Two types of insurance are required when you purchase a home in France. One is a building and contents insurance ("Assurance habitation") that covers the property itself and the other is a life assurance ("Assurance emprunteur") - including total and irreversible loss of independence - covering the borrowers for the amount of the loan.
Building and Contents Insurance
Building, property and contents insurance is obligatory and the policy must be put in place before you sign the deed of purchase. Your notary will ask for a copy of the policy at the moment of signing the deed.
Your BNP Paribas International Buyers mortgage adviser can help you contact English speaking representatives of insurance companies in France.
Please note that the contact list provided by BNP Paribas International Buyers is for information purposes only. The contacts listed were selected solely on the basis of their knowledge of the English language and not on that of their professional competence.
Life assurance – Mortgage Protection
Taking out a life assurance policy to cover the amount of a property loan is not a legal obligation in France. However, potential buyers should be aware that French banks do not offer loans without it. In most cases, the mortgage protection and loan application are treated simultaneously.
The mortgage protection is available in two options:
- cover of the remaining capital due in case of death or disability
- cover of the monthly payments in case of long-term incapacity due to accident or serious illness
BNP Paribas International Buyers requires its clients to be protected for the amount of the loan through a life insurance policy, and has put together a special package with a French insurer to provide comprehensive coverage. The relevant application forms are included in your information pack. Return these to your personal mortgage adviser, who will then pass your details to the insurer so that your policy can be arranged. If a medical examination is required in connection with your life insurance application, then BNP Paribas International Buyers will provide you with the relevant documentation. You will be able to arrange the medical visit with a doctor in your country and the costs will be refunded by the insurance company.
BNP Paribas International Buyers makes your life easier, as life assurance payments are included in your monthly mortgage payments and remain constant for the duration of the loan.
Should a medical examination be necessary to obtain your life assurance policy, BNP Paribas International Buyers will provide you with the necessary documents, in English and French and your examination can be arranged with a doctor in your home country.