Insurance on the conscience





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08.09.2010 20:32
Articles about real estate | Insurance on the conscience Because of the crisis of the primary purchase real estate again became a risky business. Bankruptcy developers, freezing construction projects ... And still fresh in the memory of the scandals of defrauded real estate investors. All this provided the impetus for the development of relatively new services - insurance risk under construction.

Lofty goals
Than the buyer's risk, investing in housing under construction? Practice shows that the main risks are five: 1) bankruptcy developer 2) fraud, 3) the delay time 4) problems with the paperwork on the property 5) the destruction of homes. Law № 214 on the joint construction in 2004 of investor protection, but all problems are solved. Most recently adopted amendments to the law that increased the responsibility of developers for the use of the "Left" schemes and violations of the rights of investors. However, in reality nothing has changed, formal contracts in accordance with the requirements of the Federal Law 214 on the primary market are only 5-10% of cases.

Protection offer special insurance for real estate investors. The first such programs appeared before the crisis, but until recently, remained isolated and very expensive. For example, in the company "Russian world" policy is 2-4,5% of the cost of housing. The firm offers expertise in licensing documents and then takes a decision to issue the policy and its cost. Rate depends on the construction phase, the number of participants and other factors. However, despite the high price of the product, most insurers prefer not to mess with him. Firstly, for the financial risk insurance requires a special license. Secondly, it is difficult to calculate the rates, since there is no complete and reliable statistics. Thirdly, most risks are not random and depend on the decisions of people, rather than on objective factors. As a consequence, various abuses: fictitious bankruptcies, conspiracy, etc.

At the official level

Nevertheless, a recently discovered Insurance Corporation of risks under construction has decided to focus specifically on working with the primary buyers. Customers are offered a full range of services: the selection of the object, legal support and insurance. Polis is 1-2% of the contract amount depending on the type of agreement, the construction phase, the number of sold apartments and liquidity facility. The client gets a guarantee that in case of bankruptcy of the developer or prolonging time he will return your money in full. "As you know, at present banks do not lend when there is a risk under construction - said the managing partner of the Corporation Yuri Goldberg. - In the future we plan to agree on liberalization of the mortgage in the presence of insurance. " Thus, confidence in the company will be able to solve at once two social problems: defrauded real estate investors and affordability (development of the mortgage). And also to encourage new construction, increase sales, to revive the market ...

For and against

But not all experts endorse these noble impulses. "In international practice, the developer himself insure such risks - stress at MIEL-New". - Borrowers and so is not easy: in addition to payments to the bank accounts to insure property and lives, and that a minimum of 40 thousand rubles. per year. A new type of insurance will increase the debt burden for another 40-80 thousand a year. " True, we should note one inaccuracy. Additional insurance does increase costs, but reduces the risk of the bank. And it's almost guaranteed to lead to a decrease in rates. "Having insurance does not affect the decision to grant a loan, - says Sergei Kozlov, director of the credit department SDM-Bank. - We rely on their own assessment of risk rather than a financial intermediary. If the bank loans for housing being built - it means he has already assessed the risks and took the builder. " Other experts fear that the development of such services could lead to recklessness and buyers coming into the market nonprofessional developers with the dumping, unsafe proposals. In one construction company in general declined to comment on the theme, saying that it's just speculation on issues defrauded real estate investors.

But even supporters of the initiative recognizes that all insurance issues will be resolved. "Now our bank did not give loans for housing under construction was due to an increased risk of the product, - said Marina Mishuris, chairman Flexinvest Bank. - The idea to reduce the risks of the bank by shifting them to the insurance company seems to be quite robust. However, everything depends on the details: whether the insurers are able to competently assess the risks, as stated exceptions to the liability insurance (the cases in which the company will not pay), and most importantly - how much will it cost policy? In addition, the main reason for distrust of the new housing - not the risk of protracted, and the duration of the registration of property rights and a pledge to the object. Lack of registration of mortgage loan does in fact unsecured, and insurance will not help here. "

Prospects

But be that as it may, the problem of unfinished houses there, and urgently demands a solution. According to experts, at the peak of the crisis in 2009, the share of frozen residential properties in Russia amounted to about 70%. Construction, financed by loans and sales of "future" of apartments facing severe shortage of money: the crisis blocked both sources. According to the St. Petersburg Governor Valentina Matvienko, in the near future will be submitted to the Duma a draft federal law on deposit insurance equity holders. It is proposed to create a fund that operates on the same principles as the Deposit Insurance Agency. Its main task - to return to private investors of all means or parts thereof in the case of stopping the construction. Sources of funding, according to the authors of the project, will be the state budget and developers, and total assets of the Fund shall not be less than 1% of the market of housing under construction in the region. The maximum insured amount prescribed in the project - 700 thousand rubles. But the authors believe that large cities can increase the size of payments to 1,5-2 million Besides the adoption of the law will require considerable time, so that today's interest-holders should consider the possibility of buying an insurance policy in the business. While such a product is offered only a few companies that have already been cases of payments, so that some benefit from insurance is definitely there.

What exactly

You can protect yourself at any stage of construction (after signing the contract with the developer) than towards the end, the lower rate. Insurance company must be licensed for insurance against financial risks. Most companies only insure contract equity, some another, and a preliminary contract of sale, but in this case the rate goes up. But bills of exchange agreement and the assignment of the contract does not insure virtually none. Insured, as beneficiary (recipient of benefits), under Article 933 of the Civil Code, can only be the purchaser of housing (and not his relatives and others). Customer can choose the specific risks against which it wants to defend - then rates will be lower (negotiated individually). Do not be surprised and failure. Sometimes even in one house, some contracts are insured, while others - no! The company takes into account many factors, so it is difficult to predict the final decision. There is a big temptation, with the consent, not to spend money on myself policy: in fact the developer has already checked! But, as has been said, there are cases of payments, which means - no is not a 100% guarantee.

Payment amount determined by the decision of the insurer (or court), but can not exceed the amount paid under a contract with the developer. This principle is not quite adequate, especially in the growing market. To fully protect the interests of interest holders should be paid the market value of the apartment, but not the price of two or three years ago, invested at the stage of excavation. In any case, that this service has evolved and become popular, it is necessary to reduce tariffs and to adapt them to maximize the interest of potential customers.
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Content tags: Insurance
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