Category: Insurance tips Release Date: 2006-08-01
Housing loan collateral insured property insurance from the provisions of the earliest in 1992, the Office of Shanghai Municipal Housing System Reform and the Construction Bank of China Shanghai branch of the jointly developed the "Provisional Regulations on employee housing mortgage loans", which provides 23rd stipulates that "the borrower Banks should be specified in insurance to the Chinese People's Insurance Company Shanghai Branch handled collateral insurance. "The way to 24th article stipulates that" insurance amount: Where to purchase materials to build houses as collateral, and shall not be less than the acquisition or construction of housing value. "
Although the "Provisional Regulations on employee housing mortgage loans" Later, in 1996 and 1999, two separate updates, and the competent departments have found that write to the specified in the regulations of insurance practices, violation of "Insurance Law" any unit or individual shall not be compulsory insurance requirement, the current implementation of the Shanghai Municipal People's Government in July 1999 "issued by Shanghai Municipal purchase individual housing provident fund loan management approach" and the relevant rules of the collateral were not mentioned in property insurance, but the actual practice still retained mortgage Property insurance, resulting in the current "non-mandatory provisions, the operation has been made mandatory," the insurance status of the collateral. A set of the current market selling price of 350,000 yuan of the mainstream of housing, for example, if the policy loans life of 15 years, then a one-time premium in respect of 2363 yuan, which for ordinary working families is a great expenses.
Mortgage insurance, the original intention was to increase the collateral security, the risk of collateral, through the insurance claims to preserve the mortgagee's claim. But the past 10 years, housing insurance, housing loans in Shanghai practice run, low mortgage rates Chuxian housing. Mortgage lending practices from abroad, see, homeowners insurance, collateral shall be homeowenship insurance, insurance, foreign countries for different types of housing apply different premium rates. Reinforced concrete structure, the rate is very low or even does not require the insured; wood structure, generally a higher premium rates, mainly higher probability of fire and flood risk. In addition, the policyholder can also choose full insurance and non-full coverage in two ways. Full insurance, that is, the full price of housing as an insurance amount. Is not full insurance, the full price of housing far as part of the value of the insured, in the Chuxian, the insured value as far as the insurance ceiling.
To this end, the author proposed the following home loans mortgage insurance improvements:
First of all, for Mortgage and Housing is the reinforced concrete structure of the new housing, property mortgage insurance should be abolished mandatory practices; Secondly, for brick-concrete structure or wooden structure, mortgage houses, and completion of the length of more than 30 years of mortgage housing, should be required to mortgage property insurance, But the insurance amount should be based on borrower's loan amount and repayment method year by year changes, about the beginning of the remaining loan principal and then the same amount of insurance the same time, the existing premium rates should be based on the annual 5/1000 greatly reduced, according to the actual Statistics Chuxian re-determined by the actuarial. Premium should take years to pay approach. Finally, the commercial and housing policy housing loans mortgage insurance, and should not be differential rates of policy should be treated consistently.
