Home insurance and loan insurance
With every mortgage the bank asks for home insurance, and usually life insurance on the borrower. We find the cover your bank wants at a good price, and keep an eye on it for as long as the loan runs.
Why a mortgage needs insurance
The home secures the loan, so the bank wants it insured in case it's damaged. It often asks for the loan itself to be covered too, in case something happens to you. That way both the home and your family are protected.
Home insurance (fire & earthquake)
Covers the building for as long as the loan runs. The sum insured is what it would cost to rebuild, not what you'd sell it for.
- Fire, lightning, explosionThe core cover every bank requires.
- EarthquakeIn Greece, almost every bank asks for it.
- Flood, storm, snowDamage from extreme weather.
- Burst pipesWater damage, in your home and your neighbours'.
- Third-party liabilityDamage your home causes to others.
- Contents (optional)Furniture, appliances and belongings.
The policy is assigned to the bank (vinculum). After a loss, the payout goes first to repairing the home.
Loan insurance (borrower's life)
If something happens to you, the policy pays off what you owe and the home stays with your family, debt-free.
- DeathPays off the outstanding balance.
- Permanent total disabilityPays off the balance if you can no longer work.
- Temporary disability or unemployment (optional)Covers the payments for a period.
- Decreasing coverThe sum insured falls with the loan, and the premium with it.
With co-borrowers, cover can apply to one or all of them, in agreed shares. The premium depends on age, amount and term.
You have the right to choose your insurer
The bank can require insurance, but it can't make you buy it from its own insurer. Law 4438/2016 says it must accept another insurer's policy with the same cover.
- We bring you offers from more than one insurer.
- We check the policy meets your bank's terms, so disbursement isn't held up.
- Over 20 or 30 years of a loan, a difference in premium adds up to a lot of money.
How we work
From your application's details
Property, amount, term, borrowers. We don't ask again for what we already know.
We compare offers
Cover and premiums next to each other, in plain words.
A policy ready for the bank
We do the assignment and prepare the papers the bank needs before disbursement.
After signing too
Renewals, changes and help if you need to make a claim.
Insurance intermediation supervised by the Bank of Greece
Neuvel Trust operates as an insurance agent, supervised by the Bank of Greece.
Insurance FAQ
Is home insurance mandatory?
Yes. Every bank requires fire and earthquake insurance on the property securing the loan, for its whole term, with the policy assigned to the bank.
Is life insurance mandatory?
It depends on the bank and the programme. Many require it, others only suggest it. Even when it's optional, it keeps the debt off your family.
Can I insure somewhere other than the bank?
Yes. The bank must accept another insurer's policy with the same cover (Law 4438/2016). We make sure it meets the bank's terms.
Can I switch insurer during the loan?
Usually yes, at the policy's expiry or renewal, as long as the new one meets the bank's terms and is assigned to it. We help you compare before renewal.
How much does it cost?
Home insurance depends mostly on floor area, construction and location. Life insurance depends on your age, the loan amount and the term. Ask us for a quote to see your own figure.
Want an insurance quote?
Tell us about the property and the loan and we'll send you offers that meet your bank's terms.