Mar 8 2021, 06:36 PM
QUOTE(gjunhao @ Mar 8 2021, 06:01 PM)
I just bought a 1050sqft strata condo and loan already disburse and all. Suddenly got a message from the bank saying I have due premium for fire insurance about 1k++.
When I was applying loan, I didn't sign any fire insurance application as I thought condo fire insurance is managed by the JMB. Banker didn't mentioned he will apply fire insurance for me as well.
Now I ask the banker he say later he will call me, I wanna know whether fire insurance need purchase myself instead of JMB if its a strata non landed property?
All strata would have a common fire insurance policy. When I was applying loan, I didn't sign any fire insurance application as I thought condo fire insurance is managed by the JMB. Banker didn't mentioned he will apply fire insurance for me as well.
Now I ask the banker he say later he will call me, I wanna know whether fire insurance need purchase myself instead of JMB if its a strata non landed property?
Therefore you don't have to pay an extra premium. You'll have to obtain a copy of the fire insurance policy from the building management to provide to the bank who'd then waive that requirement.
For my previous condo it's an annual affair.
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