Strakhovka for growth

When buying housing on credit, not only sky -high prices for real estate in Moscow, but also large loan rates, interfere with the development of housing mortgages. With a decrease in half the average 13 percent banking rate, the creditworthiness of the borrower could increase by a third.

The cost of a mortgage insurance policy is on average 1.5% of the cost of housing

According to the mortgage lending program, only property insurance of the pledge object is mandatory. Simply put, a person must at his own expense insure the apartment he acquired from destruction and damage. In addition, the bank, when issuing a loan, has the right to additionally include a number of insurance requirements in the contract. As a rule, in addition to property insurance, it is required to conclude an insurance contract for life and disability, as well as civil liability insurance arising from the laid apartment.

Other types of insurance may also be included in the package of requirements. So, from the buyer, housing may demand to conclude a title insurance contract (risk insurance of loss of ownership). According to Elena Arkhipova, Deputy General Director of the Fideliti Insurance Alliance, such requirements are usually mandatory when buying real estate in the secondary housing market. The cost of a mortgage insurance policy on average for the market is 1.5% of the insurance cost of housing. The title insurance will cost the borrower 0.7-3.5% of the cost of the apartment.

Abroad, insurance is included in the banking interest

In general, mortgage insurance is slightly different from standard property insurance programs. Along with the lending to the purchase of housing, real estate insurance is also possible with a delay: if the future owner of the apartment is not ready to pay the insurance premium for the entire term, he can divide the annual bonus of the insurer into several payments.

Abroad, mortgage insurance contributions are accepted to bind to loan payments. Moreover, for the convenience of the client, insurance premiums are often included in the banking interest. But at the initial stage of development of mortgage lending, this option is unacceptable due to the difficulties associated with processing documents and the separation of financial flows. Therefore, a person must either carry out insurance premiums annually during the validity period of the mortgage loan, or pay insurance at once for the entire period. In the latter case, the total amount of insurance will be less, but it will be necessary to pay at a time from several hundred to several thousand dollars - depending on the amount of the loan, the amount of the initial contribution of the borrower, the lending period and other factors.

The price of the service depends on the insurer

Tariffs and insurance conditions in different companies may vary significantly. So, according to the deputy general director of the Moscow Insurance Company, Alexander Fedonkin, the tariffs for life insurance are primarily dependent on the age and gender of the borrower, therefore, life insurance with a monthly scheme for repaying the loan will be the cheapest for young women - from 0.35% of the insurance cost of housing per year. Property insurance rates are determined by housing characteristics and fluctuate in the range of 0.2-0.3%. For the insurance of the title, the scatter of tariffs is quite large - from 0.2% to 1-2%, which is determined by the number and nature of transactions committed in relation to the property.

Insurers who actively occupy places in the promising market are developing their own mortgage insurance programs. As technological skills, connections with banks and an increase in the massive loan, it will become cheaper, it will become cheaper.

There are objective reasons that interfere with the development of mortgages in Russia. According to Margarita Stepanyan, the head of the mortgage insurance department of the Stand-Reserve, these are, firstly, highly overstated real estate prices, especially in Moscow, where the average cost per square meter of housing is $ 1,600-2000. Another significant reason is high rates on mortgage loans: on average, for the secondary housing market, 13% per annum. When these figures are reduced, the borrower’s creditworthiness will double, says Margarita Stepanyan. However, a reduction in a mortgage rate is in no way connected with insurance tariffs. The insurer, according to Alexander Fedonkin,, when calculating his tariff policy, is guided by the total amount of the loan issued, and not on the loan rate, and therefore the reduction in the bank’s rate will not affect the amount of the insurance tariff.

Russians will insure property for $ 220 million

The maximum fees in the property insurance market of individuals were noted in 1997. Then Russian companies raised $ 220 million. Today, this sector has not yet fully recovered after the 1998 default. In 2003, property insurance fees amounted to about $ 170 million, 35-40% of them had to insure apartments. According to the Moscow Government, today about 2% of apartments are insured in the capital for voluntary programs, and 1.3 million apartments, that is, almost 40% of the capital's housing fund, according to the municipal preferential program. The market growth of the market negatively reflected in the summer of 1998 of compulsory housing insurance and - in November 2001 - the tax benefit of fire -risk insurance, which were withdrawn from the tax base. According to experts, the property insurance market of individuals, including apartments, will grow by an average of 7% per year and may reach $ 220 million by 2008. The fees for the insurance of apartments in the Moscow region, estimated at $ 20 million, will increase to about $ 25 million by forecasts by 2008.

"The conditions of housing insurance in Moscow do not stimulate the acquisition of insurance"

Yuri Kobaladze, managing director of the Renaissance Capital investment group:

"I am well treated with insurance, although I have nothing to be insured besides the car, although I have corporate insurance, property insurance issues or something else, I still have not worried. Many times (fortunately, not on my own experience) I was convinced that it is necessary to insure, but my hands are still not reaching. Probably, after your question, I will think about the need to insurance."

Ilya Lomakin-Rumyantsev, Head of the Federal Insurance Supervision Service:

"Property is not only a joy, but also a great responsibility and concern, so I think that it needs to be insured. My apartment is insured under the Moscow government program, I have always been fearful under the CASCO program. Yes, since Soviet times, my wife and I have been insured with my wife, and for 25-30 years the same agent, a very sweet woman has been working with us."

Andrey Tkemaladze, General Director of the company "Collection of wines":

"I am a reinsurer by nature, so I use the services of insurance companies as much as I remember. My apartment and the car are insured. I have not yet arisen with real estate, but they have periodically occur with the car. The last time the services of the insurance company had to use the car, the owner of which did not even have OSAGO. But despite the fact that I constantly use the services of insurers, I am unattended by their work - I have unhappy with their work. They try to minimize the amount of insurance cases and never cover the damage completely from 100% of the damage caused, I receive compensation of 60%.

Svetlana Petrova, General Director of the Instint advertising agency:

"I spend a lot of time on the genus of activity on trips, and the most relevant for me is the car insurance. Therefore, first of all, I insured the car, acquiring a full CASCO. And one day I had to encounter an insured event. I was satisfied with the result: I was compensated for the entire amount of damage in a short time. Now, on the example of auto insurance, I think about real estate insurance."

Andrey Menshov, Head of the British American Tobacco Russia:

"At the moment, I am limited to the package of insurance services that the company that I work provides for me. True, the apartment insurance is not included in this package, and I myself am not yet ready to buy a real estate insurance policy. I believe that the conditions of housing insurance in Moscow do not stimulate the consumer to purchase insurance. I do not even trust the promoted insurance companies. I have witnessed several times. Examples when, it would seem, dear insurance companies, after the occurrence of an insured event, refused to compensate for the damage.

Lev Koshlyakov, Deputy General Director of Aeroflot:

"I am positive about insurance. However, sometimes, unfortunately, I have to be guided by the old Russian principle and rely on chance. Therefore, not all that would need to be insured is insured for now."

Mikhail Margelov, Chairman of the Federation Council Committee on International Affairs:

"As the unforgettable literary hero Ostap Bender can give, only the insurance policy can give a complete guarantee. However, I do not quite agree with him. I insured my car only after imposing compulsory sanctions. I have real estate, a cottage for eight hundredths, however, its insurance will cost more than this" estate ". I and my relatives are not too trusted with insurance companies. Along with this, in the conditions of the market economy, in the conditions of the market economy, in the conditions Insurance is becoming more and more useful. "

02/22/2005 / Alexey Rozhkov