Cheap mortgage insurance: how to get it

Looking for an answer to the question “where is mortgage insurance cheaper?” often faced by people who decide to take out a loan from a bank to buy a home, and mortgage insurance is one of the conditions for obtaining a mortgage.

Is it mandatory or can I refuse this service? It is important to know that the borrower’s reluctance to insure the mortgage may lead to the bank refusing to issue a loan.

Considering that the mortgage insurance procedure entails additional financial costs, each borrower strives to find cheaper and more favorable conditions. For those who are too lazy to read the article and understand the issue, we suggest calling the number right away - Prosto.Insure specialists will tell you where it is better to get mortgage insurance and how to save on it.

First, let's figure out what can be insured with mortgage insurance:

• Real estate object (structure);
• Life and health;
• The right to own property (title).

A brief review and rating from Prosto.Insure will help you make the right choice and find a favorable rate among all insurance companies.

Comprehensive or separate insurance: which is better?

By law, the borrower has the right to insure only the collateral property, but in fact, all insurance companies offer comprehensive insurance.

The client may refuse to insure all positions, but the bank, which does not want to lose its income, may refuse to provide a loan or will approve the application at a standard rate, without a reduction.

If you really want to get a mortgage, it is important to know that comprehensive mortgage insurance is not that expensive - up to 1% of the loan amount and can be reduced to 0.2% -0.5%.

And yet, comprehensive insurance has a number of advantages. You get one policy at a competitive rate that maximally covers your interests related to life insurance, collateral and property rights. The bank, in turn, receives its income and trusts you as a responsible client.

Is a policy required for a co-borrower?

This person takes responsibility for the loan taken by the borrower. Therefore, it is necessary to confirm his solvency and collect a package of documents. But life insurance for a co-borrower with a mortgage is not mandatory, taking into account the provisions of the law stated above. And if the policy reduces interest for the main borrower, the same document issued to the joint borrower does not have the same effect. Although its execution may increase the chances of bank approval if you doubt it.

In addition to life insurance when obtaining a mortgage, there are mandatory requirements for the co-borrower:

• good credit history;
• compliance with the minimum age;
• having a sufficient level of income.

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But when refusing to issue a policy, consider the possible consequences. And they will come, even if such a decision was made by a joint borrower.

Mortgage insurance: tariffs

When forming the final tariff price, a number of important factors are taken into account:

• Rates of the bank that issued the loan;
• Borrower's age. The tariff increases in proportion to the age of the borrower;
• Borrower's gender. Unlike men, women can obtain insurance at a reduced rate. This is due to the fact that women have a longer life expectancy, which means that the risks that the borrower will not be able to repay the mortgage are reduced;
• Client weight. If a person is overweight, the risk of becoming seriously ill increases. Given this, the insurance company may deny the borrower life insurance. Sometimes a company offers life insurance at a higher rate;
• Professional activity. For risky professions, the tariff is calculated using an additional increasing factor.

To attract customers' interest, insurance companies may often offer personalized discounts or incentives for switching from competitors.

What determines the price of property insurance?

Many factors will affect the final tariff. You don’t need to take them into account yourself - the program will do it for you. But to understand where mortgage insurance is cheaper, take into account the following nuances.

1. The organization that issued the loan for the purchase of housing.
   Some banks have agreements with insurers, due to which the policy here is cheaper.
2. A variety of square meters.
   The cost of obtaining insurance in the city and the countryside will be different (an apartment will be cheaper).
3. Age of the house and condition of the property.
   It is determined through an assessment procedure. The older the property, the more expensive the policy is.
4. Age and field of activity of the client.
   An increased coefficient awaits representatives of risky professions, as well as older people.
5. History of cooperation between the borrower and a specific company.
   When working together for a long time, insurers offer bonuses and discounts.

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When trying to figure out where mortgage insurance is cheaper, take all these factors into account. But do not forget that a specific tariff is a purely individual indicator. Therefore, you will be told the exact amount only after contacting the organization with a package of papers.

But what you can prepare for in advance is the rise in price of the policy. Knowing which indicators charge higher coefficients, you can eliminate them by achieving a lower price. Although some factors, such as gender or age, cannot be changed.

Sberbank

Here, the amount of insurance for collateral is limited to 15 million rubles. Its cost is 0.25% of the mortgage, with this percentage compounded annually on the balance of the total debt.

The cost of life insurance is 1%. Moreover, if the borrower made this decision voluntarily, then this brings him financial benefit. For example, when applying for a loan at 14.9% per annum, voluntary life and health insurance will help reduce this figure to 13.9%.

Note that only Sberbank does not require comprehensive mortgage insurance. Some borrowers decide to change insurance companies, and here each company also has its own conditions.

At Sberbank, you can receive an insurance premium for the remaining months only if the loan is fully repaid. The full premium is paid only if the client decides to terminate cooperation with the company before the insurance policy comes into force.

What tariffs are provided by different companies?

How the policy price is formed is already shown above. However, the prices differ for each organization. Also, the cost indicators are affected by the registration method: in the office or online. In the second case, many insurers offer savings of up to 15%. However, the basic rates of mortgage life insurance are known from the beginning:

• in RESO the service will be sold for 0.182%;
• SOGAZ offers to buy it for 0.21%;
• VTB and Sberbank guarantee 0.25 and 0.34%, respectively;
• Alpha and VSK – 0.26 and 0.29%;
• In Ingosstrakh you will have to pay 0.25%.

Check with your chosen company for exact interest rates on mortgage life insurance. You can make calculations online. This method also allows you to save money.

RESO

The company cooperates with other banks at the following rates:

Sberbank

• 0.18% – constructive;
• 1% – life and health.

For VTB and other banks, comprehensive insurance, including life and health, costs about 1%, structural insurance about 0.1%, title insurance about 0.25%.

The full bonus can be received if the contract is terminated early within 5 days after its conclusion and before the agreement begins to take effect. The expenses incurred are deducted from the refunded amount, unless there are other conditions in the contract.

Today RESO offers clients an attractive promotion called “Profitable Mortgage”, according to which the client receives a 40% discount during the first year of the mortgage.

VSK Insurance House

This company practices issuing policies with constructive and life insurance clauses. Life insurance will cost you approximately 0.55%. The cost is determined taking into account the factors contained in the health questionnaire.

Structural insurance will cost about 0.43%. If there are several floors in the house or a gasification system, the tariff may increase.

As for the insurance premium, if you want to change the company, it can be returned in full if the borrower voiced his decision before the agreement came into effect, and the period from the moment the contract was concluded and refusal to cooperate does not exceed 5 days.

How to choose insurance and apply for protection

When concluding an agreement with the bank, the manager will offer to issue collateral. Most often, this is a specific insurance company with which the lender cooperates. But by law, the borrower can choose a company at his own discretion.

Attention! The insurance company where the certificate is issued must be accredited by the bank issuing the mortgage. Otherwise the structure may fail. You can see the list of accredited mortgage insurance companies of Sberbank, VTB, Rosselkhozbank on our website. If you make a calculation using our calculator, it will immediately give you options for an insurance policy in an accredited company after choosing a bank.

The borrower has 30 days from receiving the loan to choose a company. If after this period the client does not provide the policy, the bank will increase the interest rate.

To formalize the contract, you need to provide the following documents to the insurance company:

1. Passport.
2. Mortgage loan agreement.
3. Documents for the apartment.

VTB insurance

The company offers comprehensive insurance:

• collateral property;
• title;
• life and health.

The term of the contract is the same as the repayment period of the mortgage loan. The agreement with third-party banks is concluded for 1 year, after which it is renewed every year.

The average cost of insurance is 1% of the mortgage amount and provides an annual charge of 1% on the remaining loan funds. To change an insurance company, VTB has conditions similar to Sberbank.

For your information, in 2021, due to late submission of documents, the insurance company does not have accreditation, so clients of third-party banks cannot insure life and health here.

If an insurance policy is issued for a period of 1.5-2 years or more, then he can count on a favorable discount.

Features of purchasing a policy from different insurers

To determine where the cost of life insurance for a mortgage is cheaper, you need to compare offers from different companies. Take into account not only the percentage amount, but also the general conditions for the provision of the service. Consider the availability of accreditation, discounts and special conditions for regular customers. The list below presents the largest and most trusted insurers.

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VTB

VTB does not currently provide life insurance for mortgages directly. The fact is that the company merged with another insurer - SOGAZ. Therefore, this organization will have to apply for the policy. Before the completion of the merger, medical and other policies were issued on the basis of VTB, but now that the deal is 100% closed, such powers have passed to SOGAZ.

In addition to insurance products, this company will offer financial services from VTB. Therefore, to find out how much life insurance for a mortgage costs, you need to contact SOGAZ immediately. Here you can find out the remaining terms of the contract, including information about the base rate, features of renewal and payment of the policy.

SOGAZ

The company guarantees a flexible tariff policy, quick consideration of the application and the opportunity to undergo a free examination if it is necessary to sign the contract (). If you repay the loan early, you can return part of the funds to SOGAZ for life and health insurance for the mortgage. Payment in installments is also allowed. In addition, in this organization:

• you can purchase insurance for 0.21% of the loan balance;
• conclude an agreement for a year or for the entire payment period;
• pay in one lump sum or pay annually.

To calculate the cost, use the calculator at JSC SOGAZ for mortgage life insurance. The company takes into account:

• gender of the borrower and number of years;
• presence of health problems;
• the size of the loan and its repayment period.

To purchase a product from this organization, you need to collect and undergo medical examination. examination and submit online or through a branch in your city.

Ingosstrakh

At Ingosstrakh, mortgage life insurance can be purchased together with other types of policies or separately (. Most Russian banks cooperate with this company, and Sberbank clients receive an additional discount if they apply online. The insured amount here reaches 10 million rubles. The minimum amount of this amount – 100 thousand rubles.

1. To determine the exact payment amount, use the SPAO Ingosstrakh mortgage life insurance calculator. You will find it in the corresponding section of the company’s website.
2. There is also a separate product for those borrowers who apply for housing under the Rosvoenipoteka program.
3. For any of the policies, the application is considered within 15 days. At the end of this period, an agreement is concluded or a refusal is issued (as a rule, an answer is given earlier).
4. When you take out life insurance when taking out a mortgage, you can include several people in the policy. Compensation for each is assigned in shares.

If the risks stipulated by the policy occur, the loan balance is paid in full. Or, when it comes to temporary loss of work due to illness, the company pays 1/30 of the regular payment.

SAO VSK

Before contacting VSK, life insurance for a mortgage can be calculated online in the standard way (). Enter information about the loan and the borrower so that the program can tell you the amount of the payment.

1. If the contract specifies joint borrowers, the insurer enters into a separate agreement with each of them.
2. Payments are made when the client dies or becomes disabled.

To determine the exact cost, use the VSK mortgage life insurance calculator. At the same time, you can be sure that the company works with most of the largest banks in the country. Tariffs here are quite favorable (from 0.29%).

AlfaInsurance

This organization offers several ways to purchase a policy (). Each of them will have its own rate. These options include initial contact and transfer from another company. In the second case, at AlfaStrakhovanie, life insurance for a mortgage will cost less.

Once you have received approval from the lender for the loan, you must submit to purchase the policy. You can submit an application:

• at a company branch located in your city;
• using the form on the website;
• by calling (the application is submitted through a consultant);
• at the bank, when receiving funds to purchase housing.

Using the mortgage life insurance calculator at AlfaStrakhovanie, you can immediately send an application to purchase a policy. Fill out the form fields, calculate the amount required for payment, and then click the submit application button. Based on the results of its review, a company specialist will contact you.

Energy guarantor

In this organization, funds are deposited every year. The agreement is drawn up for the entire term of the loan. To obtain mortgage life insurance, you will need to undergo a medical examination. Although this measure is not always required, it all depends on the size of the loan and the age of the client ().

The amount that the insurer will pay when the risks specified in the contract occur is determined by this agreement. The provisions of the agreement with the bank are also taken into account. Often the amount is equated to the remaining loan payments. This way, the client eliminates possible risks of non-payment by reducing the amount of payment upon annual renewal of the contract.

You can determine your mortgage life insurance rate online. The process takes into account how healthy a person is, how old he is and other standard factors. The exact amount is calculated based on the results of a medical examination and the actual state of affairs. The application () is considered within a day if the entire package of documentation is submitted.

ZETTA

The agreement with this company provides payments in connection with the occurrence of standard risks, such as loss of work, becoming disabled and death. B is charged based on profession, number of types of protection and other factors. You can find out the exact amount by calling or filling out the online form.

In addition to a personal policy, here you will be offered an integrated approach, including several types of protection. Usually a decision on an application is made within a day. Available to clients of all major banks. The company also has Sberbank accreditation.

To receive a final calculation of the amount, you must fill out a form on the website by sending an application with information to the insurer. After 15 minutes, a specialist will contact you and tell you the amount of payment. The contract is prepared remotely, then you are informed about the need to sign it. All you have to do is come to the office and sign an agreement.

Tinkoff

Preliminary calculations can be made using an online calculator. Life insurance for a mortgage is paid for at Tinkoff using a regular card. And the policy can be received by mail as soon as it is paid. Registration is carried out without a visit to the company’s branch. The company has other advantages:

• if an event specified in the contract occurs, it can be reported online at any time of the day;
• money is paid within five days from the date of the decision on the incident;
• initial rates start at 0.29% of outstanding funds, but for each type of risk they add approximately 0.02%.

Payment for life and health insurance of the mortgage borrower is made by card of any bank. But first you should find out about the fees that are charged when transferring funds.

Liberty

Here you can purchase services at the same time as signing the mortgage agreement (). The terms of mortgage life insurance provide for the issuance of a policy for the entire term of the agreement signed with the lender. Contributions are paid once a year. For clients transferring to this company from another, preferential conditions are provided ():

• minimum package of documents;
• save up to 15% on company services.

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There is no program on the site that allows you to determine the cost of the service. You can find out about it at a company branch or by phone. Liberty's mortgage life insurance rates start at 0.20% if the policy only covers the death of the borrower.

1. For a policy that recognizes the client as disabled, you need to pay 0.17% of the total amount.
2. For a policy providing for temporary disability, you must pay 0.13% of the loan amount.

The final percentage of life insurance for a mortgage is determined based on the selected risks and the client’s situation. The company takes into account standard points: how healthy the client is, what profession he works in, number of years, etc.

SF Adonis

Tariffs in this company start at 0.052%, taking into account in the contract that the borrower may become disabled or die. Moreover, accidental incidents and diseases that led to these consequences are taken into account. However, it is carried out with a change in base rates if factors appear that influence the decrease or increase in odds. This rule applies to all companies.

Documents here are processed fairly quickly, they do not require a medical examination, and you can pay for life and disability insurance with a mortgage in installments. If you pay the balance of the loan before the end of its term, part of the funds contributed during the policy period is returned. You can find out more and submit an application by phone or at the insurer’s offices.

Renaissance

Among other documents, the results of a medical examination will be required. B is calculated based on the formula: 1% multiplied by the cost of housing. The base rate starts at 0.15% and reaches 5% with multipliers. The exact tariff depends on the date of birth, gender and other standard factors ().

1. In this company, the life insurance of the borrower for a mortgage works even in case of risks of rare diseases (Zika virus, swine flu and others).
2. When refinancing a loan, the insurer offers discounts.
3. If an examination in a hospital is required to issue the policy, you will not have to pay for it.
4. If you deposit funds early on the loan, part of the money paid for the policy is returned.

It is possible to purchase the product in installments. At the same time, its cost will not increase.

ZETTA LLC

This market participant is one of the leaders in this area. However, do not forget that a mortgage without life insurance will cost more. But the company to purchase the policy should be chosen more carefully. This organization provides the ability to calculate payments online, and the results of determining the exact cost of the policy will be known within 15 minutes.

When calculating the price, the number of risks, the client’s profession, his age and lifestyle are taken into account. Comprehensive life insurance for a mortgage in a company, or the issuance of policies for each individual risk, is allowed.

LLC Absolut

The increase in the cost of the contract is largely influenced by how old the borrower is. If he is over 60 years old, then increased coefficients apply. Working for a company where there is a high risk of injury will also affect your promotion. There are other factors that can be taken into account using the mortgage life insurance calculator in.

The contract can be concluded for a period of six months to 12 months. The basic tariff, if we take into account only the temporary inability to work due to illness, starts at 0.2%. If you purchase a policy indicating the risk of death and disability, the tariff starts at 1.3%. How much money the insurer will pay also depends on the type of incident:

• maximum funds are paid if the client passes away;
• Then there are other serious consequences of injury or illness.

When insured events occur during mortgage life insurance, you must inform the company about the incident, confirm this fact with documents and wait for the application to be considered.

SPAO RESO Guarantee

The company's specialists select the specific program that the lender needs to issue a loan. To conclude an agreement, a minimum package of papers will be required. To speed up the procedure, you can submit documentation electronically.

When all the documents have been sent to the insurer, you must wait for a decision during the day. If the answer is positive, you will be invited immediately to conclude a completed contract. A preliminary medical examination is required. institution? It will be held free of charge (at the expense of the company). For honey You need to apply for an examination if:

• the loan exceeds 15,000,000 rubles, and the borrower’s age is below 45 years;
• loans more than 12,000,000 rubles, and age from 45 years;
• the loan amount is more than 1,500,000 rubles, and the age is 56 years or older.

The calculator posted on the company’s website will help you calculate the cost of life insurance for a mortgage. Contributions are paid at any office of the company. Otherwise, the terms of purchase here are standard.

Rosgosstrakh

The company offers several types of policies, including comprehensive insurance. It will cost differently for men and women:

• the minimum basic tariff for women is 0.07%;
• the minimum basic tariff for men is 0.1%;
• the maximum rates for women and men are 0.8 and 5.6%, respectively.

This program is suitable for most lenders. At the same time, the peculiarities of issuing loans for the purchase of housing are taken into account. Mortgage life insurance for pensioners is also allowed. It is possible to pay fees in installments. If you choose this deposit method, rates will not increase. But first you need to coordinate the situation with the bank.

If you decide to repay the loan early, you will get your money back for the remaining period of the agreement with the insurer. At the same time, confirmed expenses incurred by him in the process of performing his duties will be deducted. You can purchase services at the same time as concluding an agreement with the bank. When purchasing mortgage life insurance, consider insurance companies that are approved by banks. This organization received it in almost all banks.

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Author:

Mortgage specialist Maria Yurievna Sokhan

Publication dateNovember 10, 2019 September 30, 2020

Rosgosstrakh

The company offers the following tariffs to its clients:

For Sberbank:

• 0.6% – life and health (for men);
• 0.3% – life and health (for women);
• 0.2% – constructive.

For VTB and other banks these indicators look like this:

0.56% – life insurance (for men);

0.28% – life insurance (for women);

0.17% – structural insurance;

0.15% – title insurance.

The company may, in agreement with the Central Office, offer the client discounts, the amount of which depends on each specific case. The condition for early termination of the contract is full early repayment of the loan. The borrower is paid part of the premium minus 65% of the insurance funds paid.

There are no other reasons for receiving an insurance premium when changing companies.

Ingosstrakh

At Ingosstrakh you can take out both comprehensive insurance and separate insurance for a selected position. They do not have approximate rates, but you can make an approximate calculation of the cost of insurance, taking into account average rates.

In Ingosstrakh it is possible to conclude an insurance contract for the entire term of the mortgage with an annual renewal. Termination of the contract can occur under the same conditions as in other insurance companies. If you switched to Ingosstrakh from another company, then a pleasant bonus awaits you in the form of a discount from 5 to 15%, but its exact size depends on the decision of the management.

If the insured amount does not exceed 3 million rubles, then the decision remains within the competence of the regional branch. For amounts exceeding the above value, the decision will be made by the Central Office in Moscow.

The company has an interesting offer for clients who have entered into a mortgage insurance agreement in the form of a 20% discount if the borrower decides to voluntarily insure utility networks, property, and interior decoration.

Is it possible to get a policy from a company without accreditation?

Many borrowers, in an attempt to save money or for other reasons, turn to unaccredited companies. But even if the price of apartment fire or flood insurance here is lower, it is not worth taking out. Otherwise, the lender will refuse to issue the loan. And such a requirement of banks (to buy a policy only from approved insurers) is completely legal.

In 2021, the latest changes were made to the regulations regarding the admissibility of agreements between banks and insurers. The resolution legalizes such cooperation, despite discrepancies with antimonopoly legislation. Therefore, when deciding which insurance company is best to insure your apartment, be guided by the lists provided by the lender.

However, the compilation of such lists is legal subject to certain conditions stated in the Resolution. Although the borrower has the right to obtain a policy from a non-accredited company if:

• it meets the bank's requirements;
• will present a package of documents (charter, reporting, etc.);
• will not violate the deadline for submitting papers (no more than a month);
• the borrower will apply to be included in the list.

But not every client will agree to this. This means that life and apartment insurance for mortgages is carried out in the usual way - through organizations that have received the approval of the lender. Moreover, for each type of loan the bank has its own lists of insurers.

Why do financial institutions have such difficulties with such lists? There are two main reasons:

1. Reducing the risk of non-repayment of the amount received for the purchase of housing.
2. Commission from the insurer is additional income.

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But there are advantages for the borrower in this situation. Title insurance when purchasing an apartment with a mortgage, as well as other types of policies, will help secure it in the future. Banks will not cooperate with unreliable companies, which means the client should not worry about payments.

Typically, the borrower chooses the cheapest option to save on the policy. But insurers offering such conditions often find themselves on the verge of bankruptcy. And working with such an organization is not beneficial for either party to the contract. Hence the strict requirements, as well as all these lists. Having determined where apartment mortgage insurance is cheaper, the bank client will be sure that:

1. The accredited company will not close as long as he pays the loan.
2. If an insured event occurs, he will be paid the required amount.
3. He will not overpay for additional products.

Among the organizations that have received the approval of banks, there are their own lists with the most advantageous offers. From these, you need to choose the most suitable company.

SOGAZ

Tariffs for mortgage insurance in SOGAZ are considered one of the cheapest.

Structural insurance costs 0.1% if the borrower voluntarily insures furniture, decoration, plumbing or civil liability for a minimum amount of RUB 1,150.

• 0.08% – ownership;
• 0.17% – life and health;
• 1.17% – (insurance) against non-payment of the loan.

If the borrower decides to repay the loan early and, accordingly, cancel the insurance ahead of schedule, he has the right to a partial refund of the insurance premium.

The company will not consider other reasons for refunding the insurance premium.

Documents for obtaining insurance

Each company independently determines what documentation package is required to purchase mortgage insurance on a property. Usually it includes:

• Passport;
• Application for registration of a policy. Often executed in the form of a questionnaire requiring personal information and the condition of the property;
• Technical passport for housing;
• Contract of sale;
• Information about the loan: loan size, agreement number, interest rate, loan period, repayment schedule;
• certificate of ownership (if housing is purchased on the secondary market);
• assessment report.

Alpha insurance

The company issues comprehensive mortgage insurance for the same term as the mortgage loan. Along with a decrease in the amount of the repaid loan, there will be an annual decrease in insurance payments.

Early termination of the contract is carried out on conditions similar to those in force at the Insurance House.

The transfer of a borrower from another company to Alfa Insurance gives him the right to draw up an agreement for a period of one year on favorable terms according to a simplified scheme.

The company cooperates with various banks on different programs. Note to clients. Currently the company does not have accreditation allowing it to insure life and (health) clients of Sberbank. Health insurance is available at a rate of 0.18%.

conclusions

Obviously, insurance companies offer a large number of options, conditions and tariffs, from which you can choose the option that suits each borrower. You must understand that insurance is a “safety cushion” that will always work at the right time. For example, having mortgage insurance is protection against the possible appearance of third parties who try to take possession of the property, a house or apartment taken on a mortgage.

In a special mortgage insurance calculator from Prosto.Insure, you can independently familiarize yourself with the current rates for all types of mortgage insurance.

Don’t know which option to choose or where mortgage insurance is cheaper and better? Call us and we will calculate a favorable tariff for you for free!

What will lead to higher prices for life insurance?

There is a whole list of situations when the policy is more expensive. However, they do not allow you to know the exact price. Use the mortgage insurance calculator on the website of the selected company to find out where the mortgage insurance is cheaper. The following are the points due to which insurers increase their coefficients:

• gender – men will have to pay more money for the policy;
• age – the older the applicant, the higher the cost;
• health – chronic diseases contribute to higher tariffs;
• presence of bad habits - for smokers and alcohol drinkers the fee will be higher;
• weight – clients with extra pounds are insured at higher rates;
• profession - there is a high risk of injury, which means that the tariff will also be increased.

The size of the loan will also increase the cost, since the borrower pays a percentage of the loan. By identifying where the cheapest mortgage insurance is, you can lower rates further by eliminating factors that increase your rate. Of course, you will only be able to get rid of some items on the list (excess weight, bad habits, poor health), but this will also help reduce the total amount. There are other ways to reduce the cost of your policy.

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comparison table

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