Would like to clarify po... We bought a condo unit through bank financing, and so far, we have been up to date on our amortization. My bank, though, is insisting that we get an insurance in case of default.... And I thought, don't we have the house as our collateral already??? What do we need another insurance to pay for????
Is this mandatory po ba by Philippine laws? If not, we don't intend to get another insurance, as we already have to pay for fire insurance and all kinds of ridiculous insurance products.... Please help!
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