Do I have to take out home insurance from my bank?

Real estate loans have rarely been as advantageous as they are now. The interest rate can have a negative effect of 1% and 0.85%. Never seen before! And of course, banking institutions are diversifying and catching up on other services, including offering their own home insurance … Does the borrower have the option of refusing to take out this type of contract with his bank or is it? on the contrary, he was obliged to accept it, under pain of not obtaining his loan?

Can I refuse the home insurance offered by my bank?

Congratulations, you have made an offer on the apartment or dream house and it has been accepted by the owner. Les choses sérieuses can start. The next step is to obtain a real estate loan, preferably at a low level, in step with a broker or by making an appointment with various banks. And if this famous loan is granted to you, your banker will naturally talk to you about the insurance covering the loan and the home insurance that will have to be signed as soon as possible… Stop!

As with loan insurance, home insurance can be taken out elsewhere than with your bank. Sites such as allows you to better compare the rates of different insurers in the market and choose the contract plus tailored to your needs. This last one can be a much more interesting effect in the year that the one proposed by the client in charge of the bank, which grants you credit. And while the counselor’s insistence may suggest that subscription is a prerequisite for obtaining a bank loan, this is absolutely not the case: you do have a choice.

How do I terminate my home insurance with my bank?

Despite this non-obligation, borrowers regularly decide – out of ease or for fear of not getting the loan at the right rate and on time – to accept their bank’s home insurance contract without flinching. And then regret it for many years… Don’t panic: this is easily resilient, free of charge, since the Hamon Act, effective January 1, 2015.

Before he can change home insurance, he will still have to stay with his “bank insurer” for at least a year. Once the contract anniversary date has passed, termination finally becomes possible, at any time. Your new insurer will also be able to take care of all the paperwork for you and ensure that the old and new contracts are followed up, without any waiting days. Finally, the former insurer will reimburse you for all advanced premiums, on a pro rata basis.

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