[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/gregorydamy.niceavocats.fr\/wp-content\/uploads\/2023\/08\/real-estate-6688945_1280-2.jpg” title_text=”real-estate-6688945_1280-2″ _builder_version=”4.21.0″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][et_pb_text admin_label=”Text” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
Flexible Insurance Choices When obtaining a mortgage, borrowers have the option of choosing insurance\u00a0<\/span>from<\/span><\/a>\u00a0their lending bank or choosing insurance from another insurer, often at lower cost.\u00a0However, many people are reluctant to switch insurers after getting their loan due to administrative complexities, lack of awareness or time constraints.\u00a0Until recently, borrowers could only switch insurers within the first 12 months of taking out the loan.\u00a0However, since January 1, 2018, borrowers have been able to change insurer on the anniversary date of the subscription of their contract, offering more flexibility\u00a0\u00a0<\/span>and choice\u00a0<\/span>\u00a0.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n From now on, two months before the anniversary date of the contract, borrowers can simply send a registered letter to terminate their mortgage loan insurance with the bank and attach the new insurance contract.\u00a0This change in legislation allows borrowers to make an informed decision and choose a financially more advantageous option.<\/span><\/p>\n Banks that provide mortgages often focus on the interest rate of the loan, rather than the insurance they impose on borrowers, mainly due to time constraints and simplicity.\u00a0However, since January 1, 2018, borrowers have the annual power to renegotiate the amount of insurance for the entire duration of their mortgage.<\/span><\/p>\n This regulatory change allows borrowers to explore different insurance options, which can result in substantial savings over the term of the loan.\u00a0By comparing different insurers and their offerings, borrowers can find more affordable, tailored coverage that meets their needs.\u00a0It is crucial to be aware of this opportunity and take advantage of it to make wise financial decisions.<\/span><\/p>\n In conclusion, the recent evolution of the legislation grants borrowers the freedom to change mortgage insurer on the anniversary date of the subscription of their contract.\u00a0<\/span>By embracing this flexibility, borrowers can seek out more advantageous insurance terms, potentially lowering their costs and optimizing their financial situation over the life of their\u00a0\u00a0<\/span><\/span>mortgage\u00a0<\/span><\/span>\u00a0.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Flexible Insurance Choices When obtaining a mortgage, borrowers have the option of choosing insurance\u00a0from\u00a0their lending bank or choosing insurance from another insurer, often at lower cost.\u00a0However, many people are reluctant to switch insurers after getting their loan due to administrative complexities, lack of awareness or time constraints.\u00a0Until recently, borrowers could only switch insurers within the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" by\u00a0<\/span>admin<\/span><\/a><\/span>\u00a0|\u00a0<\/span>Nov 27, 2017<\/span><\/span>\u00a0|\u00a0<\/span>News in insurance law<\/span><\/a>\u00a0,\u00a0<\/span>y<\/span><\/a>\u00a0|\u00a0<\/span>0 comments<\/span><\/a><\/span><\/p>\r\n\r\n<\/div>\r\nIncreased freedom: change\u00a0<\/span>mortgage insurance<\/span><\/a>\u00a0at any time: \u2013<\/span><\/h2>\n
Empowering Borrowers: Benefits of Renegotiating Mortgage Insurance: \u2013<\/span><\/h2>\n
\r\n\r\nWhen you take out a mortgage, you can either choose the insurance from your bank that finances your loan or take out insurance from another insurer (often at a lower cost in this case).\u00a0It is currently possible to change insurer the 12 months following the subscription of the credit.<\/span><\/h1>\r\n
However, few people take this step after having taken out their credit due to administrative complexity, ignorance or lack of time.\u00a0Since January 1, 2018, each borrower can change insurer during the loan on the anniversary date of subscription of the contract and no longer only during the first 12 months.<\/span><\/h2>\r\n
Thus, 2 months before the due date, it will suffice to send a registered letter to terminate the insurance of your mortgage that you had taken out with your bank by attaching the new insurance contract.\u00a0The legislator introduces more flexibility to allow borrowers to make an informed and more financially attractive choice.<\/span><\/h3>\r\n
The bank that grants you a mortgage tends to make efforts on the rate of the credit but rarely on the insurance that it imposes on you more or less for reasons of time and simplicity.\u00a0From January 1, 2018, each year you have the power to renegotiate this amount throughout your mortgage.<\/span><\/h4>\r\n<\/span>\r\n\r\n<\/div>","_et_gb_content_width":"","footnotes":""},"categories":[332,304],"tags":[],"class_list":["post-1706","post","type-post","status-publish","format-standard","hentry","category-banking-law","category-insurance-law"],"yoast_head":"\n