[WTA] Fire Insurance (master policy)
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 Mar 7 2016, 07:13 PM
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#1
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Senior Member
1,946 posts Joined: Aug 2009  
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why bank still request borrower to send the insurance certificate since it is mandatory to MC to insure the whole building ? becos bank don't know the property is strata or landed? what if the individual strata unit did not send the cert to bank? bank will buy another insurance separately on behalf of borrower and charge it to loan account?? I fully understand if bank require borrower to insure if the prop is landed. i stop buying the insurance once i cleared my loan. |
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Mar 8 2016, 10:01 AM
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#2
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Senior Member
1,946 posts Joined: Aug 2009
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QUOTE(nookie188 @ Mar 8 2016, 08:54 AM) the banks are kiasu wan - they still want to be sure 200% the property is insured - that is why they insist on getting a copy of the fire insurance either from the owner or the management of the property. any banker can verify? so I personally ensure I get the fire insurance from the management and send to the bank otherwise the bank will take out a separate fire insurance and charge the premium to your loan account! so owner end up paying for 2 premiums buta buta..  |
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Mar 8 2016, 06:38 PM
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#3
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Senior Member
1,946 posts Joined: Aug 2009
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QUOTE(WaCKy-Angel @ Mar 8 2016, 04:36 PM) Yea. how we know the bank have received it and did not charge us the insurance premiums again? And usually management only will provide the certificate (with owner's name) if you paid your maintenance fees and such. I have studied all my loan statements but none of them charged me any insurance fee, I have never sent insurance to them |
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Mar 8 2016, 08:26 PM
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#4
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Senior Member
1,946 posts Joined: Aug 2009
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QUOTE(nookie188 @ Mar 8 2016, 08:00 PM) I usually email to them and get them to acknowledge receipt to keep as proof.. mine is UOB, Hong Leong, Maybank, Alliance. so far the insurance fee are not shown in my statementssometimes I personally deliver summore.. should be reflected in your statements if they charge insurance premium..if you are sure they did not charge then good for you.. hsbsc is quite anal when it comes to this matter..cimb too.. |
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