Comprehensive mortgage insurance

Mortgage insurance

The insurance products offered by LEXGARANT can provide protection to you and/or your family members should your ability to keep up with the monthly payments be jeopardised by:

• - unforeseen expenses for the repair (full or partial) of the mortgaged property, in the event of damage or destruction (loss) of the mortgaged property by fire, explosion, flood, natural disasters, unlawful actions of third parties or damage due to structural defects;
• - having to incur losses as a result of damage to land purchased with the aid of the mortgage, by industrial accidents, technological catastrophic disasters or sudden industrial pollution;
• - the death of the borrower;
• - a permanent disability of the borrower;
• - problems with the title to the mortgaged property;
• - the need to compensate third parties for damage caused to their life, health and property, such damage arising out of the use of the mortgaged property;
• - a significant reduction in the borrower’s earnings;
• the loss by the borrower of all his/her sources of income.

We can insure your real estate for the property’s actual (market) value. Thus, in case of destruction or loss of the property, the compensation paid by LEXGARANT will, as well as helping you repay the loan, cover some of the costs associated with restoring the property to its original condition.

We can provide the following:

• named perils property insurance of the mortgaged property;
• - life insurance, insurance of the life and health of the borrower, including disability insurance of the borrower;
• - insurance of the loss of the right to own the mortgaged property;
• - insurance of the occupier’s liability of the owner/occupier of the immovable property (civil liability insurance);
• - mortgage indemnity insurance.

Where applicable LEXGARANT can provide some of the covers listed above together under one insurance policy. The covers can also be provided separately.

*- a rate of 0.15% will be applied where the building insurance needs to cover elements of décor and engineering equipment in addition to the building, its permanent fixtures and fittings. This does not apply to the insurance of land plots.

These rates are given for information purposes only, the rates applied to your policy may be higher or lower depending on the degree of risk in question and the requirements of the lender.

The process of taking out this type of insurance

We try to simplify our procedures as much as possible.

For the purposes of taking out a property insurance or a civil liability insurance or a payment protection insurance all you need to do is to fill in a proposal form, based on which we can make a decision as to whether to grant a cover for the risk in question.

For the purposes of obtaining life and disability insurance we can make a decision on providing cover without a medical examination, based on your answers in the proposal form, provided the sum insured does not exceed 5,000,000 Roubles. Only if the sum insured exceeds 5,000,000 Roubles will we ask you to undergo a medical examination.

If you are taking out insurance to protect your title to the property, we will need to study the copies of the relevant title documents and to verify the accuracy of some of the information contained in them.

Claims

Payment of the insurance compensation where your claim has been accepted by LEXGARANT is made within 15 working days after receipt of all the necessary documents.

Advantages of using LEXGARANT

Our professional advisers will be happy to share their extensive experience of underwriting this type of risks. We approach each risk on its own merits, ask for minimal information. We make sure our terms and conditions of cover provide the right level of protection for each risk. Once the terms of the policy are agreed our processes are fast and efficient. 

You can get advice and/or more detailed information from specialists in our Property and Liability Insurance Department who can be reached on: +7 (495) 933-15-15 from 10 am to 7 pm Moscow time. You can also e-mail: property@lexgarant.ru