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If fire insurance is included in my building's management fee, do I need to inform my mortgage bank?

Last updated on: March 19, 2024
If you're buying a home in a newer residential development, it's likely that fire coverage is included in the management fee and you won't need to purchase a separate fire insurance policy. While your mortgage bank should be aware which developments have master fire insurance, it doesn't hurt to confirm with them to ensure you're not paying for coverage you don't need.
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