Double Insurance

Property owners out there, beware of double insuring your home with fire insurance.  This often happens in the case of owning apartments or condominiums.  Usually the apartment management would purchase a master insurance that is shared by all units in the building, and owners are billed through a once-yearly payment.  Then the end-financier (bank) would also require that a fire insurance (or even more comprehensive houseowner's insurance) be purchased and this is done automatically by the bank.  The premium of the insurance is then added into the owner's loan account, thus increasing the principal outstanding sum.
There is no need for double insurance in any case, insurance companies would not compensate you twice should a fire occur at your premises.  What you need to do, as I did in my case, is to inform the bank's insurance that my property is already insured by the management board of my apartment.  The insurance company then demanded that I forward to them a copy of the insurance certificate (usually this is only given to you after you have paid all the maintenance, quit rent and insurance charges by the management office).  I did that, and they cancelled the double insurance and I got the premium refunded.