Hi, need help from experienced property investors here

For under con property, do we need to pay the fire policy annually? Coz i got a letter from the bank that it will be debited into my loan account

For completed property, the jmb have their fire policy at much lower rate than the one offered by the bank. Can i just accept the fire policy offered by jmb, and decline the bank one?

Tq

During contruction....the liability of thr house is belong to the developer...hence as owner u dont have to pay.

The bank will nevertheless charge you if you got loan...kust write in and reject it...it should be refunded.

For strata jmb will get the insurance on behalf and recharge to owners (can vary...) but i believe they might just get fire insurance...whereas bank will mormally get homeowners insurance will cover flood n other wildful danages...hence more expensive.

For completed property, the fire insurance covered by the JMB is only for common area and exclude your home. Of it is stated in your loan offer document you need to take up fire insurance , the bank will buy for you and charge to your loan account. The amount covered is normally 70% of your S&P value. For eg if your house is value at RM1million the insurance coverage is RM700k. It is over covered as we do not need to pay RM700k to reconstruct the house. For me I write in to the bank to request to buy my own insurance , at least save of 10 percent discount.

Incorrect info.

The fire insurance is covering the whole property including individual parcel, not only common area.

For strata property, it is the duty of JMB to cover the entire property, and individual parcel owner is obliged to pay the share of the insurance cost.

That is news to me coz this is what the developer told me the fire insurance don't cover individual parcel . Will check again with them.

Previous fire insurance thread on strata properties.
https://forum.lowyat.net/index.php?showtopic=3702534