Real estate: Loan insurance delegation is still unknown

Real breath of air for borrowers, the delegation of insurance remains relatively anonymous for a large part of the population.

Real breath of air for borrowers, the delegation of insurance remains relatively anonymous for a large part of the population.

Insurance delegation can pay big

The legislation surrounding the practice of loan insurance has evolved considerably in recent years. The significant changes began with the adoption of the law in 2010 and continued with the Hamon law in 2014 and with the entry into force of the Bourquin amendment in January 2018. Since then, the owners who amortize a Real estate credit and which are covered by borrower insurance can carry out a delegation of loan insurance.

But what does this practice consist of? It gives the borrower the chance to change loan insurance by going to another professional. Concretely, this openness to competition gives owners a chance to study more competitive pricing offers. If a few euros per month of gain may seem derisory after the subscription of a new contract, the cumulative amount of these amounts can nevertheless form a saving of up to several thousand euros over the entire duration of the home loan.

Few people know they can change insurers

Few people know they can change insurers

How to benefit? Already, informing his current insurer at least 2 months before the anniversary date. For a long time, the actors benefiting from the monopoly of the insurance of loan played the ambiguity on the event to be taken into account for this date. But at a meeting organized by the finance sector, signing the loan offer now serves as a reference point for the anniversary date.

Now, once this deadline is respected, the insurer must, at the request of the insured, provide the standardized information sheet (FIS) summarizing all the guarantees of the contract. Then, the new insurer will have to bring conditions at least similar to the old one. If the new proposals will not necessarily lead to a more efficient offer, the quotes among professionals are however free and without commitment.

This mobility, which is more than favorable to borrowers, is however not sufficiently known to the population. Indeed, a survey conducted by a professional broker indicates a lack of knowledge of the French insurance delegation. While 57% of them say they know the names of these new legal measures introduced in recent years, only 29% say they can tell their story. Thus, a large propensity of the population is not aware of the existence of the change of borrower insurance. People familiar with the rules in force on this subject seem to come mainly from higher socio-professional categories.

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