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fire insurance for strata property

 
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fat12



Joined: 11 Nov 2004
Posts: 51

PostPosted: Wed Mar 07, 2007 7:30 pm    Post subject: fire insurance for strata property Reply with quote

Is fire insurance necessary for strata properties? I bought my own policy, but recently the management corporation started billing for a master insurance policy...

So I guess i can terminate my own policy?

What would be my rights under the master policy? Presumably the Management Corp would be the beneficiary... and would they be obligated to reimburse me from the insurance payout if the property burns down?

Appreciate any comments
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kbtan



Joined: 07 Nov 2006
Posts: 17

PostPosted: Wed Apr 18, 2007 4:04 pm    Post subject: Reply with quote

Hi,

for Strata Title Property, you canot buy separate policy for your FIRE INSURANCE.

You would need to purchase a Master Fire Policy.

For strata title property which the total value is more than 10million, you should get a cheaper rate than a normal fire insurance.

A policy holder of a MASTER FIRE POLICY, you will recieved a CERTIFICATE of Insurance instead of Policy. but however you can obtained a copy of Master Policy from your management corporation

regards
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tengster



Joined: 19 Jan 2006
Posts: 1033

PostPosted: Fri Apr 20, 2007 9:45 pm    Post subject: Reply with quote

add on to kbtan....you shoud buy your won fire insurance for contents (furniture, electrical appliances, etc.).....coz the policy in the master policy exclude content.....
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fat12



Joined: 11 Nov 2004
Posts: 51

PostPosted: Sat Apr 28, 2007 1:44 am    Post subject: Reply with quote

Thanks kbtan and tengster for the advice. Really appreciate it.
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Scott123



Joined: 25 May 2008
Posts: 45

PostPosted: Tue May 27, 2008 9:31 pm    Post subject: Reply with quote

Well….I think if you wait for some more time… you can get a lot better suggestions that this…I am out of any ideas for this!!!!
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cdbox



Joined: 11 Aug 2005
Posts: 12
Location: klang valley

PostPosted: Thu May 29, 2008 2:40 am    Post subject: Reply with quote

fat12 wrote:
Thanks kbtan and tengster for the advice. Really appreciate it.



yes. but still need to highlight if you take a look of your strata policy, the insured value is usually lower than your home value.


like my case, my condo's unit worth RM147K, the mgnment just bought RM45k only. So , i personally added anther policy RM147K. What the xxx.. in case fire happen or burgary (my policy included this) Evil or Very Mad etc.

in case bad thing happen, i will claim mine own.

cdbox agent
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martopo



Joined: 26 Jun 2007
Posts: 24

PostPosted: Thu Jan 15, 2009 4:51 pm    Post subject: Reply with quote

Question,

Will it have any impact on our loan if our fire insurance expired / not renewed ?

Will the bank suspend the loan or anything....

cdbox
I thought for strata title can't buy separate fire insurance - how come you can ?


Tq...
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