What insurance must a mortgage loan have by law?

One of the most important processes many of us aspire to is buying a home, which requires a lot of effort, but brings even more rewarding benefits.

However, we must take into account that the acquisition of real estate goes beyond requesting financing and starting to make payments; Many people are unaware of such important aspects as the insurance that a mortgage loan must have by law.

Do we know what they are? If we do not know, let’s not get overwhelmed, in this article we will list the insurance that a mortgage loan must have by law.

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Safety first


As we can guess, when we decide to buy real estate, it will be necessary to request a loan, this can translate into a long period in which we are going to make payments.

The coverage of this debt goes beyond a few months or a year, this can be extended up to 15 and even 20 years.

This is actually a fragment of our life, and as many of us know, life can take many turns.

Due to this, by law, it is stipulated that when requesting financing to acquire a home, it must have an insurance device that covers different types of eventualities.

Some are optional and generate an extra expense, however, those that are mandatory are already considered since, in fact, the credit is approved, let’s get to know them and know what they cover.

1. Life insurance


One of the main problems that we can go through are health problems or accidents.

We must be aware that risk is everywhere, and we may have to experience misfortune, greatly affecting our motor and even cognitive abilities or reaching the worst scenario: death.

If unfortunately, the owner of the mortgage loan dies, we must know that this is precisely the purpose of our life insurance.

This will make it possible to pay off the debt immediately, so the rest of the family will not have to pay for a debt that they did not acquire.

For this reason, it has become mandatory that, when a loan is requested, it comes with life insurance that can cover from total and permanent disability to the death of the holder; such is the case of ION Financiera insurance.

We take into account that some factors would cancel said insurance if the reason for death was due to drug use, fights, criminal practices or suicide, according to CONDUSEF.

2. Damage insurance


The second type of insurance that is mandatory when applying for a loan is that of damage due to natural disasters, which is worth analyzing a little more, because, as in the case of life insurance, we do not know when this may happen. unthinkable.

Well, it is convenient that we consider or rather define what a natural disaster would be: we understand by natural disaster the losses that can be caused by a natural phenomenon, which cannot be avoided by people.

Some examples: earthquakes, volcanic eruptions, landslides, hurricanes, tornadoes, tsunamis among others.

It should be taken into account that cases, for example, of fires are not usually considered as natural disasters, since these occur due to human errors and failures in devices or artificial catalysts.

We can make a brief consultation with our financial company about what are the characteristics and the cases that damage insurance can cover and other damage insurance that may be available.

In these cases, it is important to consider the risk factors that may exist in the place where we will live, for example, if we are near a coast, it is much more likely that a tsunami or typhoon will affect us than a tornado.

Considerations for both insurance


If we are convinced of acquiring a mortgage loan, we bear in mind that a serious and regulated company must by law have the insurance that we mention in this article.

At ION Financiera you will have the certainty of having both life and damage insurance.

Let’s read well the terms of the insurance we choose and with that we will make the best decision, the one that suits our needs and interests as well as those of our family, of course, hoping never to have to resort to one of these tools.

With ION Financiera you are insured in both cases


If we are considering the fact of acquiring a home and this article has made us think or rethink things, consider ION Financiera when it comes to mortgage loans that have life and damage insurance.

ION Financiera offers the possibility of checking income in a non-traditional way, that is, it is not limited to your checks being only with payroll receipts.

Through the ION prequalifier, let’s start obtaining a mortgage loan to acquire our new home, and we are fully insured.