Sailing: aggravated risk home loan insurance
June 25, 2019
Real estate loan: benefit from a loan insurance adapted to the practice of sailing
“Sailing” refers to the disciplines of water sports which consist of sailing on a ship or floating craft propelled by a sail, such as windsurfing. It can also be about land sports (sand yachting) or using air currents (gliding).
Do you practice a sports activity, windsurfing and have difficulties in securing your loan?
The exclusions come back frequently when subscribing to a loan insurance contract: risky sports like the veil are part of sports practices that pose a problem for insurers to guarantee the loan.
Real estate loan insurance aggravated the risk
Loan insurance is an essential and inseparable part of a home loan that covers its repayment in the event of death, disability or incapacity for work of the borrower. Since September 1, 2010, this insurance can be purchased from the insurance company of the borrower’s choice. You are not obliged to subscribe to the group contract presented to you by the establishment. This is a collective hedging formula that spreads the risks on its subscribers to a standard level. By subscribing your credit insurance outside the bank (this is called insurance delegation), you can benefit from a loan insurance policy whose guarantees are set according to your profile and your needs. By opting for a delegation of insurance, borrowers can be better covered but also realize significant savings on the cost of their insurance compared to the bank’s offer.
Sailing: watch out for exclusions
Sailing is a sports discipline that can be included in the exclusions of certain loan insurance contracts because it is often considered at risk by insurers. When comparing offers, it is therefore recommended to be aware of the exclusions of the various contracts. To be granted a contract covering these risks, you may be asked by the insurer to pay a premium.
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Some insurance contracts provide the opportunity to buy out exclusions, the insurance company agrees to insure the practice of certain risky sports like the veil.