Borrower insurance: when and how to renegotiate borrower insurance for your mortgage?

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Always in the desire to offer more freedom to borrowers and to promote competition from insurers, you have the possibility to change the borrower insurance of your mortgage loan for a better offer, from the first year and throughout loan. The gain is often unsuspected but very significant

How to take advantage of this possibility?

Simply take out a new borrower contract, with a new organization, benefiting from the same guarantees as your initial insurance

When to renegotiate your insurance?

Depending on your situation, the periods differ:

• Subscription of borrower insurance less than 1 year ago

In this case you can change borrower insurance at any time during the first year, without reasons and without cancellation fees, on condition of presenting a new insurance benefiting from the same guarantees as your initial insurance.

• Subscription of borrower insurance more than 1 year ago

In this case, you can change borrower insurance at each anniversary date of the signing of your loan offer, respecting a 2 months notice and guarantees always equivalent to your initial contract.

Can the bank refuse the new insurance?

If your new borrower insurance has the same guarantees as your initial insurance, and compliance with the notice period, the bank cannot refuse you the change. Otherwise it is an unjustified refusal.

Refusal is therefore possible if the guarantees are different. This may be due to the evolution of your personal situation: declaration of a new pathology, practice of a new risky sport, etc.