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cblau
Superman Li Ka Shing
Joined: 19 Aug 2006
Posts: 20931
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 Posted: Thu Apr 10, 2008 9:42 am Post subject: |
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| cmy wrote: | Need help here....fast....
.....I bought a property under loan...for the first year I let the bank handle the houseowner insurance for me....now at second year i want to appoint my own agent and insurance company.....
But now the problem is...the bank's person-in-charge said I cannot appoint my own agent and insurance company because the house is still on loan. She insisted that her company to handle the house insurance. Is what she is saying is true? That I cannot choose the insurance company that I like? I'm quite unhappy with her service because she added unnecessary clause (eg. landslip) when my property is on solid ground (flatten hill land). |
Normally when insurance going to expire bank going to send u letter saying insurance expire on xxx date and ask u to send to them your new policy by xxxx date ... If they dont receive insurance policy by xxxx date they would proceed with their renewal and charge to you .... U got receive this letter ?  |
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cmy
Ng Teng Fong
Joined: 20 Oct 2006
Posts: 7208
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| Posted: Fri Apr 11, 2008 10:10 am Post subject: |
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Nope, house insurance's gonna due in May but I think they din bother to give me any notice cause they prefer to solicilate with their own bank insurance company kua.....
_________________
Own what which appreciates, rent that which depreciates - Rockefeller, 1920 |
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cblau
Superman Li Ka Shing
Joined: 19 Aug 2006
Posts: 20931
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| Posted: Fri Apr 11, 2008 10:19 am Post subject: |
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| cmy wrote: | | Nope, house insurance's gonna due in May but I think they din bother to give me any notice cause they prefer to solicilate with their own bank insurance company kua..... |
I think the letter computer auto generated one .... |
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Fernando Alonso F1 Champ
Donald Trump
Joined: 10 Oct 2007
Posts: 13469
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| Posted: Sat Apr 12, 2008 9:03 am Post subject: |
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..not all banks give advance notice.......Stanchart M1 insurers actually sent me premium notice......i had to call SC to tell them to cancel and ask the condo office to quickly send them the master insurance....
condo under master fire insurance.....
and this even though for the last 4 years, SC has not billed me for fire insurance coz every year they would b sent the policy note from the condo office...... |
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chin
Azizi Ali
Joined: 01 Jul 2010
Posts: 97
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| Posted: Mon Jul 05, 2010 10:32 am Post subject: |
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| cmy wrote: | Need help here....fast....
.....I bought a property under loan...for the first year I let the bank handle the houseowner insurance for me....now at second year i want to appoint my own agent and insurance company.....
But now the problem is...the bank's person-in-charge said I cannot appoint my own agent and insurance company because the house is still on loan. She insisted that her company to handle the house insurance. Is what she is saying is true? That I cannot choose the insurance company that I like? I'm quite unhappy with her service because she added unnecessary clause (eg. landslip) when my property is on solid ground (flatten hill land). |
Dunno if I'm late for the party;
Assuming that the property in non-strata titled and is completed, BNM already stipulated that the bank cannot force insurance on the mortgagee i.e. mortgagee have the right to purchase their own insurance. Most bank try to 'hoodwink' the clients as they earn commission for the insurance.
Some banks (S&C) are abit more particular and might insist on dictating the perils covered and want proof of payment (official receipt) .
As long as you can produce an insurance covering the said property to the bank with adequate sum insured and make sure that the bank is named as an interested party (morgagor/ mortgagee clause) |
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