What is mandatory mortgage property insurance?

This is protection for an apartment or house that serves as collateral for a mortgage. Without it, the bank will not approve the loan — this is a legal requirement — Article 31 of Federal Law No. 102-FZ.

What the insurance covers

• Fire, explosion, lightning strike;
• Flooding, including plumbing accidents and damage caused by neighbors;
• Natural disasters, for example, a hurricane or flood;
• Damage caused by unlawful acts, for example, vandalism.

Can you отказаться from the insurance?
No, if the insurance is not taken out, the bank will not approve the mortgage loan. This is a legal requirement — Article 31 of Federal Law No. 102-FZ. In the event of early repayment of the mortgage, part of the insurance premium may be refunded.