Dear All,
Is there still any owner experience stagnant water within the unit after raining?
I've read some information on the Fire Insurance:
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http://www.hba.org.my/faq/list.htm#double Q: Both the developer and my end-financier are billing me for the fire insurance - why should I pay double?
A: The House Owner/Fire Insurance policy
This policy provides coverage for your property against natural disasters such as flood, fire, riot, strike and malicious damage. For properties with strata titles such as apartments or condominiums, you need not buy the insurance because the Management Corporation (MC) would have taken up insurance on the entire building. You should ensure that you obtain the sub-certificate of the Master Policy issued by the insurance company from the MC and present it to the financial institution. This is necessary so that the financial institution is aware that the property has been insured and will not buy another fire insurance on your property. In such a case, you will be required to assign your rights under the policy to the financial institution.
Source: www.bankinginfo.com.my
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http://www.hba.org.my/faq/fire.htmQ1: I have been informed that the fire insurance taken by the Management Corporation is compulsory. At the same time, the bank where I took a housing loan for the unit of condominium I have purchased also requested me to pay for fire insurance policy which has been arranged by the bank. Do I need two insurance policies ?
A1: Under the Strata Titles Act, it is mandatory for the Management Corporation (MC) of buildings such as apartments and condominiums to purchase fire insurance for the whole building. The individual unit owner is required to pay to the MC his respective premium portion. If the unit is purchased through a loan, the financiers would also normally require the borrower to obtain an insurance policy for the unit. There is the possibility of a situation of double insurance under these circumstances.
However, if you have obtained the loan from a bank or finance company under the supervision of Bank Negara Malaysia (BNM), it has been agreed that borrowers will not be required to buy another insurance policy for their unit. Instead, these financial institutions will accept the insurance policy already purchased by the MC subject to certain terms and conditions. If your loan is not from a lending institution under the supervision of BNM, you will need to negotiate the insurance arrangements with the lending institution concerned.
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Does the above means the developer = Management Corporation should take care of it and we do not need to purchase Fire Insurance from the finance company?