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Useful information:

  • If you have a mortgage loan, then it is mandatory to have your property insured
  • You are free to choose any insurance company, provided that the insurance contract covers the conditions mentioned in the mortgage contract
  • Standard insurance is mandatory to cover earthquake and fire damages. Other damages are optionally covered
  • If you have already insured your property and you wish to choose another insurance company, it is advisable that you do it before contract renewal

Apply for insurance to an insurance company rather than your bank

If you wish to switch to another insurance company, you should do it at least 1 month before the expiration date of the current insurance contract and by submitting the new insurance contract in order to prevent the bank from withdrawing the insurance money for the contract insurance from your bank account.

Furthermore, when you submit the insurance contract of the new company, be extra cautious and check you have included the correct insurance policy details in order to avoid rejection of your contract by the bank. What you should double check is:

  • To describe properly the property
  • To indicate beneficiary bank
  • To calculate property’s value based on the insurance policy (reconstruction value)

 

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