THE NEXT POINT IS THAT RECENT YEARS THE BANK HAD STEALTHILY JACKED UP THE COMPULSORY SUM INSURED WITHOUT EVER INFORMING US. 7-10 YEARS AGO, THE PROPERTIES THAT I BOUGHT WITH THE AMOUNT BORROWED FROM BANK OF RM 700K, SUM INSURED WAS ONLY RM 250K. RECENTLY I BORROWED RM 1 MILLION FROM BANK BUT THE SUM INSURED IS RM 900K FOR THIS PROPERTY, THEREFORE THE PREMIUM IS ALSO SKY HIGH.
IN SHORT, THE BANK IS NOT ONLY JACKING UP THE PREMIUM PER SUM INSURED, BUT ALSO THE SUM INSURED AS WELL, LEADING TO 10X HIGHER PREMIUM PAYABLE NOW.
AS I MENTIONED BEFORE, WHAT ON EARTH CAN THE REPAIR COST OF A EMPTY SHOP LOT WITH ONLY 4 WALLS AND A ROOF, COSTING UP TO RM 900K?