At present, most applicants for personal housing mortgage loans do not know about the insurance they want to buy. They don't know that this insurance system is an international practice to provide protection for both borrowers and borrowers, so they are often reluctant to accept insurance.
In fact, the loan bank generally requires the mortgagor to handle collateral property insurance and loan credit insurance in its recognized insurance company, and makes it clear that the loan bank is the first beneficiary of the insurance, and at the same time requires that the insurance period should not be shorter than the loan period; The insured amount shall not be less than the total loan principal and interest; The insurance expenses shall be borne by the mortgagor; During the mortgage period, the insurance policy shall be kept by the loan bank; During the execution of the loan contract, the mortgagor shall not interrupt or cancel the insurance for any reason, otherwise the loan bank has the right to insure on its behalf, and the premium shall be borne by the mortgagor.
At present, there are many domestic insurance companies such as China People's Insurance Company, Pacific Insurance Company, Huatai Insurance Company and AIA Company to carry out this insurance business. Most of them take the form of comprehensive insurance for purchasing houses by combining mortgage property insurance with loan credit insurance. The types of insurance are called "commercial housing mortgage insurance" and "comprehensive insurance for housing mortgage loans". Among them, collateral property insurance is property insurance for the safety of purchased houses. Once the house purchased with the loan is attacked by fire, explosion, storm, rainstorm and other accidents, the insurance company is responsible for repaying the losses caused; Loan credit insurance is to prevent the risk that the purchaser cannot repay the loan due to personal accident or unemployment. Once the insured is unable to repay the housing loan due to illness or accident during the insurance period, or the insured is unemployed for a certain period of time due to irresistible reasons, the insurance company will repay the principal and interest of the housing loan that still needs to be repaid after the accident.
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