Get loan insurance for surfing
May 14, 2019
Benefit from a loan insurance adapted to the practice of surfing
Born in Polynesia, surfing is a water sport that consists of sliding on waves using a board while standing in balance. In Hawaii, the waves on which surfers slide can reach up to 10 meters in height.
Real estate loan insurance: extreme risk sport
To obtain a mortgage, it is necessary to be solvent but also to take out loan insurance to guarantee its repayment to the bank. The beneficiary of a loan insurance contract is the bank, and the subscriber is the borrower. In the event of the death or disability of the borrower, the insurer reimburses the bank for part or all of the maturities of the home loan. Since the entry into force of the Lagarde Act in September 2010, borrowers are entitled to purchase their loan insurance outside the lending institution. The bank is not entitled to refuse a delegation of insurance if the individual contract has a level of a guarantee equivalent to or greater than that of the group contract it offers to the borrower. This device allows everyone to opt for a loan insurance contract more advantageous than the group contract proposed by the bank.
Exclusions often come back when you sign up for a bank loan insurance policy: risky sports such as surfing are part of sports practices that pose a problem for insurers to guarantee the loan.
Insurers face the risks of surfing
Surfing is a sport that is considered risky by many insurers. As a result, they include it in the exclusions of their loan insurance contracts. To benefit from coverage covering the risks of surfing, your insurer will have to put in place special conditions, which will affect the price of your loan insurance.
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Some insurance contracts give the possibility to buy back exclusions, the insurance company agrees to ensure the practice of certain risky sports such as surfing.