to do so.

So up to owner decision.