What are the Infonavit Credit Insurance? The loan granted by the National Housing Fund Institute helps workers affiliated with the Mexican Social Security Institute to buy a house, build it on land, expand a house or pay a mortgage, but it also has different benefits that guarantee that the worker can pay this benefit as a Damage Insurance for the home, one for Death and one for Unemployment.
How does Infonavit Damage Insurance work?
It protects all the homes that are the guarantee of a traditional Infonavit credit and remains in force for the life of the credit and there will be no problem collecting it if the worker keeps up to date with their payments. However, the policy will also be valid if there is a commitment to catch up and a payment regularization agreement is signed with Infonavit.
It should be noted that this insurance does not cover Mejoravit credits. In the case of co-financed credits, it only applies proportionally to the part of the credit financed by the Institute and in conjugal credits, it applies to the main credit.
Damage Insurance covers both total and partial losses. In the first case, it covers the liquidation of the credit when the insurer through its team of adjusters values the property as a total loss. And Infonavit only requests as a requirement for compensation that the right holder submit a signed letter confirming knowledge of the term of the credit.
When there is a partial loss, the adjusters of the insurer in question are the ones who calculate the cost of damages and the insured can receive compensation in two ways.
The first is through a payment order issued by Infonavit and which must be collected at branches of the HSBC bank. The monetary amount delivered includes the repair of the home, the labor, and materials used. It is worth mentioning that the Infonavit staff supervises the repair work.
The second way to protect the damage is through home repair work by the repair budget determined by the adjusters.
What risks does Infonavit Damage Insurance cover?
The institution classifies the claims to be covered as individual and massive. The first refers to when only one home has been affected and the second when more than one property has been damaged. But in both cases the risks covered by the insurance are:
- Fire
- Earthquake.
- Volcanic eruption.
- Terrain displacement.
- Flood.
- Explosion.
- Hurricane.
- Cyclone.
- Hail and/or snow.
- Stormy winds.
- Fallen objects from planes.
- Falling trees.
Risks not covered by Damage Insurance
- The construction development of the insured property.
- Deficiency or defect in construction in the home.
- Materials used for construction, home remodeling.
- Damage to the home due to lack of maintenance.
Household goods coverage
The Damage Insurance also gives support of 25 thousand pesos to replace household goods when a flood has occurred, provided that the borrower is an inhabitant of the home.
Debris and demolition coverage.
It is an aid for the removal of debris from the home when it must be destroyed due to damage suffered due to a risk covered by this insurance and is compensated with 10% of the amount of the damage to the home.
Infonavit Death Insurance
If the borrower dies or suffers a permanent total disability or more than 50%, regardless of the nature of the risk that has produced it, this protection releases the borrower and its beneficiaries from their obligations with the credit of the institute.
Flexipago Infonavit Unemployment Insurance
It is a support scheme for borrowers who have lost their jobs or for those who do not have a formal job. It works through different benefits that can be chosen every month to stabilize the credit situation and keep it current. These are:
- If the holder of the credit has stopped paying but can contribute the total monthly payment, he can do so and the credit will remain current.
- If only part of the monthly payment is contributed, it is recommended to make use of the Payment Protection Fund. It consists of being able to give a percentage of the payment for 6 months every 5 years. The extension may be extended up to 12 months maximum.
- Partial extension: It is a monthly payment of $874.82 for up to 6 months and where Infonavit absorbs 50% of the interest that cannot be paid but the other 50% of interest accumulates.
- Total extension: It can be used after you have already made use of the precious resources and the deferment of payment will apply for a maximum of 4 months. But in this case, 100% of the interest from this period will accumulate.
On the other hand, this insurance also consists of supports for the worker when his income decreases, and he continues working, for example, when technical unemployment occurs in the company where he works and his credit is current. Monthly payments are reduced by 25% for up to 12 months.
To obtain this support, the worker's company must submit to Infonavit the request or authorization to the temporary modification agreement of working conditions authorized by the Conciliation and Arbitration Board. All workers who want to receive this benefit must be listed in this document.
Unemployment insurance also covers when the insured's salary decreases, provided that the income that is now lower has been registered with the IMSS for 6 or more months and that it has been on the credit for two years. It supports with a restructuring of the worker's monthly payment for 12 months based on their ability to pay and their debt.
The benefit is requested in the Infonavit collection area where the credit was obtained. They request a Social Security Number (NSS), a credit number, a copy of official identification, and proof of address.
Another resource of the policy is a socioeconomic study for the Institute to determine the actual ability to pay the borrower when their income has been affected by a chronic degenerative disease suffered by him or a member of his family. Or it also applies to people with advanced age or in a situation of abandonment.
To become a beneficiary, the worker must go to the Infonavit collection area or call Infonatel and a social worker will visit it.
These are the insurances that the infonavit credit has and it is important that the holders of this and other credits from the same institution know them, and make them effective because they will avoid indebtedness and protect the assets that take years to build.
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