Anyone who wants to buy a new home and doesn’t have already accumulated money applies to the “mortgage loan” product offered by banks and makes mortgage loan available to many people with high credit ratings.
In addition to obtaining housing loans, there are certain insurances stipulated by banks. These fuses; housing insurance and compulsory earthquake insurance.
Both insurances are in the obligatory category. There are also some optional insurance examples. These are; life insurance and personal accident insurance.
The points to be taken into consideration while housing insurance?
- Housing insurance is not legally mandatory. However, it has also been made compulsory for each person to obtain housing insurance by banks.
- Housing insurance is valid for 1 year from the time it is started.
- The general purpose of housing insurance; the house is protected from natural disasters, thefts and terrorist incidents. In this way, banks are able to protect damages that may occur at home during the loan payment period.
- Housing insurance must be renewed every year for the duration of the loan.
- If there is no damage to the house in the year of the insurance payment, individuals may receive an allowance reduction when the insurance renewal is made.
- It is absolutely necessary to discuss the details and what the insurance covers.
To be considered while compulsory earthquake insurance?
- Compulsory earthquake insurances are among the compulsory insurances as the name suggests.
- The main purpose of the earthquake insurance is to secure the houses against any damage caused by the earthquake.
- Earthquake insurance is valid for a period of one year from the moment it is made just like the housing insurance and must be renewed every year.
- Costs to be calculated during insurance; It is based on the price of square meters to be determined according to the housing location and building material. The calculated square meter price is multiplied by the gross square meter price and the insurance price to be paid is reached.
What are the points to be taken into consideration while making life insurance?
- The purpose of life insurance is to cover the entire amount of the debt, including interest, from the day of the person’s death. This insurance is only valid for the borrower.
- It is a voluntary insurance type that is not compulsory for life insurance.
- Insurance premiums vary according to the profession and age of the person to be insured.
- The maximum limit of the age range covered by the insurance is 75.
What are the points to be taken into consideration when making personal accident insurance?
- The main purpose of personal accident insurance is to protect the person from any damage that may occur regardless of his / her whereabouts. In addition, the insurance holder in case of death is to provide security to relatives.
- The policy period of the insurance is 1 year. But it can also be used in shorter periods.
- Personal accident insurance is an optional insurance type.
What are the renewal cycles of fuses?
Housing insurance and compulsory earthquake insurances that are obliged to be made together with housing loans are insurances that need to be renewed every year. The validity period is 1 year from the date of insurance.
There are no regeneration cycles for optional fuses. Since both life insurance and personal accident insurance are voluntary, the person is free to renew them at any time.