2023-11-23 05:00:00
Gino is going to take out a mortgage to get a better rate. Her bank asks her to also take out “fire” insurance at home for the duration of the loan. Does she have the right?
When you become an owner, there are several insurance policies that you must take out. Fire insurance, which we should rather call “home”. You know it, it covers a whole series of damages caused to your home.
There is also outstanding balance insurance, which ensures the remaining capital to be paid in the event of death.
Today, banks offer these insurances with credit, and they give you a better rate. It’s a kind of group sale. You are linked to the bank and its insurance for the entire duration of the loan. But therefore for the consumer, this also reduces the possibilities, in terms of competition.
If he takes out insurance elsewhere, he loses the advantageous rate from his bank. So far, this is how it works. But not for much longer. A few weeks ago, a bill was approved in the chamber (a project by the Minister of the Economy, Pierre-Yves Dermagne). He wants to limit precisely this link between mortgage credit and insurance.
What does this text provide? If you take out a loan from a bank and you also take out insurance (fire or SRD), you can look elsewhere, withdraw from this insurance, following a third of the duration of the loan, without your rate changing. exchange, and at no additional cost. When will this bill come into effect? May 1st or June 1st, 2024.
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