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sleepyboy
13-06-2011, 08:59 PM
Hi,

Just want to ask, when we take mortgage loan from the bank ... is it the responsibility of the bank to purchase the fire insurance on behalf of me?

smoothead
13-06-2011, 09:32 PM
I think the banks will want to make their commissions from the insurance premiums so they will insist you get it from them. So, yes, they will take out the fire insurance on your behalf as they would want to cover their risk too. I don't know if this is compulsory to get from them but then again it's quite cheap and hassle free. Take out another insurance though (householder's insurance) for peace of mind. This you can get it from your own agent/insurance co. This will cover your household contents and some personal accident too.