What insurance is required for a mortgage with Sberbank
When purchasing a mortgage from Sberbank, the borrower is required to insure it. If the client does not want to take out insurance, the bank will refuse the loan. There are three types of mortgage insurance: real estate, title, and life.
At Sberbank, only insurance of purchased housing is mandatory. This insurance is purchased using the borrower's personal funds.
Life and health insurance for a mortgage with Sberbank is not a prerequisite. But it is worth knowing that if the client refuses life insurance, the bank will increase the interest rate by at least 1%.
Therefore, in this case, the client will lose much more money due to an increase in interest on the loan than he would have paid for life insurance.
Select insurance:
Real estate insuranceReal estate
Life InsuranceLife
Life and real estate insuranceLife and real estate
How is borrower insurance calculated and how much does it cost?
It is difficult to independently calculate the amount of insurance premiums. To obtain reliable results, you need to have a full amount of information and the real cost of a mortgage issued at Sberbank, as well as the assigned interest rate. The type of insurance is of great importance, as companies try to convince the client to use a comprehensive service.
According to current legislative norms, comprehensive insurance does not fall into the category of mandatory services, since the borrower must only insure real estate.
What does the cost depend on?
Sberbank clients can insure their lives on a voluntary basis. To calculate the cost of insurance, you need to take into account the following factors:
- Profession, age, gender, health status of the borrower.
- Excess weight, bad habits.
- Engagement in dangerous sports.
- If a co-borrower is involved in the transaction, then Sberbank may insist on compulsory life insurance, which will increase the amount of payments from insurers.
These are only additional criteria that affect the amount of obligations to insurers. The basic calculation is carried out on the basis of the main parameter - the balance of the loan debt to Sberbank.
Online calculator
To carry out calculations, you need to select the city of residence in the calculator, the amount of the mortgage loan, find Sberbank in the list, and also indicate the object (life, real estate, title). In the window that opens, the date of birth, gender, and profession of the borrower are indicated.
It is impossible to make calculations for citizens over 60 years of age with disabilities and serious health problems.
Online calculator
Calculation example
As an example, the mortgage amount will be RUB 3,000,000. In the first case, the borrower is a 55-year-old man who works in an office and has no serious health problems. In the second, a 30-year-old woman who also works in an office and has no health problems takes out a mortgage loan from Sberbank.
Using an online calculator you can get the following calculation results:
- For a man, the policy will cost 18,573 rubles. in year. The risks here are much higher, and in the event of disability or death, the obligation to make mortgage payments remains. It is these Sberbank clients who need life insurance in the first place.
- For a woman, the policy will cost around 4,200 rubles. If the client does not insure her life, then the overpayment of interest will be 30,000 rubles per year. The difference in amounts is impressive, which is why it is more advisable to purchase insurance when applying for a mortgage from Sberbank.
Citizens can try to independently calculate the cost of life insurance and compare the resulting rate with a 1% discount to the annual rate on a loan from Sberbank. For people under 50 years of age, it is more advisable to buy a policy.
Where to insure a Sberbank mortgage
When applying for a mortgage, a Sberbank employee offers to arrange this service through the bank. At the same time, Sberbank offers those insurance companies with which it cooperates. In this case, the interests of the client are not taken into account; you are simply offered a limited list of companies whose conditions you cannot carefully compare.
We recommend choosing your own insurance company based on ratings and reviews. POLIS812 presents the most reliable insurers .
To help you save on mortgage insurance, our center gives you 500 bonus rubles for registering in your personal account, which can be used to pay for up to 25% of the insurance. Also use the promo code for an additional 15% discount.
You have the right to choose insurance from any insurance company. For this purpose, there is a list of accredited companies that cooperate with Sberbank. Those companies that do not have an agreement with the bank can offer the borrower more favorable prices for the policy, while convincing the client that there will be no problems.
Many clients are afraid of loan refusal, so they take out a policy at the bank. But in fact, the borrower has the right to choose an insurance service from any accredited company. Later in the article we will present a list of these companies.
Mortgage insurance on the POLIS website
Large selection of insurance companies, low prices, receive an insurance policy by e-mail
Get insurance
Get insurance
Where is it cheaper to get insurance for a Sberbank mortgage: on DomClick or another company
Every day our clients receive SMS messages from Sberbank encouraging them to take out mortgage insurance on DomClick. However, not many people know that tariffs vary greatly from company to company. On DomClick they are much higher than on Polis812.
*An example of a message about the renewal of mortgage insurance.
We previously told you that the client has every right to choose his own mortgage insurance company. The borrower can always compare all offers and choose the most profitable one for himself.
Insurance price calculations for DomClick and Polis812
An example of calculating mortgage insurance on DomClick. For comparison, we took apartment insurance, the amount was 4 million rubles. DomClick offers two insurance options costing 9 thousand rubles: VSK and SberInsurance.
To calculate the cost for Policy812, we take the same data: apartment insurance, amount - 4 million. On our website for this request the following companies are presented: Absolut Insurance, Renaissance, PARI, VSK, Ingosstrakh, SberStrakhovanie.
Note! Insurance from VSK for Polis812 is 2 times cheaper: for DomClick - 9,000, for Polis812 - 3,740 rubles.
Thus, SMS messaging from Sberbank forces clients to “renew” their mortgage insurance on their service. But the prices there are much higher. Be careful and choose profitable and reliable options.
Is it possible not to buy insurance from Sberbank itself?
A fairly common practice at Sberbank is to impose insurance on borrowers from SberStrakhovanie. Credit managers set up insurance with Sberbank, and not with any other company, under the pretext of refusing a mortgage.
Often, managers take advantage of borrowers’ ignorance and report that for the first year it is necessary to get insurance from Sberbank itself (“Sberbank Life Insurance”). But the rates at SberStrakhovanie are much higher than at other accredited companies.
It is important to know that the borrower has the right to independently choose any insurance company that is approved for insurance by Sberbank.
List of companies admitted to mortgage insurance for Sberbank in 2021
What factors influence the cost of insurance?
Factors influencing the price of the policy for life insurance:
- Floor. The insurance rate is primarily influenced by the gender of the borrower. As a rule, the cost of insurance for women is 30-50% lower than for male borrowers.
- Age. The higher the age, the higher the rate. With age, the likelihood of illness and death increases, so the difference in the price of a policy between a 30-year-old and a 50-year-old can be 5-10 times higher.
- Health. The client fills out a health questionnaire in which all diseases must be indicated. The presence of serious health problems is another factor that can greatly affect the price. But you should not hide illnesses, because if an insured event occurs, this may become a reason for refusal of payments. The price also depends on the person’s body weight. Excess weight raises the stakes.
- Profession. The lowest rates are provided for office workers. But for dangerous professions the cost increases. These include the military, the Ministry of Emergency Situations, the police, etc. Borrowers in this category of professions may find it difficult to find a company that would agree to insure them.
Factors influencing the policy price for property insurance:
- Type of housing. An apartment in a multi-storey building will have a lower tariff compared to a private house.
— Year of construction. Tariffs for new buildings will be lower. The older the year of construction, the higher the cost of insurance. Some insurers will refuse coverage if the home is older than 1950.
— Wall material. The presence of wood in a building increases insurance rates
— Sources of open fire. When insuring, it is necessary to take into account the presence of sources of open fire - gas, fireplace, sauna.
What determines the price of life insurance for a mortgage?
The cost of life and health insurance for a Sberbank mortgage in each insurance company is calculated at different rates. Main parameters that affect the price:
- Borrower's age. The older the client, the greater the likelihood of an insured event occurring, which means the price of the policy will be higher.
- Floor. According to statistics, the mortality rate among men is almost twice as high, so many insurance rates for men are 20-50% higher.
- Diseases. The health status and presence of dangerous and chronic diseases of the borrower increase the price of insurance. When concluding a contract, the client must provide reliable information about his health. If, upon the occurrence of an insured event, false information is revealed, the company will refuse to pay.
- Profession. The tariff also depends on the borrower’s place of work. There is a list of types of work with an increased level of risk to life and health. For example, insurance for a police or emergency services employee will be more expensive than for an office worker.
Where is it cheaper to insure a Sberbank mortgage in 2021
How to save on mortgage insurance
Previously, in the article “How to save on mortgage insurance in 2021,” we gave 5 tips on how to purchase insurance more profitably, and also indicated 3 common mistakes when insuring a mortgage. Let's take a quick look at some saving tips:
- It is recommended to take out insurance not from Sberbank itself, but from an insurance company. The bank will offer you to purchase a policy from its partner. In this case, you will overpay, since Sberbank includes in the cost of the policy an extra charge for a new client for the insurance company.
- You only need to purchase insurance for a year. You can renew your new insurance with another company. When switching from one company to another, there is an opportunity to save money.
- When insuring property, choose a woman as a borrower , since rates are lower for women.
- If you are a client of an insurance company and purchased MTPL or other insurance from it, then it is worth asking about discounts for regular customers.
- Give preference to online insurance. Our example above showed how you can save on online purchases.
Ingosstrakh
At Ingosstrakh you can take out both comprehensive insurance and separate insurance for a selected position. They do not have approximate rates, but you can make an approximate calculation of the cost of insurance, taking into account average rates.
In Ingosstrakh it is possible to conclude an insurance contract for the entire term of the mortgage with an annual renewal. Termination of the contract can occur under the same conditions as in other insurance companies. If you switched to Ingosstrakh from another company, then a pleasant bonus awaits you in the form of a discount from 5 to 15%, but its exact size depends on the decision of the management.
If the insured amount does not exceed 3 million rubles, then the decision remains within the competence of the regional branch. For amounts exceeding the above value, the decision will be made by the Central Office in Moscow.
The company has an interesting offer for clients who have entered into a mortgage insurance agreement in the form of a 20% discount if the borrower decides to voluntarily insure utility networks, property, and interior decoration.
