Frequently asked questions about home insurance


?What does beneficiary mean?

During the assignment the policyholder transfers a future claim (for example the service of the insurance company after damage) to a third person, like a bank.

 

As the bank accepted a property for the coverage of a mortgage and confirmed it, the bank requires the take-out of a home insurance as a payment condition with specified terms, as well as assigning the bank as the beneficiary of the insurance. Because of the assignment a clause is added to the insurance policy, which gives the instruction about the compensation of the bank instead of the client over a certain amount of damage.

In practice the bank entrusts the conservation or the reconstruction of everyday damages to the client (in cases of leakage, glass breakage, small fire, etc.), so the insurance company may pay for services rendered to the client without any particular approval.

In cases of major damages (like the destruction of the property covering the mortgage) the bank substitutes the coverage with the money received from the insurance company.

 

?Is it compulsory to take out an insurance for my apartment?

If the property serves as a coverage of the mortgage, banks mandate credit applicants to take out the insurance and assigning the bank as the beneficiary of it.

 

?What is deductible?

Deductible is that part of the damage, which the policyholder undertakes. The higher the undertaken deductible is, the lower the insurance fee will be.


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I got to know Henriett when selling our apartment owned together with my ex-husband." (Henriett Pusztai, Nagy Lajos király útja).  Our relationship has been friendly from the first moment, we came to a common denominator immediately as we are of the same type of personality. Consequently our working relation has been transformed into friendship as well.

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