Today we return with new information extracted from the interaction with i-Insurance customers . And because October is home insurance month, the emphasis has been on our product. What did I notice? As you probably expected, we have identified new abuses that homeowners are often forced to endure. The subjects are, in this case, the beneficiaries of the mortgages.

Accessing a mortgage loan involves certain costs such as: commissions, notary fees, real estate appraisal fees and of course life insurance and home insurance. As a precautionary measure, banks make life and home insurance compulsory and both are transferred to the bank.

Those who have outstanding mortgages pay for home insurance, concluded through the bank or with a company imposed by the bank, up to 50% more than if they bought their own insurance policy from an insurance broker .

There are three situations:

  • either the bank concludes your home insurance with a company with which it collaborates, which means that the insurance, respectively the price of the insurance premium is also chosen by the bank, and most of the time, the offer is not in favor of the client;
  • or you are required to take out home insurance with one of the companies that the bank agrees to, so you can choose the policy and the price, but from a limited range of offers;
  • or the bank only asks you to have a home insurance with assignment in favor of the bank, regardless of the company you choose. This option is also fair for your benefit, as you have the opportunity to choose the issuing company, the risks you want to insure and last but not least the price you can afford to pay.

As a rule, the bank mentions in the contract the companies with which it agrees to conclude the insurances, but here are the preliminary conditions for accessing some credits, in the insurance chapter:

BCR

Optional insurance of the real estate purchased by credit, assigned in favor of the Romanian state, represented by the Ministry of Public Finance and the bank, for the entire crediting period

It undertakes to insure the purchased home from the guaranteed financing against all risks and assigns the compensation rights in favor of the Romanian state, represented by the Ministry of Public Finance.

Banca Transilvania

We come to your aid and offer you the possibility to conclude the insurance without having to travel to other places.

Cec Bank

Insurance against the risks of calamity of the mortgage property is mandatory, being necessary before granting the loan.

This information is presented on the websites of banks, in the category of mortgage or First House. Therefore, there are banks, such as BT, that save you from worries, but also from money, others, which allow you to choose your insurance company, but which will certainly try to make you an offer as well. If you are in such a situation and you are not contractually constrained, try to check the rates of other insurance companies. You can find policies with the same insured risks and at the same insured amount, but at a much lower premium.