Providing you with an optimal brokerage service includes assistance to obtain the best insurance for your real estate loan. The insurance will be determined after the financing is granted by the lending institution and would be tariffed in accordance with the amount of the loan among other factors.
Setting-up of the best borrower insurance
In order to offer the best insurance to our borrowers, we have developed an internal software that compares the offers of a large array of insurers. As an effective real-time pricing tool, it takes into account the criteria determining the setting up of your loan insurance :
- Group insurance or delegated insurance : According to the elements of your file and with regard to your profile, advisors at Private Rate direct you towards the insurance of the lending institution through a group contract, or through an individual contract of insurance in case it is more advantageous to you and presents the same level of guarantees as the group contract.
- Quotient of insurance : your advisor helps you to determine the quota to be distributed on each of the borrowers. The real estate loan must be insured at least 100% of its amount. In the case of a loan made by a borrower and a co-borrower, this quota can be divided between the two borrowers. The quota is fixed in the majority of cases according to the income of each borrower. It is also possible to insure the loan at 200%, i.e. 100% on each borrower.
- Levels of guarantees : According to the nature of your real estate project, the levels of guarantees might differ. Your expert at Private Rate will assist you in this choice, temporary incapability of work, permanent and partial invalidity, professional invalidity, permanent or total invalidity, total loss and irreversible autonomy, death. Many metrics are mastered with your Private Rate expert for you to obtain quality insurance.
- Equivalence of guaranty : When setting up of personalized insurance, it is necessary to provide to the financing partner at least the equivalent of its group insurance as guarantee on the loan. Through our insurance simulator, our experts can anticipate their response and review compatibility of policies with the lending institution’s insurance parameters.
- Waiting period and deductible : During these two periods, the guarantee of the insurer does not indemnify the borrower in the event of an element that would trigger the borrower’s guarantee.
- Medical formalities : In order to issue the insurance contract, the borrower(s) must pass medical formalities. These formalities will vary according to the amount of capital to be covered per insured person. Medical examinations may correspond with higher amounts of financing. With Private Rate, these exams can be carried out through a single medical center in all major French cities and European capitals.
- Exclusions : exclusions are the elements not covered in case of aggravated medical risk.
The cost of borrower insurance must not be overlooked; it can vary considerably depending on the insurer, the level of coverage, the state of health and the possible pathologies of the insured. The support of your specialist at Private Rate will allow you to obtain the borrower insurance adapted to your profile with the possibility of medical formalities to be carried out in one appointment.