French real estate owners and future buyers will want to take note that as of June 1st 2022 in real estate credit borrowers will be able to cancel their insurance and replace it with another provider at any time and not only on the anniversary date of the loan according to this article in Le Figaro (Article is in French you can translate in your browser)
At this time this new change is only for new contracts, as specified in the new law of February 28 . For insurance on loans already underway, you will have to wait till September 1st 2022. The objective of this new rule is to allow French property owners or future owners to look for better credit rates, in an insurance market that is according to LeFigaro 88% dominated by banks.
Make sure you check with your local French insurance provider today.
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