Buying a house or apartment

Buying a house or apartment, the owner of the newly increasingly wondering about insurance acquired property. Is it worth it at all to do? And what will it cost? And suddenly deceived? Let's try to understand the pros and cons, which provides property insurance, as well as the pitfalls in this area.



So, do not be deceived you? If you buy an apartment on the secondary market, no due diligence can not guarantee you cleanness of the acquisition of real estate. Quite frequent sightings after the transaction of sale of unaccounted property owners. And find yourself such "old" owners may very well after a few years after the purchase of real estate. For example, after completion of sentence.

In this situation, the only right decision, you can take - is title insurance. Then the risk of loss of property as a result of the loss of ownership of the purchased property will be reliably insured. And this is the most effective way to protect your property interests in buying a home. Title insurance provides protection from the effects of events that occurred in the past. Thus it is possible to insure commercial property, residential property, land, and the right to lease other property to which the insured are properly registered property rights that may be challenged by third parties. Of course, most buildings and structures.

How can the insurer will provide the purity of the transaction? The insurer is required to exercise the rights of expertise on the insured property, since it is based on the results of examination of the history of this project is estimated level of risk and subsequent billing of this risk. To this end, many documents are collected, then they are subject to scrutiny, only then the insurance company verdict that will take the deal or not. Insurance cost varies depending on the history of the object. The tariffs are subject to strong fluctuations, it is influenced by many factors.

How much, if anything, will be available for the insurance? In theory, the maximum may be an amount equal to the market value of the insured property, determined on the basis of the contract of sale, an independent appraiser, agreement between the insurer and the insured. The amount of insurance payments can be equal to the sum of the loan, grown up by 10% (the so-called underinsurance).
At what period is a contract of insurance of the property? As a rule, the contract is for 1-3 years. However, in the case where the property is acquired in the mortgage, usually conclude a contract for the duration of mortgage until the borrower to repay the loan is not fully.

What does it cost to insure properties in the first place? As practice shows, often insure their suburban property owners villas are medium in size and average price category. Therefore, if you have purchased a cottage, it is worth it to insure. Then you can be sure about the cottage in winter, when it is unattended. The expensive country houses, tend to live year-round and there it is possible to install additional equipment to ensure the safety of property.

Next, you need to determine the order of what, in fact, have to be insured? For an old wooden cottages suitable easiest policy of so-called fire insurance. If you suddenly had an accident and burn your hut, you will be able to receive insurance compensation in case of fire. In that case, if you want to receive comprehensive services, apart from the fire can be achieved protect their property from unlawful infringement by third parties, natural disasters, explosions, water bays of the communication systems, etc.

It should be borne in mind that when insuring real estate there are some pitfalls. For example, often in the presence of the insured event the insurance company does not pay the full value of the property, which is specified in the insurance policy. For the entire amount of the entire property should be completely destroyed. If survived at least one wall is already leads to a reduction of payments.

To you, as the owner of a house or apartment, it was easier to defend their own rights, should keep all documents that prove your expenses (repairs, purchase of furniture, etc.) Finally, another important point that needs to be taken into account when conclusion of the contract with the insurance company - the acquisition of the insurance policy that meets your specific requirements. It happens that the insurance companies are reluctant to tinker with the "cheap" deals. In connection with this offering insurance policies, which includes insurance cases with a low degree of probability. Insist on its version, or contact to another insurance company.

And one more question requires detailed consideration. When, in fact, we can talk about the moment of occurrence of the insured event at the real estate title insurance? Such will be the execution of the judgment, which contains provisions on the termination of the right of ownership of the insured for a certain real property recorded in the insurance contract, that is, the actual date of registration of the corresponding entry in the Unified State Register that the ownership discontinued. The insured event is recognized when the claim was received by the court and it was decided to consider them during the term of the insurance contract. Real estate title insurance to help you with minimal losses to avoid all the pitfalls that lurk in the history of real estate you purchased on the secondary market.