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To obtain a home loan, the lending institution will require the borrower to purchase insurance. This insurance protects him in case of accident of life but also protects the bank in case of default of payment by allowing him to recover all the outstanding capital.

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As a borrower, you are free to choose the institution that insures your mortgage. You can choose to opt for the insurance offered by the lending institution (group insurance) or to direct you to a delegation (external insurance). Discover with our experts the various insurance choices for your real estate loan project.

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The death insurance is a compulsory insurance required by the bank for the agreement of a mortgage loan.

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This insurance allows the repayment of the amount of the outstanding capital in case of death of the borrower. The sum is paid directly by the insurer to the lending institution.

In the case of a loan with a co-borrower, the amount of the outstanding capital repayment depends on the quota chosen at the time of the subscription of the insurance contract.

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Example:

100% refund if the deceased was 100% insured

Reimbursement at 50%, the remaining 50% then remaining the responsibility of the co-borrower, if they were insured at 50% each.

The cost of the borrower insurance is added to the repayment terms of the mortgage loan.

It varies depending on the bank and the nature of the financing transaction. The higher the risks, the higher the care.

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The borrower insurance is temporary and limited to the duration of the mortgage.

The Total and Irreversible Loss of Independence Insurance (PTIA) is commonly called Invalidity 3rd category of Social Security 100%.

It covers medical or physical inaptitude medically established and which generates the total and irreversible incapacity of the borrower, to exercise the professional activity generating him gain or profit.

The insurance covers the repayment of the outstanding capital, but the level of guarantee may vary depending on the borrower’s situation.

Some insurance companies directly repay the rest of the capital due to the bank while others take the decision to take over only a portion of monthly mortgage payments.

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Generally subscribed at 100%, the PTIA insurance is most often associated with the death guarantee and will often be required by the lending institution for the granting of the mortgage loan.

To help you choose your PTIA insurance, meet one of our advisors. It will bring you a personalized answer, adapted to your situation.

Guaranteed resale insurance is an insurance to which the borrower can subscribe at the time of the purchase of the property. This insurance covers it in the case of resale at a loss of the property in relation to the purchase price.

It obviously has limitations in terms of both the release of funds and repayments.

It is therefore important to be well informed before subscribing.

Resale guarantee insurance allows the borrower or his beneficiaries to be compensated for the financial loss suffered in the event of the resale of the real estate, in particular when the purchaser is obliged to resell his property at a lower price. initial purchase price.

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Resale guarantee insurance generally covers only primary residences even though more and more contracts cover real estate investors.

What are the conditions to benefit from the guaranteed resale insurance?

The guarantee guarantee resale is triggered according to various cases of force majeure proposed in the insurance contract:

  • Death or disability of the borrower
  • Professional transfer (at least more than 100 km from the property)
  • termination
  • Divorced
  • Multiple birth (look at his contract)
  • It is worth taking a guaranteed resale insurance for candidates where the transfer is common.
  • However, some professions are unfortunately not entitled to subscribe to a guaranteed resale insurance:
  • The military
  • The magistrates
  • Teachers
  • Firefighters

The situations covered may, however, vary from one insurer to another. The amount of compensation paid will also depend on the insurance contract.

What are the amounts and durations of the guaranteed resale insurance?

On average, this insurance operates for a period of 5 years from the date of acquisition of the property. If the sale of housing occurs after the 5-year anniversary date, the insurance will not work.

At CAFPI we offer a guaranteed resale insurance that offers more benefits:

The purpose of the open group insurance contract is to guarantee to the insured or its beneficiaries any financial loss incurred on the resale of his property located in USA within the meaning of this contract, within the limit of the defined ceiling, when the resale is consecutive to one of the Generating Facts as defined:

As part of a Main House:

  • Death from all causes
  • Total and Definitive Disability all causes
  • Loss of Employment, including judicial liquidation for Unemployed Workers
  • Breakage of PACS
  • The divorce
  • Multiple births
  • Professional Transfer: provided that the new workplace is more than 50 km away from the main dwelling.

In the context of a Rental Investment or a second home:

  • Death from all causes
  • Total and Definitive Disability all causes
  • Job Loss, Including Bankruptcy for Unemployed Workers
  • Breakage of PACS
  • Multiple births
  • The divorce

Resale guarantee insurance also covers:

  • Real estate resale for main residences
  • Real estate resale for rental investments and second homes
  • Good to know

The maximum coverage period is 9 years: the first 9 years of real estate purchase

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