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
Fire insurance required for Landed property?
Fire insurance required for Landed property?
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Oct 31 2018, 04:32 PM, updated 6y ago
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#1
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Senior Member
2,016 posts Joined: Apr 2013 |
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 |
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Oct 31 2018, 04:41 PM
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#2
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Junior Member
449 posts Joined: Jun 2009 |
yes...cover building not land
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Oct 31 2018, 04:49 PM
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#3
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2,016 posts Joined: Apr 2013 |
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Oct 31 2018, 08:29 PM
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#4
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449 posts Joined: Jun 2009 |
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May 6 2019, 10:55 AM
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#5
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14 posts Joined: Jul 2009 |
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? |
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May 6 2019, 11:00 AM
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#6
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1,010 posts Joined: Oct 2006 |
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 |
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May 6 2019, 11:15 AM
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#7
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14 posts Joined: Jul 2009 |
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). how much do you pay for the fire insurance? monthly basis or lump sump? |
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May 6 2019, 11:32 AM
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#8
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1,010 posts Joined: Oct 2006 |
Yearly. I think its 200 plus but have to go home and check. PM me if you want to know.
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