DBS loan compulsory Property insurance

haydentan

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Anyone is currently with DBS for your HDB purchase? I received a letter that Chubb will replace the MSIG property insurance, however, there is no further detail like the premium and coverage. Can I complain if the Chubb plan is not as good as MSIG? I don’t think so as I cannot terminate this compulsory insurance. We are just under the mercy of the bank I Guess.
 

xtwis7

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Anyone is currently with DBS for your HDB purchase? I received a letter that Chubb will replace the MSIG property insurance, however, there is no further detail like the premium and coverage. Can I complain if the Chubb plan is not as good as MSIG? I don’t think so as I cannot terminate this compulsory insurance. We are just under the mercy of the bank I Guess.

I don't think there's any compulsory insurance if you took a bank loan. Other than HDB's appointed insurer eTiqa for fire insurance, the others are secondary.

Unless these were specified in your loan terms.
 

Pokémon

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I received a letter that Chubb will replace the MSIG property insurance, however, there is no further detail like the premium and coverage. Can I complain if the Chubb plan is not as good as MSIG?

Why not you just wait for more details before even thinking about complaining? Which type of plan is it, term or life? Coverage for such plans are pretty standard, and as long as the premium is not higher than what you used to pay, that should be good.

I don’t think so as I cannot terminate this compulsory insurance. We are just under the mercy of the bank I Guess.

If you think you cannot do anything about it, then no point complaining here either. If you cancel the current plan and start with another, you will likely be paying higher premium due to age and possible loading due to medical conditions after signing of the existing plan.
 

belgarathc

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I received the same letter. Isnt it mentioned that the coverage and premium will be the same? That's what I remember but I already thrown the letter away. :p
 

ixoral

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I took up a dbs loan last Nov and was told the insurance is compulsory. Anyway it’s not a lot, abt $58/year.
 

ry0suk1

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as according to hdb rules that insurance is a must if taking bank loan. you can buy HDB insurance not compulsory to take bank insurance..
 

halfnode

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Do note that this is to protect the bank. If you’re protecting your own house contents etc. you still need to get your own home insurance.
 

gonewiththesmart

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So cheap mean it's only building insurance, ie to rebuild the building if it collapse.. Or cannot be occupied.
 
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