Transferência do crédito habitação, tenho de duplicar os seguros de vida e multirriscos?

Transfer of home loan, do I have to duplicate life and multirisk insurance?

To transfer the mortgage credit, you must take into account the insurance associated with the financing: If the bank you are transferring to suggests hiring insurance from a partner insurer for better credit conditions, remember that you cannot cancel the other policies without having sold the property. So, what to do in this situation? We explain everything in this article.

25 Oct 20234 min

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Need to clarify issues related to credits and insurance? The agents of Poupança no Minuto offer free services for credit intermediation and insurance mediation. Contact us now or better understand what happens to insurance when transferring the mortgage loan afterward.

Mortgage credit: Must have associated life insurance and multi-risk insurance.

At the time of hiring a home loan, banks require you to take out two insurances: Life insurance and multi-risk insurance. It is a mandatory step for the financing to be approved, so that the bank protects itself in case an unexpected situation occurs.  

So, life insurance protects the banking institution in case the credit holder suffers from an illness or accident that prevents them from earning income and repaying the loan installments. At the same time, multi-risk insurance protects the property in case of any mishap. Depending on the coverage, it may also cover the contents of the property.

You can search for the most suitable insurance company 

As a rule, banks request that you hire insurance from the insurance company associated with them, but you are not required to do so. You can look for the insurance company that makes the most sense for you and offers you the best proposal in terms of cost-benefit. In this case, the bank may increase the credit spread as a counterpart, but when calculating, it often compensates for how much you save with insurance from an entity outside the bank. 

But considering the following situation: you already have the contracted housing credit, and at the time you went through the process, you contracted the insurance with the associated insurer. And now you want to transfer the housing credit. The question arises: What should be done with the insurance? Is it possible to cancel the policy earlier in these cases? Let's see next.

I want to transfer my mortgage credit, what should I do with the insurance?

If, due to lack of knowledge or because you considered it advantageous, when you contracted your mortgage credit you opted for the insurer associated with the bank to contract the required insurance (life and multi-risk), there may be some issues when wanting to transfer the mortgage credit. Once the insurance is contracted with the bank's partner insurer, what happens to the insurance when transferring the credit?  

What often happens is that when transferring the credit, customers forget about the insurance and take out new policies at the bank's insurance company to which they transferred, at the suggestion of the bank (for better financing conditions). Leaving other insurances still active and ending up with duplicated insurances, unnecessarily.

How to prevent duplicate insurance policies? 

So, what should be done to prevent this situation? As a rule, these insurances can only be canceled in two cases: by not renewing the policy, which involves waiting until the next renewal date, or by selling the property.  

In this case, since the property is not sold but the debt is terminated at the first bank, you must be aware that it is a matter that you will have to deal with directly.

Therefore, to prevent the duplication of insurance contracts, you can: Suggest to the new bank to keep the current insurance policies, if you are satisfied with them. Or, if you consider it worthwhile, proceed with the transfer of insurance policies to a new insurer. It's true, just like transferring a mortgage, you can also change insurance policies to a new entity.

Although it does not happen automatically, meaning that when transferring credit, insurance is not transferred as well, it is possible to request the transfer at the current insurance company.

To make sure no step is missed, you can use a credit intermediary/insurance mediator such as Poupança no Minuto to assist you in the transfer processes, both for housing credit and insurance.

Ensure you achieve the highest possible savings with your monthly expenses and installments, with the help of a free and personalized service. Contact Savings in a Minute, save yourself from bureaucracy, challenges and save on your budget!

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