Amount of life insurance for a mortgage in Sberbank

What does the price depend on?

The issue of determining the cost of insurance is of a private nature; it may vary among clients.

IMPORTANT! The price of real estate insurance is determined by the condition of the home and the cost of the apartment. Age, gender, presence of unhealthy tendencies, specialty, state of health of the person, etc. are also taken into account.

Insurance will not be paid if the client has hidden information about serious illnesses (tuberculosis, oncology, HIV, etc.).

The death of drug addicts, mentally ill, drunk, or clients with heart disease will not be an insured event.

The insurer will refuse payment in the following situations:

• intentional harm to health;
• if the client’s death was caused by an explosion or radiation;
• if a person has become a victim of military events or rallies;
• if you suffered as a result of a crime;
• if he violated public order and suffered;
• if you drove a car while intoxicated;
• if you have been poisoned as a result of consuming alcohol, narcotic or psychotropic substances;
• if you have suffered from extreme sports.

If the client himself refuses insurance, this will reduce the likelihood of purchasing a mortgage. If the application is approved, the person undertakes the obligation to make payments on time even in the event of disability, illness, etc.

In the event of death, his debt is inherited. In order not to repay the loan, the heirs may refuse the inheritance. Inheritance rights will pass to subsequent generations. If there are no heirs, the bank has the right to put the property up for auction.

When the loan is closed, the insurance continues to apply, and the cost of the policy remains the same. Then the insurance payment is made not to the bank, but to the client.

Read about where it is cheaper to get life and home insurance for a mortgage at Sberbank.

Mortgage and insurance in Sberbank

When you apply for a loan at Sberbank, you can also buy a policy here. A large bank will issue insurance through. This is the fastest way to make the necessary documents. Such a document will be ready on the same day. However, Sberbank does not oblige its clients to raise collateral from this particular company. The bank has accredited several companies where this can be done.

The list is very wide. For example, in 2020 there are several dozen organizations in it. These are the largest insurers that have proven themselves in the market for these services. They not only quickly draw up documents when concluding transactions, but also do not delay with legal payments, which is very important both for the borrower and for the beneficiary, who is the lender.

Step-by-step guide to applying for a policy at Sberbank

If you have read the terms and conditions and you are satisfied with the tariffs, you can enter into an agreement. First you need to fill out an application. A package of documents will be attached to it. Typically, to obtain a compulsory policy for a house or apartment, you will need to provide the following forms:

• Passports of borrowers and their copies (originals are needed to verify authenticity).
• A current application form on the organization’s letterhead (both the borrower’s personal data and the essential parameters of the mortgage are indicated here).
• A document confirming ownership of the object.
• A report from an independent appraiser (from the list recommended by the insurer) on the current value of the property.
• Copied technical passport for the property.

Next, you sign the contract, pay the premium and receive the policy, which must be submitted to the financial institution where you took out the loan. Subsequently, it is necessary to renew the policy annually without delay and promptly send information about the renewal to your lender.

If you use the services of the same company, then when prolonging you will not need to re-collect the entire package of documents, updating information and recalculating tariffs will take place according to a simplified scheme, and the company itself will send the information to your creditor, since it will be indicated as the beneficiary; if you decide to change organization, you will need to collect forms as the first time and submit a certificate of the balance of the debt.

What percentage of the mortgage amount is this?

The insurance amount usually ranges from 0.18-0.32% to 1-1.5% of the amount of debt.

IMPORTANT! Sberbank offers registration of an insurance document in . A person will have to pay 1% of the loan amount.

Sberbank offers various types of mortgage loans. Basic rates apply only to human life insurance. Refusal will increase the rate by 1%.

A mortgage loan always comes with insurance. We suggest you read materials about whether it is possible to return insurance if you repay a loan at Sberbank early, and whether it is necessary to insure an apartment with a mortgage every year. Also on our website you will find options for obtaining mortgage insurance from Sberbank for each year and lists of insurance companies accredited by Sberbank.

How to extend mortgage insurance at Sberbank

Annual renewal of the insurance policy is a prerequisite for obtaining a mortgage. You can renew your insurance at any Sberbank branch or using Sberbank Online. To do this, you need to pay for the contract for another 12 months (or for the remaining term of the mortgage), indicating the number of the previous policy.

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Although we are talking in this article about Sberbank, most of what is written, except for the list of accredited insurance companies, is relevant for any Russian bank.

Insurance for items purchased (apartment, house, room, etc.), unlike personal insurance, is mandatory. This is directly stated in Article 31 of Federal Law No. 102 “On mortgage (pledge of property)”:

1. Insurance of property pledged under a mortgage agreement is carried out in accordance with the terms of this agreement. An insurance contract for property pledged under a mortgage agreement must be concluded in favor of the mortgagee (beneficiary), unless otherwise specified in the mortgage agreement or in the agreement giving rise to a mortgage by force of law, or in the mortgage.

2. In the absence of other conditions in the mortgage agreement on insurance of the mortgaged property, the mortgagor is obliged to insure at his own expense this property in full value against the risks of loss and damage, and if the full value of the property exceeds the amount of the obligation secured by the mortgage - in an amount not lower than the amount of this obligation .

Actually, from this law it follows:

• Housing purchased with a mortgage and pledged to the bank must be insured.
• Compulsory insurance applies only to the risks of loss and damage to collateral (fire, natural disaster, damage to load-bearing structures, etc.)
• The beneficiary under such an insurance agreement must be the bank. It is the bank that will receive the insurance payment if an insured event occurs. The amount of the borrower's debt will be reduced by the amount of the payment.
• The amount for which the object must be insured (the insured amount) must be no less than the principal amount of the loan.
  For example, an apartment costs 3 million rubles, the down payment will be 1.4 million rubles, and the loan amount, accordingly, will be 1.6 million rubles.

  This is the amount (no less) that needs to be insured for the apartment in the first year of the mortgage. This amount will then decrease as the mortgage is paid off.

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• You need to insure your property for the entire duration of the mortgage, as long as you pay it off and as long as the property is pledged to the bank.
  At the same time, the standard contract period for insurance companies is 1 year. Therefore, every year you need to conclude a new insurance contract. The insured amount, as mentioned above, will decrease. Therefore, before renewing the insurance contract or concluding a new one, check with the bank about the exact amount of the principal debt on the mortgage.

The cost of insurance, or premium, is measured as a percentage of the sum insured, which, remember, is usually equal to the amount owed on the mortgage. The size of the insurance premium is also affected by the property itself.

For new brick houses it will be less, and for old Stalin buildings with wooden floors, naturally, more.

Ingosstrakh traditionally has some of the most attractive rates for mortgage property insurance. You can calculate the amount of insurance directly on the website.

If we take average figures, the insurance premium for this type of insurance is 0.3% -0.6% of the amount insured. Translated into rubles, it will be from 3,000 to 6,000 rubles. for every 1 million rubles. loan debt.

How much does insurance usually cost?

Apartments

Sberbank provides a program - “Online Mortgage Insurance”.

The price of insurance is determined by the amount of debt based on a 1% tariff. You can register it through Sberbank Life Insurance.

The policy will be sent by email, and a copy of it will be sent to the bank.

Insured:

• parts of the structure (walls, ceilings, partitions, windows, entrance doors, roof, foundation);
• property in general from fire, lightning strike, gas explosion, car collision, natural disasters, unlawful acts of strangers, falling trees, poles, billboards.

Find out what kind of real estate insurance there is for a Sberbank mortgage here.

Residential property insurance

The main purpose of insurance of residential real estate, which is purchased under mortgage lending conditions, is to protect this collateral from:

• Fires.
• Floods.
• Illegal actions of third parties.
• Other natural disasters.

Drawing up an insurance contract is beneficial for both the bank and the borrower. In the event of an insured event, as a result of which the collateral property is damaged or cannot be restored:

• The bank is guaranteed to receive the unpaid portion of the loan by the borrower from the insurance company.
• The client is exempt from paying the loan.

The purchased property must be insured for the entire period of the loan transaction. The insurance policy is valid for one calendar year.

After this period, the borrower can:

• Renew this insurance contract.
• Buy a policy from another company.

The cost of insurance depends on the condition of the home being purchased, its appraised value and the amount of the mortgage.

The borrower can choose one of the most suitable insurance options:

• Purchase a policy for the total cost of housing, which is determined by appraisers.
• Take out insurance to the extent of the outstanding balance of the mortgage loan.

The second option will allow you to save on your annual insurance premium. When concluding a contract, it is worth considering that insurance companies do not have preferential categories of policyholders.

List of insurance companies accredited by Sberbank

https://www.youtube.com/watch?v=8bzFe7L_hks

The conditions offered by insurance companies are constantly changing. Therefore, when renewing your policy, you need to study the current requirements and conditions. If there is an opportunity to reduce the cost of insurance, then this should not be overlooked.

For its mortgage borrowers, the bank offers accredited life insurance. Only private clients over the age of 18 on the date of conclusion of the contract and no more than 55 years for women and 60 years for men at the end of the insurance have the right to take out a policy. Therefore, pensioners will not be able to take advantage of this offer.

We invite you to familiarize yourself with: Application form for refusal of life insurance alpha insurance

The Protected Borrower program includes several risks:

• the client’s death as a result of an accident, and even if the death occurred outside the policy period, but within a year from the date of the insurance policy, payments will be made;
• death as a result of a disease newly diagnosed during the insurance period;
• establishment of 1 or 2 groups of disability resulting from an accident;
• disability of 1 or 2 groups due to any disease that was identified only after registration of insurance.

It is necessary to renew the policy annually, taking out insurance in an amount corresponding to the balance of mortgage obligations. It is important that at any time the amount of available insurance compensation exceeds the loan debt.

Sberbank sends all mortgage borrowers to its partner - the insurance company. Moreover, personal life insurance is not required when obtaining a loan to purchase a home. But in its absence, the chances of approval of the application will decrease, and the mortgage rate will be increased by Sberbank by 1 percentage point.

The insurance rate is calculated individually. The price of the policy depends on the age and gender of the client, as well as on the remaining mortgage debt. So, for a 30-year-old woman, insurance for the balance of a debt of 1 million rubles in 2020 will cost no more than 3.5 thousand rubles a year, this option is cheap, because a man of the same age will pay the same amount to protect his health and life 4 .5 thousand rubles. The policy must be renewed annually.

Insurance compensation is paid when the insured person dies or is assigned a Group 1 or 2 disability due to illness or an accident. There are a number of restrictions when applying for a policy and when paying an insurance premium, so you should carefully study the terms of the insurance contract.

If an insured event occurs, the insurance company will pay off the full balance of the Sberbank client's mortgage loan.

By law, the client must insure his life within 30 days when receiving a Sberbank mortgage. The applicant can do this at any insurance company. When contacting the manager, offer to issue a .

List of accredited insurance companies:

• AlfaStrakhovanie;
• Sberbank Life Insurance;
• Liberty Insurance;
• INCOR Insurance;
• Independent Insurance Group;
• RSHB-Insurance;
• SOGAZ;
• VSK;
• Absolute Insurance;
• VTB Insurance;
• Zetta Insurance;
• Bet;
• Renaissance Insurance;
• Ingosstrakh;
• Adonis;
• NASCO;
• RESO-Insurance.

This does not end the list of insurance companies where you can take out a life, health, and collateral apartment policy. But when applying to another structure, there is a chance of getting a refusal from the lender. Despite this, managers of the insurance company, who do not have agreements with the bank, assure that there will be no problems with obtaining a loan. And they lure clients with cheap contracts. This is not always true.

Many borrowers are wondering whether they must complete the transaction at Sberbank or whether it can be done at any insurance company where it is cheaper. Credit experts give a mixed answer. If a person is afraid of refusal, then it is better to insure life and health there. But according to the law, the right to choose is reserved to the client.

Speaking about state regulations for regulating lending to citizens and the insurance business in Russia, it is worth noting that even with a mortgage, the applicant can refuse the transaction and terminate the contract with the insurance company during the cooling-off period without financial losses. Unless the bank stipulates that the premium is not refundable even before two weeks have passed.