What is mortgage insurance
Posted on Oct 4, 2000 08:15:27 AM
The insurance contract is for one year. Because Interest is calculated taking into account the outstanding portion of the loan, the amount of insurance premiums annually decreases. In general, the service will cost insurers a borrower about 1-2% of the loan amount.
Insurance borrower
When the insured life and disability of the borrower, acknowledged the death of the insured event of the borrower for any reason, a temporary disability due to accident and permanent disability resulting from an accident that led to disability. Pay insurance in case of default when the borrower defaults on one of these reasons can not repay the loan.
Property insurance
The property is insured, as a rule from:
Fire and related events (eg, damage to property in the process of fighting a fire);
Natural disasters;
Wrongful acts of third parties, including the theft of property;
Breakdown of machines and equipment;
Interruption in production activities.
Insurance of property rights or title insurance
This insurance is due to the fact that the apartment can be “legally unclean” (only necessary when purchasing property in the secondary market). On average, this insurance is 0,2-0,8% of the sum insured
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