How and when to change home loan insurance?

How to change home loan insurance?

How to change home loan insurance?

Once the new insurer has been chosen, the borrower must present his new estimate along with the general conditions to his bank , in order to obtain his agreement. If accepted by the bank, it will only have to sign a release certificate, thereby terminating the current contract.

Changing home loan insurance has now become possible

Be careful to manage your timing well so as not to find yourself without insurance between the end of your contract and the coverage of your new insurer. We recommend that you allow approximately 3 months to perform all of these operations , especially if your file is complex (health problems requiring additional medical exams, for example). In fact, if your profile presents a particular risk such as health problems, profession or the practice of a high risk sport, the study of your file can be longer.

When to change home loan insurance?

When to change home loan insurance?

Anticipate at best! Once you have decided to change insurance, contact your bank to inform them of your intentions and ask them for all the documents of your current insurance contract (standardized information sheet and general conditions).

In summary: Since 2010, there has been real freedom to choose mortgage loan insurance for borrowers . The insurance offered by the bank granting you the credit may not be the most advantageous for you. It is therefore essential to find out about the different types of insurance that exist on the market, compare them and choose the one that suits you best.

Do not hesitate to change your insurance during the loan and to inform your bank. Obviously, the latter must give its consent, but cannot refuse this request if the guarantees offered by the other insurance are either equivalent or superior .


  1. Possibility to choose your home loan insurance
  2. Best manage the change of insurance so as not to find yourself without insurance
  3. Changing Your Insurance Can Save You Money

The deferred partial loan

December 6, 2019