Coverage required by certain states of certain people in certain circumstances, e.g., workers compensation and automobile liability.
Some lenders offer preferential rates if you will take their insurance. It can be buildings, or buildings and contents, and sometimes unemployment insurance may be available also.
Insurances that the lender requires a borrower to have in place as a condition of the mortgage, the most common one being buildings insurance.
Some lenders require you to take out house and contents insurance with them as part of the mortgage deal. It's another opportunity for them to make money out of you as it's usually more expensive than you could find elsewhere.
Any form of insurance which is required by law.
Lenders will often set a precondition on a mortgage that some insurance is taken out. Most commonly, they will set a precondition that the borrower must take out adequate buildings insurance. Occasionally, some lenders will also stipulate that the borrower must take out the insurance with them. Compulsory insurance is also somethimes known as Conditional Insurance.
Any form of insurance which is required of all members of a class by the state.
Refers to coverage required by law. Such coverages must be written on an admitted basis in the country of insured operations.
(Assurance obligatoire) Coverage required by statute.
Any form of insurance that is required under the law
Some lenders require you to take out house, and possibly contents, insurance with them as a condition of the mortgage deal. This is becoming less common, but be wary of it as the insurance will be more expensive than on the open market.
Insurance that is required by law.
can come in a number of forms, such as home structure insurance or mortgage repayment insurance, but basically this is a way of your lender adding a service as part of the overall mortgage package. Be careful, some of these insurance packages can be worth little if and when you do need them – so read the policy
