Fire Insurance

Okay, this is going to be a complaint rather than a normal post. A few weeks ago I received an insurance notice saying that I need to pay a certain amount, a few hundred ringgit for fire insurance for the Gaya unit that I bought last year. It is still under construction so I called up the insurance company. It happens that the insurance company is a subsidiary of the company I took the mortgage out with.

When I called the insurance company they said that since the property is still under construction they cannot insure it and I should contact the branch that I took out the loan out with and cancel the policy. So I did. When I got hold of someone over at the branch they said that it's the bank's policy to make us take the fire insurance. Unless the developer has taken out insurance for the project then they cannot cancel the policy. Basically a load of BS. Unless it's legislated no one can make you pay for anything I thought. Plus, why should I pay insurance for something that's not there yet? Doesn't make sense right? Then I called the bank manager. He said that "oh, the insurance is paid by the developer". What they sent u is just notification. I took his word and did nothing.

The, on Monday I get this letter from the insurance company saying that they will be debiting my account for the said amount at the end of the month. Please make sure there is money in the account. I was like WTH right? So I called the manager again. He was saying that oh, it's ok.... it's charged to your loan account. No worries. And how is that supposed to make it ok? Sometimes we are too used to borrowing to the point that it is ok to borrow more!? I'm trying to keep my loan commitments low so every ringgit counts. I insisted that I wanted to cancel the policy so he said that I should get a letter from the developer saying that they've taken out an insurance for the development. Before I called the developer, I called my property lawyer and he confirmed that the insurance needs to be taken, basically someone has to pay, it's either me or the developer. Fair enough.

The following day I called the developer. Took him one whole day to confirm that they have in fact taken out the fire insurance for the development and I will only have to take out my own policy after the hand over of the keys...Now that makes alot of sense. So, I asked the developer guy to produce a letter saying that they have in fact taken out insurance for the development. I need this to show the stupid bank guys so that they can cancel the stupid fire insurance policy. Cos this whole episode is just one stupid conspiracy to extort money from unsuspecting homeowners. I know alot of people would've let this go. Not me.

So, It's been a whole day and still no letter. I'm on leave tomorrow so I'm gonna pay the developer's office a visit tomorrow. I will demand a letter by tomorrow. I'm gonna sort this thing out by tomorrow before the weekend. If they don't do anything about it I'm gonna have to take further action. Let's hope it doesn't get to that point. Ok... Sabar Afif... later cannot sleep how? good night everyone.