Insurances of the mortgages
For law, we are forced to hire an insurance of damages that covers the value of the estimated building. Normally, the financial institution is going to suggest us to hire his insurance, but it cannot force us to hire it. The bad thing is that the banks often press us so that we hire his insurance, playing with the interests increase. But we might do it with another company and designate to the entity like beneficiary of the insurance policy.
In addition to assuring the continent or the structure of the housing, it is suitable to cover other possible risks. For it the following types of insurances exist:
Insurance multirriesgo of the hearth
What is called a damages insurance. It usually includes cases of fire, damages for water, break of glazing, theft, legal liability for damages to third, etc. in these cases the insurance will take charge of everything. This Insurance is advisable for any housing, independently of that has hired a mortgage.
Insurance of life or of amortization of the loan
This form covers the risk of death or permanent invalidity of the holder of the loan. If this happens, the family would not have to take charge of the debt, since the insurance would be in charge of returning to the financial institution what stays for paying of the loan. They are not usually especially expensive but this insurance is not obligatory.
Anyway, the same entities usually report of the different types of insurances and of his advantages and guarantees.