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Amit Kaminski - Owner and CEO
With 18 years of experience, AMG Insurance Agency provides its customers with a professional service in various areas of the insurance industry, including mortgage insurance, life insurance, health, and nursing insurance, contents insurance, and more. Wide insurance tailored to your personal needs.
Mortgage insurance is compulsory insurance, the purpose of which is to ensure the bank for the loan it gave to the customer. Mortgage insurance consists of two insurances, one life insurance that insures the lives of borrowers in the amount of the balance of their debt to the bank and the other structure insurance that insures the property pledged to the bank.
The insurance component is part of the set of direct and indirect costs that we are required to purchase an apartment with the help of a mortgage loan, when the mortgage bank, before transferring the loan, requires every borrower registered in the loan documents to purchase insurance for his life and the building purchased.
Life insurance, as its name implies: insurance in the event of death. The customer, by signing the mortgage documents, undertakes to pay the mortgage payments as usual for a long-term period usually 20 years. If he does not pay these payments he will be evicted from his home. But what happens if the borrower dies? In this case, the mortgage insurance will pay off the balance of the loan that has not yet been repaid and the rest will be able to continue living in their home.
The building insurance covers various damages that occur in the property, such as pipe damage, fire, explosion, earthquake, and complete loss of the property, the property that belongs in part or mostly to the mortgage bank can be used as collateral to repay the loan and therefore the bank takes care of its collateral
Mortgage insurance costs
Many borrowers do not attach importance to the cost of insurance and purchase it without a comprehensive market survey. But a mistake on their part. The cost of insurance ranges from 5% to 10% of the monthly mortgage repayment cost and sometimes even more in the case of borrowers over the age of 40 or alternatively with health issues that make the policy significantly more expensive.
AMG Insurance Agency, conducts a comprehensive scan among most insurance companies, using advanced technological systems, in order to give the cheapest and best offer to each and every customer.