Loan insurance: group contract or delegation for a first-time buyer?

 

Becoming a homeowner has a cost, which corresponds to the debt ratio of an individual who aspires to buy his main residence. It corresponds to the amount of monthly mortgage payments that it can pay, but also to the part dedicated to borrower insurance, too often overlooked, and which can however reach a third of the total cost of the loan! In most cases, the delegation of insurance makes it possible to reduce its weight, provided that competition between establishments is involved.

Take the time to compare

Take the time to compare

The Lagarde law of 2010 reshuffled the loan insurance cards, allowing borrowers to entrust it to a body other than that which lends them the amount necessary to finance their property purchase. It is thus a question of soliciting specialized organizations in order to constitute files and obtain individualized proposals, whereas the banks propose on their side a similar group contract for all the borrowers whom they finance.

They share the risk and define only types of situations, while the delegation of insurance pushes individualization to its maximum, whether in terms of guarantees or cost. This formula can prove to be very advantageous in the case of home ownership, provided that you take the time to approach the various organizations and request proposals.

Several shooting windows to choose the insurance delegation

Several shooting windows to choose the insurance delegation

By obtaining an individualized proposal according to the specific situation of each first-time borrower, it is possible to lower the rate of their borrower insurance and thus make concrete savings. Because to be first-time buyers is very often to be young, to have a fixed job and a stable situation which allows you to calmly envisage the future. So many positive points in the eyes of an insurance organization, which will be able to offer a lower personalized rate to attract this type of secure profile.

The problem is the lack of information of first-time buyers, who for fear of missing their property, will prefer the easy solution of the group contract. However, the Hamon law allows them to change their home loan insurance at any time within twelve months of signing, and the Bourquin amendment to bring competition into play on each anniversary date of the contract.

 

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