The Mayor in favor of a change of contract at any time

The loan insurance market is estimated at nearly 10 billion contributions per year, and concerns nearly 7 million owners with a mortgage in progress.

The Minister of the Economy Bruno Le Maire said on Wednesday he was in favor of making it possible to change borrower insurance at any time during the contract, while a bill must be discussed Thursday in the National Assembly on this topic. “I am in favor of the law proposed by (MP) Patricia Lemoine (Agir ensemble), because I think it is a fair proposal and also protective of the purchasing power of the French,” said on Franceinfo. It is necessary “to put competition to reduce costs”, he justified.

“Today you can only change your borrower insurance for the first year and then on an anniversary date. (…) There, it will be simpler, faster and at any time you can change your borrower insurance, your credit insurance, if you think you can find better and cheaper elsewhere, ”the minister explained.

When taking out a loan, borrower insurance covers various risks such as death, illness or disability, protecting both borrowers and banks against a possible default on repayment. According to an assessment by Bercy, for a first-time buyer who borrowed 250,000 euros at 35 to buy his first home, such a measure “could save him over the term of his loan over 25 years, nearly 4,000 euros”, detailed Bruno Le Maire.

The proposal will be examined at first reading at the Palais Bourbon within the framework of a day reserved for the Agir ensemble group, which is part of the majority. It benefits from a so-called “simplified” procedure allowing for a faster examination by the two chambers, with the aim of coming into force in the next few months, before the end of the legislature. Its clauses will be valid for future and current contracts.