Featured Mortgage Insurance sthree note Insurance Tips

Category: Insurance tips Release Date: 2006-08-01

Consumers can choose insurance companies, should pay attention to new and old policies are different from bank loans to purchase before they ask insurance companies mortgage insurance (personal housing mortgage insurance) is an essential step. However, this link is often hidden subtleties, so that consumers get the money in "ignorance."
Recently, the mortgage insurance market in Shanghai on the emergence of new, old and two kinds of insurance policies. Very little price difference between two kinds of insurance policies, but the scope of protection compared to the old policy has been greatly reduced, this reporter interviewed a number of insurance brokers, they remind consumers in choosing mortgage insurance, there are three major considerations:

First of all, old and new policies are different, consumers should be carefully selected.
So-called new home loan insurance policy, is not only the underwriting of fire, explosion, natural disasters caused by the loss of housing, but also has the responsibility for repayment guarantee that the lender if the accidental death due to accidental injury or disability, loss of all or part of further credit capacity, by insurance companies for their repayment to the bank. Popular terms, the new mortgage insurance both "Security Room" also "guarantor." The old home loan insurance policy does not guarantee repayment responsibility, only "security room" not "bail."
Insurance brokers warned that the insurance companies in Shanghai to sell the old home loan insurance policies are mainly China and Thailand, insurance, land insurance, mortgage insurance and the sale of new major was Paul Property and Casualty Insurance,太平洋产�Ping An Property & Casualty and China joint and so on.
However, many insurance companies are changes in business strategy among the insured, when consumers see the "insurance liability" is critical, it is best to choose a new mortgage insurance.

Second, consumers are taking out insurance with their own right to choose.
A number of banks in Shanghai have expressed, loan buyers have the insurance option, you can freely choose insurance. However, in practice, many banks and real-estate agents often take advantage of the reality of asymmetric information, semi-compulsory insurance will be insured at the customer's mortgage insurance company with its hook.
Insurance broker warned that consumers have every right to choose the most appropriate insurance companies, with particular attention to the beneficiaries of the contract items such as settings.

Finally, the wise consumer mortgage insurance coverage through an insurance broker can also enjoy a considerable discount.
According to reports, the current property & casualty insurance太平洋产�Cheonan insurance, mortgage insurance companies are part of the direct sales business. "Broad road" of insurance brokers from these companies get a discount off 6 ~ 7, the policy is not difficult.
For example, insurance brokers from insurance companies get six pack of policies after changing hands a 7 fold or 7.5 fold the price of selling customers, but is still marked on the invoice is 6 fold. In this way, the insurance broker can get 10% to 15% of the commission, while the customers get price discounts. This is the so-called "dark buckle." However, if the consumer does not know how to "look for value", then the difference will most likely be handled by an estate agent, make a walk.
Generally speaking, consumers can on-line forum a number of insurance topics to find such an insurance broker, or by consulting their own life insurance agents can also get relevant information.