Sberbank property insurance: real estate and mortgage insurance, client reviews

Why do you need mortgage insurance?

If insurance of property as collateral is the main condition for drawing up an agreement with a bank, then all the rest are optional. In particular, the client can voluntarily insure his life and health. This is an important type of policy that can help out in the most unexpected life situations. For example, over the course of a 20-25 year loan, you could lose your job due to health reasons or an accident. In this case, the debt to the credit institution will remain, and you will have to pay it off with any available means. Life and health insurance will protect against such situations and will be a reliable support for the entire debt period.

Taking out this policy, in addition to the obvious benefits, can increase your chances of getting a mortgage, reduce interest rates and provide other benefits.

The fact is that the bank, by issuing a loan for such a long period, takes on many risks. Their list also includes the risk of non-refund, which increases when the client loses his or her ability to work.

What does the cost depend on?

The cost of insurance depends on the amount of debt on the loan and the object of insurance itself. On average, you will have to pay at least 0.25% of the insured amount. The policy is always issued without a deductible, so its cost is affected only by the amount of the insurance risk. The price of insurance is affected by:

• availability of alarms and fire extinguishing equipment;
• age of the building, wear rate;
• floor material, as well as the condition of all communications;
• availability of additional options to the policy (civil liability insurance, etc.).

Companies inflate the cost of insurance if the house or apartment is located in a building without security and fire alarms, or if the apartment has open sources of fire (fireplaces or saunas). Typically, the insurance amount under the contract is established as non-aggregate, that is, irreducible. This means that even if there is an insured event and payments, the next time the insurer will be obliged to make payments within the previous limit.

In the case of break-even insurance or purchasing insurance online, insurers often give customers discounts of 5 to 10%. This also reduces the price of the policy.

You can find out more about how much it costs to insure an apartment for a mortgage and where it is cheaper to do it in this material.

Registration procedure

To insure your health and life, you need to follow this algorithm:

• Find a list of insurance companies that are accredited by Sberbank. Choose the most suitable conditions for yourself. Or you can take out insurance through the DomClick service.
• Specify insured events. It is not necessary to mark everything; you can focus on the most likely ones related to your job responsibilities or field of activity.
• Look at the list of documents that are required to conclude an agreement. This could be a passport, SNILS, medical certificates, various extracts, as well as documents for property taken on a mortgage.
• Sign the agreement. Please read it carefully before leaving your signature. Take your time and do not pay attention to haste and provocations. If you have any questions, please check with the manager immediately.

DomClick recommends: before choosing an insurance company, find out all the available information about it. There is a high chance of running into scammers or unfavorable (confusing) conditions. Check reviews, ratings, age and experience of the company.

Apartment insurance in Sberbank. Program conditions

Sberbank has developed the described program specifically for that category of its clients who want to insure their home, as well as the property located in it. This program is called “Home Protection”. As part of the program under consideration, clients of the described banking structure have the opportunity to obtain insurance for the following objects:

1. A variety of assets that are located in your home. The rules of the described program make it possible to insure such types of property as video and audio equipment, household and computer equipment, furniture, as well as sports and tourist equipment.
2. Insurance may also cover the interior decoration of your home, as well as the plumbing and engineering equipment located in it (wiring, plumbing elements, etc.). In accordance with the current rules of the described insurance program, the category of interior decoration includes elements such as ceiling and wall decoration, windows and doors, interior partitions, provided that lightweight materials were used for their manufacture. Thanks to this feature, you can count on receiving insurance even if your glass is broken.
3. The fact that this insurance program allows you to obtain insurance for liability to your own neighbors deserves special mention. Thanks to this feature, if your neighbors below are flooded due to your fault, the banking structure will compensate for the damage instead of you. As part of this program, the described banking structure undertakes to compensate even for damage to health that was caused to third parties due to a gas explosion or fire in your home.

The features of the insurance company described above allow you to count on receiving compensation not only if any damage was caused to your home, but also if, as a result of a force majeure situation, the property in your home was damaged.

Actions upon the occurrence of an insured event

If an accident or serious injury occurs to you, do not waste time.

• First of all, report the current situation to the credit institution and insurance company. This is very important because in the future it will be the insurers who will pay off your mortgage debt.
• You need to write a statement explaining the current situation and attach a medical report. You must prove that the injury you sustained was an accident and not a deliberate evasion of loan repayment. In the event of the death of the borrower, his relatives must document the absence of intentional actions that caused the death.
• When all documents are collected and signed, the insurance company will begin the verification procedure. If it is successful, the balance of the debt will be transferred to the client’s loan account with the creditor bank.

Conditions

The insurance division of the country's largest bank offers comprehensive home protection against the most common risks, as well as civil liability insurance in case of damage to neighbors' property. Expenses incurred under the following circumstances are subject to compensation:

• impact on property of fire, smoke, flammable gases, and other consequences of fire;
• flooding with any liquid, exposure to steam;
• theft, robbery, robbery, as well as vandalism and hooliganism;
• explosion and its consequences;
• repair/redevelopment of neighboring premises by third parties;
• natural disasters and their consequences;
• lightning strike;
• falling on the insured property of aircraft and their parts.

The level of insurance protection is chosen by the client independently from 4 options: the most affordable of them will cost 1,750 rubles per year with a maximum payment amount of 450,000 rubles, while the highest compensation is provided for interior decoration - 200,000 rubles, while movable property and civil liability neighbors are insured for 150,000 and 100,000 rubles, respectively.

The insurance program provides payments in connection with damage or loss of the following elements of furnishings and things:

• furniture, both built-in and cabinet;
• Appliances;
• electrical appliances, audio and video equipment;
• personal clothing and footwear, bedding;
• interior items;
• equipment and supplies for sports;
• children's toys, strollers.

A deductible, that is, the insurer’s exemption from payment if the amount of damage does not exceed a pre-agreed amount, is not provided for in the contract. At the same time, the payment for each unit of property cannot exceed 25,000 rubles. In addition, the terms of the program exclude insurance of jewelry, as well as compensation for moral damage. Such insurance is not suitable for providing additional guarantees on a mortgage loan.

All policies can be issued both on the website of the Sberbank Insurance organization and at a bank branch. It is possible to pay with bonuses when using Sberbank cards using the SPASIBO system. The discount when registering online will be 10% of the cost of the set of insurance services.

Insurance compensation in the amount of up to 100 thousand rubles. carried out without certificates.

The Sberbank Insurance website also lists programs that apply to the following types of property:

• personal belongings. In case of floods, natural disasters, explosions, robbery, robberies, fire.
• unauthorized withdrawal of funds from the policyholder's bank card.

It is possible to purchase an insurance policy directly from a subsidiary for a period of up to 36 months (3 years).

Insurance return

There is a concept of a “cooling off period”, which allows you to legally return the paid policy to the insurance company. It lasts for 14 days from the date of signing the contract. To receive a refund, you need to submit a corresponding application. In this case, the creditor bank or insurance company must terminate the agreement with you and return the funds that were paid.

If the mortgage is repaid early, you can also get some of the funds back. Before signing the contract, please note that there are no penalties for early termination.

Didn't find the answer to your question? To get advice, help with documents for applying for a mortgage or reducing the interest rate, write to a specialist in an online chat or call 8(800)700-89-82 . All requests are accepted and processed free of charge!
Sberbank Life Insurance

How to apply for a policy: step-by-step instructions

There are 2 options for obtaining an insurance policy. You can conclude an agreement with a company in a few minutes, without leaving your home and without even getting up from your chair. It is now possible to fill out an application form and receive an insurance agreement online on the official website in the user’s personal account. It is also possible to purchase insurance at the company’s branch, where the client who has taken out the policy can ask questions of interest to representatives and consultants.

To guarantee protection against risks, the mortgage holder must:

• prepare a package of documents for consideration of the application;
• contact an employee to calculate the cost of the policy and provide an invoice for payment;
• deposit funds in any convenient way, for example, in cash at a branch cash desk;
• sign an agreement with the insurance company and receive the policy on paper.

If personal presence is impossible and there is no access to the Internet, an application accompanied by the necessary documents, including confirming payment for services to ensure risks of damage to the mortgaged property, can be sent by registered mail to the address of the main office of Sberbank Insurance, using the services of the Russian Post

What types of insurance are needed for a mortgage?

Russians turn to Sberbank for a housing loan more often than to any other institution. When choosing a program, you need to look at the conditions not only of lending, but also of insurance. The following conditions apply:

• Apartment insurance is mandatory;
• personal and title insurance – at the client’s request.

Moreover, Sberbank does not require title insurance, even indirectly (there are no increasing coefficients and other things). Moreover, the subsidiary insurance company does not even have a corresponding product. But the bank is trying to persuade you to take out personal insurance. If you refuse it, the interest rate on the loan will automatically increase by 1% per annum. With a large loan amount, this can result in a serious overpayment.

Read: Mortgage secured by existing real estate

Applying for insurance online

An electronic policy is an opportunity to save time spent on obtaining insurance when visiting a company office in person. The obligations and rights of the second party are completely identical to those stated in the paper counterpart. An individual who has used the electronic option has the right at any time to contact Sberbank with a request to issue a paper version. Instructions for concluding a transaction on the Internet:

1. Download and install the Sberbank Online application on your mobile device or log in to your personal account on the official Internet banking resource. The application requests double authentication with confirmation via SMS.
2. To search for Sberbank's offer, you need to go to the payments tab for the application and so on for online banking. It is easy to find an insurance item in the section using the search bar.
3. Payment can also be made through the loans section. Next to the line of the mortgage agreement, the functionality for depositing funds is displayed.
4. After selection, the screen displays the amount due, calculated taking into account the remaining debt under the contract. After checking the correctness of the accrual, you can proceed to transferring money.
5. The client decides for himself which account or card to transfer funds from and pays for mortgage insurance.

A check confirming the deposit of funds can be printed at any of Sberbank's ATMs or on a printer directly from the account owner's personal account. Financial institution employees rarely ask for confirmation of payment because they see the deposit within a few minutes. This is another advantage of an electronic document. After payment, the details appear in the corresponding menu of your personal account, and are also sent by email at the user’s request. In the same section, the insurer can renew an already open product.