Expert Motorina shared the risks when applying for mortgage insurance

When applying for a mortgage, a mandatory real estate insurance policy in favor of the bank does not cover the risks of damage to the apartment, property, and liability to third parties. This was announced on March 31 by Zhanna Motorina, Head of the Mortgage and Title Risks Department at Rosgosstrakh Insurance Company.

"Borrowers are often confident that they are fully insured, but in most cases we are talking only about the structural elements of housing — walls, ceilings, partitions, windows, entrance doors, balconies and loggias. In fact, the "box" of the object is insured, and decoration, furniture, appliances and other property are usually not included in such coverage," the expert shared in an interview with RIA Novosti.

Motorina also noted that according to statistics, the majority of property risk insurance events in mortgage insurance contracts are related to flooding and damage by liquids, fires and UAV attacks. Natural disasters and illegal actions of third parties account for only 5% and 4%, respectively.

"When damage affects more than just structural elements, extended insurance of real estate and household property is needed to receive compensation. This is already voluntary insurance, payments for which are received by the client himself, and not by the bank," the expert noted.

Credit survey: mortgage transactions of individuals will be required to be notarized

The measure is intended to protect the borrower, but it will increase the financial burden on them, experts say.

Svetlana Bessarab, a member of the State Duma Committee on Labor, Social Policy and Veterans' Affairs, said on March 26 that it was important for the government to link the family mortgage to the number of children. According to the deputy, the government's social block is considering this possibility on behalf of Russian President Vladimir Putin.

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