Choosing Property Insurance

There are several forms of insurance that banks are required to debutir Credit Home Ownership, ie life insurance and fire insurance

1. Life insurance, through insurance, failure to pay due to the risk of death during the installment, will be on the cover by the insurance company. Great value to the insurance company paid for in accordance with the total of the remaining installments

2. Insurance losses or protect a house fire heavy borrower from the fire disaster. If the house is on fire, insurers will pay the cost of rebuilding. Likewise, if the house is defective because of natural disasters such as floods.

Value Premium

In summary, the value premium of 1% -2% of credit ceiling, for example, if you get a credit limit of $ 80,000 to $ 10,000 seniali home includes the cost of insurance for $ 800 to $ 1,600 (1% -2% of credit ceiling).

In determining the value of life insurance premiums, insurance companies usually consider the age of the borrower, because the older the borrower, the greater the value of premiums. Because the credit period so that the longer the loan the greater the value of premiums.

How to choose the right insurance company?

Normally bank Credit Housing providers have set up an insurance company that She led, so that the debtor pays the premium insurance live. When it comes to the end insurance, cover risk does not occur, then the value premium is not returned to the debtor but are entitled to the insurer. However, recently a number of insurance companies offer products that allow borrowers Credit Home Ownership get back the value premium in the future. Only, the value of premiums paid is much higher.

Variations insurance

Housing Loans Insurance now getting variations, risks are also increasingly corpulent discover because they are already working with several insurance companies and banks. For example there is insurance that offers cover from severe pain when the installments not yet paid off. So if the debtor was seriously ill and could no longer work when the installment not paid off, then the insurers will pay off the remaining Housing Credits to the bank. Or if the debtor dies then the heirs will get some cash back. It's just for the repayment risk cover, premiums paid are usually higher.