Nuances of hypothecary insurance of new buildings

Classical hypothecary insurance consists of three basic insurance items: the First is a life insurance of the borrower on the credit (loan value) plus percent to it. The second is an insurance of the real estate and the third item is insurance of the rights and responsibilities, it name title insurance. On by all it, banks require a real estate comprehensive insurance including in it walls, windows and doors. It is recommended to insure also apartment furnish if tokovaja is present. As she first of all suffers from such frequent cases as break of a pipe, floods at you or as it often happens at neighbours from above. But if you are assured that, it will not occur that it is possible not to insure furnish as it is not obligatory because, the bank does not interest, is made or not repair at you in apartment.

Also for bank not important so-called title insurance, it is absolutely unessential even at the mortgage with secondary housing accommodation, and insurance only the constructed housing accommodation in general is senseless. Banks which demand to title insurance every day to become ever less.

In it also there is a main difference of insurance of a new building, except a life of the borrower, there is nothing to insure more. Therefore is now very widespread to insure a life of the borrower in favour of the creditor it is a money back guarantee to bank. It is not obligatory but this one of main demands of creditor and without its fulfilment you can not obtain the credit. Proceeding from all it the insurance agreement on new buildings to be divided on two parts before building construction.

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