What Compulsory Housing Credit Insurance? When a Housing Credit is contracted for the acquisition of a property, two insurance contracts are required: Life Insurance and Multi-risk Insurance. Life Insurance is an insurance that protects the holders of the Mortgage in case of death or disability. Multi-insurance is an insurance that protects the property given as a guarantee and any damages that may be suffered.
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What is Life Insurance Housing for? The main purpose of Life Insurance is to protect the holders of the Loan and the Financial Institution from a situation of death or disability of the holders of the loan. In case of any of these situations, the insurance can be triggered covering the secured loan amount.
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What is the Safe Capital in Life Insurance Housing? The Insurance Capital corresponds to the amount paid by the insurance company if any coverage is triggered. Thus, in the Life Insurance Housing, the insurance capital must match the loan amount.
It is based on the Safe Capital that establishes the Premium to pay for Life Insurance Housing.
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When there are 2 holders of the loan, the Life Insurance can be contracted in whole or in part, that is, it can be hired at 100% for each owner or it can be divided into a percentage for each of the owners (in total it should correspond to 100 % of the loan amount). In this case, each holder will only have the corresponding part of the payment of the debt if the insurance is triggered, and the other owner will ensure the remaining payment of the loan.
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What is the way to update the Safe Capital in the Life Insurance Housing?
In the Life Insurance Housing, the Capital Insurance is constant and the Prize is reviewed annually, on the anniversary date of the insurance holder and according to the new age.
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How is the Life Insurance Premium calculated? The Life Insurance premium, that is, the amount payable by insurance, is calculated based on the insurance capital and age of the holders.
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What are the payment methods of the Life Insurance Housing? Customers who choose the Life Insurance Housing provided by the UCI (Cardiff Assurance Vie) can choose between the following payment methods:
- Monthly Premium (the premium is paid monthly)
- Single Prize 5 years (the premium is paid once and is valid for 5 years, from the sixth year the premium is paid every six months)
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What are the Coverages of Life Insurance Housing? In addition to the main death coverage, there is additional coverage in the Housing Life Insurance, which may be Total and Permanent Disability (ITP) or Absolute and Definitive Disability (IAD). The first (ITP) can be triggered against any invalidity situation, corresponding to compensation in the event of incapacity equal to or greater than 65%. The second one (IAD) is only activated if the holder is completely incapacitated and dependent on third parties for the exercise of their basic functions.
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The Housing Life Insurance provided by the UCI (Cardiff Assurance Vie) includes the Death and Absolute and Definitive Disability (IAD) coverages.
What is Multi-Housing Insurance?
The Multi-Hazards Housing Insurance is an insurance for the property, which in addition to the fire coverage (mandatory), includes some additional coverages associated with the home.
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What is the Safe Capital in the Multirisk Housing Insurance? In the Multi-insurance Insurance associated with the Housing Credit, the amount to be insured is established based on the value of the reconstruction of the property. This rebuilding value is generally lower than the market value of the property, since factors such as land, infrastructures, proximity to services, the potential for commercialization of the property, among others, are not considered for the calculation.