Upon concluding a mortgage loan, we are obliged by the bank to insure the property, with some specific coverages.
Did you know that, based on the Circular 462 of the Bank of Greece, we can insure the property with any insurance company we wish, as long as our insurance policy provides the coverages requested by the bank in our loan agreement?
Even if this is not done at the beginning of the loan, we can change insurance companies before any policy renewal. We have the option of finding an insurance company with the most advantageous terms and premium for us. We make sure:
- To submit the policy one month before the renewal, so that the contract of the bank has not been paid from our bank account
- That the description of the property is the same as the one stated in the permit
- That it has the same coverages, with the current policy
- That is has a correctly determined insurable value
- That the mortgage lender is indicated