mortgage – Associated with mortgage loan insurance

Associated with mortgage insurance try, usually cover the insured against non-payment of monthly payments for a maximum of quotas determined. Insurance associated with mortgage loans are not compulsory subscription, but contracted once his target is to assist directly in any eventuality as it could be unemployment.

The insurance associated with mortgage loans are basically marketed in three types:

On the mortgaged property damage insurance
Loan repayment insurance
Payments-loan protection insurance

On the mortgaged property damage insurance

This type of insurance associated with mortgage loans, occurs when the lender conditions granting the mortgage loan to the subscription of an insurance against damage, since the property acts as a guarantee of payment against future problems.

Associated with the mortgage property damage insurance aims to compensate the owner for any damages that it may suffer as damage by water or fire, among others.

Typically this type of insurance associated with mortgage loans containing, in addition to the property damage coverage warranties as the harm that may occur to the goods that are within the housing, among others. This type of insurance is commonly known as insurance multi-risk home, because it covers multiple guarantees related to accidents that affect both people who live in it as a property.

Loan repayment insurance

This type of insurance associated with mortgage loans are a class of characterized life insurance because in the event of the death or disability of the insured, the insurer assumes the payment of the amount of amortisation of the borrower.

Within depreciation insurance we highlight two types:
Depreciation insurance in the capital to pay for the insurance company to match the amount owed on the loan.

Depreciation insurance in the amount payable remains unchanged throughout the duration of the contract where the insurance company will pay to the credit institution the capital outstanding of amortization.

Payments loan protection insurance

This kind of associated with mortgage insurance guarantees payment in case temporary disability or unemployment duration while this situation with a maximum number of monthly instalments, i.e. It aims the obligations of the debtor when circumstances posed by a reduction in income of insured occur.

Payment protection insurance are marketed in a way independent but complementary insurance of repayment of loans previously commented.

Conclusion on the insurance associated with mortgage loans

It is important to emphasize that the insurance company must assess the risk subjecting the person who hires any insurance associated with mortgage loans to a questionnaire about their health. Avoid at all times inaccurate responses or omission of data, as before lies can be relieved of the payment of the allowance if the Declaration mediated fraud or serious fault. do you have doubts when choosing insurance and don’t know what coverage is. With this basic guide to insurance, you can resolve them. What is insurance, what kind of insurance are there: life, death, car insurance, home insurance are the insurance mandatory, how to claim to my insurance.