Because banks will not give up mortgage insurance easily to ensure the safety and stable income of loans. Secondly, mortgage insurance combines home insurance with accident insurance. Although the insured is not the biggest beneficiary, the insurance company will still make some corresponding compensation if an accident occurs. Therefore, mortgage insurance can still play a certain role in protecting property buyers, at least reducing the worries of the insured.

What are the steps for home insurance to pay the house loan?

1. Fill in the application form: the application form is the basic evidence for the insured to apply for insurance with the insurance company. The contents include: the date of insurance, the name of the applicant, the name of the insured or beneficiary, the start and end time of insurance liability, the name and quantity of the subject matter insured, the amount insured and the insured value.

2. Issuance of insurance policies: After receiving the insurance policies of the insured, the insurer shall examine the contents of the insurance policies one by one and conduct on-the-spot investigation before issuing the insurance policies.

3. Payment of insurance premium: The insured pays the insurance premium to the insurer on schedule according to the insurance amount, insurance period and insurance rate agreed in the contract.

Is mortgage insurance paid once a year or once?

Different companies have different time requirements for paying mortgage insurance, because each insurance company has different regulations. Some mortgage insurance premiums will be paid annually, and the premiums paid in previous years will be higher, and the insurance liability will be lower later. In fact, they are usually charged at one time. Please ask the bank for details.

When buying a house, the insurance company will charge the insurance premium according to the proportion of the user's loan amount. The specific calculation formula is: mortgage insurance premium = insurance amount × insurance period × annual insurance rate. The term of insurance premium is generally calculated from the date when the loan starts, but the insurance liability stipulated in the contract shall be borne from the date when the house is delivered as stipulated in the house purchase contract.