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This post has been edited by buncho89: Apr 24 2020, 02:51 PM

Fire insurance is already bought by the management, JMB/MC, then you do not need to buy a duplicate fire insurance with the bank.
Just send them a copy of the fire policy that bought by the management cited you already have one.

But for MLTA/MRTA, then it is not related to fire insurance.

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This post has been edited by buncho89: Apr 24 2020, 02:51 PM

Tell your JMB the bank insist on it so they have to do it - mine has my bank name on it ..

if you don't do it, you will end up paying premium two times - bank will add the premium to the amount owing and the JMB will bill you also..

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This post has been edited by buncho89: Apr 24 2020, 02:51 PM

The fire insurance is compulsory?

yes

for high-rise, most likely alraedy covered by JMB for the whole site. just get the cover note and email to loan bank.

if you dont do that, loan bank will automatically buy fire insurance.

remember, bank need to protect their investment, i.e. your unit!

What about when it's under construction?

no experience with under-con prop

under con - developer have to buy insurance.