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> Fire insurance required for Landed property?

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TSsoules83
post Oct 31 2018, 04:32 PM, updated 6y ago

Hohoho I dunno
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Must we to buy fire insurance for landed property when we go under bank loan?

Thanks.

This post has been edited by soules83: Oct 31 2018, 04:34 PM
ttan777
post Oct 31 2018, 04:41 PM

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yes...cover building not land
TSsoules83
post Oct 31 2018, 04:49 PM

Hohoho I dunno
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QUOTE(ttan777 @ Oct 31 2018, 04:41 PM)
yes...cover building not land
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ouch...its so costly as its follow the size of the building...

This post has been edited by soules83: Oct 31 2018, 04:50 PM
ttan777
post Oct 31 2018, 08:29 PM

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QUOTE(soules83 @ Oct 31 2018, 05:49 PM)
ouch...its so costly as its follow the size of the building...
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cost of rebuilding is your sum covers
camflo03
post May 6 2019, 10:55 AM

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do we need to pay fire insurance on monthly basis or lump sump?

does it make sense if developer claimed that bank deduct the fire insurance (~12k) from the total amt loan disbursed?
jetblast
post May 6 2019, 11:00 AM

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Bank will only insure property based on loan amount. My suggestion is ask the insurance company to insure more. My bank insured my house for 150k only but luckily I increased to 400k. There was a fire in my roof due lightning and was able to cover the entire cost of repair plus some. (roof is value about 20% of insured amount).

This post has been edited by jetblast: May 6 2019, 11:03 AM
camflo03
post May 6 2019, 11:15 AM

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QUOTE(jetblast @ May 6 2019, 11:00 AM)
Bank will only insure property based on loan amount. My suggestion is ask the insurance company to insure more. My bank insured my house for 150k only but luckily I increased to 400k. There was a fire in my roof due lightning and was able to cover the entire cost of repair plus some. (roof is value about 20% of insured amount).
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how much do you pay for the fire insurance? monthly basis or lump sump?
jetblast
post May 6 2019, 11:32 AM

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Yearly. I think its 200 plus but have to go home and check. PM me if you want to know.

 

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