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Mortgage insurance

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You have decided you want to improve your living conditions and you have already selected an organization or a bank to make available a mortgage loan? Since the creditor is keenly interested in your timely repayment of the loan, one of the compulsory conditions to obtain such loan is for you to have an insurance policy.

Each bank or mortgage company sets out its own requirements to the scope of insurance coverage. Ingosstrakh is ready to offer a flexible instrument of package mortgage insurance suitable to meet the needs of any creditor.

Ingosstrakh’s policy will help you and your family meet your commitment to the creditor of your solvency becomes lower for any of the following reasons:

• Death or disablement of the Borrower;
• Extraordinary apartment refurbishment expenses resulting from damages caused by the failure of the water supply system, fire outbreak, explosion of domestic gas etc.;
• Loss of title to the apartment purchased with the credit facility;
• Necessity to make restitution of damages caused to neighbors.

If you prefer, we can insure the real estate you own no only for the amount of your commitments to the creditor, but in the amount of the real value of your property. Therefore, in the event of loss of such property the size of the indemnity payment made by Ingosstrakh will assist you in the repayment of the mortgage loan and to recover your own expenditures made at the time of purchase of the apartment, cottage or a house.

The package mortgage insurance program covers:*

• Insurance of mortgaged property (apartment, cottage, house) against fire and other hazards;
• Title insurance (insurance against loss of property through loss of title to such property);
• Borrower’s life and working capacity insurance;
• Borrower’s civil liability insurance in use of mortgaged property.

* Depending on the loan program you’ve chosen, ‘Ingosstrakh’ may offer you insurance against the above said risks in any possible combination thereof – mortgage insurance (collateral insurance); insurance of title in loan property; life and disability insurance; liability insurance of property owner during collateral operation.

 

Insurance premiums**

Insurance type	% of insured amount
Life and working capacity insurance	from 0,1012
Property insurance against fire and other hazards	from 0,15
Civil liability insurance	from 0,25
Title insurance	from 0,15

**  The foregoing rates are provided for information purposes only. They shall not be construed as an offer and are subject to increase or reduction depending on the requirements of the creditor and the degree of risk.

 

How do I enter a contract

When entering a contract for package mortgage insurance with Ingosstrakh, you save both time and money. The procedure of executing the contract is extremely simple.

1. For insurance of mortgaged property against fire and other hazards the property is accepted for insurance without prior examination by Ingosstrakh experts. It is necessary that you fill in respective sections in the application for insurance and return the application to us.
2. In the event of civil liability insurance of the owner of the property, such liability resulting from the use of the mortgage property, you will need to fill in the application and return it to Ingosstrakh.
3. For title insurance (insurance against loss of property through loss of title to such property) the decision on whether Ingosstrakh can make available such title insurance is based on the results of examination of copies of title documents and validation of information contained therein.
   If you have Ingosstrakh’s title insurance policy, it will be your guarantee of good title to the apartment you own.
4. For life and working capacity insurance of the Borrower, the decision on whether Ingosstrakh can make available such insurance is usually based on the borrower’s answers to a number of health-related questions you answer when filling in the application form. You may be referred to additional health checks only if the insured amount exceeds the limit of $300000. You will be referred to a modern clinic and Ingosstrakh will cover all related costs. We are also ready to accept health certificates issued by other medical facilities.