Mortgage insurance in Italy
Mortgage insurance in Italy: the fire policy your bank asks for
Italian banks ask for fire insurance on the mortgaged building, naming the bank as beneficiary. You do not have to buy it from the bank: Italian law lets you present a market policy with the same cover. Ours combines Reale Mutua fire cover on the building with liability for fire damage to neighbours, paid once for the whole mortgage.
From €632.30 for 20 years single premium, 60 m² flat in the province of Asti, main home, €100,000 limit for neighbours, taxes included
English-speaking advice included
Every policy comes with advice in English at no extra cost: before you buy, when you read the Italian documents and when you make a claim. Call +39 0141441493, write to info@assicurazionecastellodiannone.it or book a call or visit.
What CasaMia mortgage fire cover covers
Fire on the building
Material damage to the mortgaged building from fire, lightning, explosion and bursting, and also from a vehicle that is not yours hitting the building, falling aircraft, smoke and gas after a covered event, and a lift falling because its mechanism breaks.
Source: CasaMia Insurance Conditions, Fire section, art. 6.1.A
Insured at rebuilding cost
The building is insured at full value (valore intero) on the cost of rebuilding it as new, the figure the bank's valuation (perizia) states. It is not the market price of the property, which also includes the land and the location.
Source: CasaMia Insurance Conditions, Fire section, art. 7.1
Fire damage to neighbours
What you owe as legally liable when a fire, explosion or burst starting from your things damages other people's property: the upstairs flat, the house next door, the shop downstairs. On a first-loss basis up to the limit you choose (online from €50,000 to €500,000), including their business interruption up to 10% of that limit.
Source: CasaMia Insurance Conditions, Fire section, art. 6.1.E and 7.1.A.3
Debris removal and indirect losses
Beyond rebuilding: documented costs to demolish and clear the debris, up to 10% of the sum insured, and a flat 10% of the indemnity for indirect losses. The flat 10% does not apply to the cover for neighbours.
Source: CasaMia Insurance Conditions, Fire section, art. 6.1.C and 6.1.D
The bank as beneficiary
We prepare the clause (vincolo) that names your bank: after a claim the indemnity is paid with the bank's consent, and the bank can use it to reduce the outstanding loan. We need the bank's name and the mortgage number.
Source: CasaMia Tariff (Mod. 3070 INC), "Vincoli" clauses
A refund if you repay early
With a single premium paid up front, if you repay the mortgage early or move it to another bank, Reale Mutua refunds the premium, net of taxes, for the remaining period: premium × (total days − days elapsed) ÷ total days. Or, on request, the cover continues to the original end date with the new bank as beneficiary.
Source: CasaMia Insurance Conditions, art. 3.2.A and 3.2.B
What it costs
When the policy is linked to a mortgage you pay one single premium for the whole loan, not a yearly amount. Three profiles calculated on the Reale Mutua tariff for a 20-year mortgage on a main home in the province of Asti, with a €100,000 limit for damage to neighbours:
One-bedroom flat
€632.30 for 20 years
60 m² flat in a block of flats, building insured for €84,000. Fire on the building €363.35, damage to neighbours €268.95. Paid once, at the start.
Two-bedroom flat
€813.84 for 20 years
90 m² flat in a block of flats, building insured for €126,000. Fire on the building €544.89, damage to neighbours €268.95. Paid once, at the start.
Detached house
€1,458.25 for 20 years
140 m² detached house, building insured for €275,000. Fire on the building €1,189.30, damage to neighbours €268.95. Paid once, at the start.
Single premiums including taxes, calculated by the same engine as the online quote: the net premium of one year multiplied by the years of the mortgage, then taxes applied once. No surcharge for paying up front. Your price depends on the location, size and type of the home, the rebuilding value and the length of the mortgage (online, from 1 to 40 years).
Before you sign: limits and exclusions
Your belongings are not included
This cover protects the mortgaged building, which is what the bank asks for. Furniture, theft and your family's liability need the full CasaMia home policy.
Source: CasaMia Insurance Conditions, Fire section, art. 6.1
Earthquake and flood are excluded
Damage from earthquakes, volcanic eruptions, floods and inundations is never covered. The optional storm, water damage and electrical damage conditions are not active in this configuration either.
Source: CasaMia Insurance Conditions, Fire section, art. 8.2.D
Under-insurance
Insure the rebuilding value from the valuation. If at the time of a claim the real value exceeds the sum insured by more than 20%, the payment is reduced in proportion (Italian Civil Code, art. 1907).
Source: CasaMia Insurance Conditions, Fire section, art. 10.7
Who is not a third party
The cover for neighbours does not pay for damage to your spouse or partner, parents, children or other relatives living with you, to things in your care or custody, or damage arising from your professional or paid activities.
Source: CasaMia Insurance Conditions, Fire section, art. 6.1.E; Liability section, art. 23.1.A and 23.2
Very high or very low values
The online quote accepts a building value from €20,000 to €6,500,000. Outside that range the risk is assessed by an adviser.
Source: CasaMia Tariff (Mod. 3070 INC), point 2.2
If you have recently moved to Italy
Fire cover is not life cover
In Italy the insurance a bank requires for a mortgage is fire cover on the building. Life, job-loss or payment-protection policies are offered alongside it but are a separate matter and usually optional: if one is presented as a condition of the loan, ask for it in writing.
Ask for the requirements in writing
Before the deed, ask the bank by email for the sum to insure (the rebuilding value in the valuation), the duration and the wording of the beneficiary clause. Bring that email to us and we align the policy to it.
Have it ready for the notary
The policy and the bank's beneficiary clause are usually needed by the day of the deed (rogito). We prepare both in time and go through them with you in English.
What you need to apply
An Italian tax code (codice fiscale), an ID document, the property address, the valuation and the bank's details. Online quotes may not be available in every area.
How it works
Get your quote online, in English
The price is calculated on the insurer's tariff from the details you enter. The quote is free and does not commit you to buy.
Go through it with an English-speaking adviser
Before you sign we send you the pre-contract documents (DIP and additional DIP) and the Insurance Conditions. They are in Italian, the version that is legally binding: we walk you through them in English, at no extra cost.
Sign and stay covered
You sign online or at one of our offices. When you need to make a claim, you deal with us in English and we handle the paperwork with the insurer.
Frequently asked questions
Do I have to buy the bank's insurance for a mortgage in Italy?
No. Under article 22-sexies of Decree-Law 179/2012, when a policy is required to obtain the mortgage you can present one you found on the market with the same cover. The bank must accept it without changing the mortgage terms, provided the sum insured matches its requirement and the policy names the bank as beneficiary.
Is fire insurance compulsory by law in Italy?
Not by law for a homeowner. The obligation comes from the mortgage contract: the bank protects the building it holds as security and will not release the loan without fire cover. It is a real requirement if you want the mortgage, but because it is contractual you are free to choose the insurer.
How much does mortgage fire insurance cost in Italy?
It depends on the rebuilding value, the length of the mortgage, the location and the limit for damage to neighbours. You pay a single premium up front for the whole loan. For a 20-year mortgage our examples start from €632.30 in total, taxes included. Compare totals for the whole term, not yearly figures.
What happens if I repay my mortgage early or switch bank?
With a single premium, Reale Mutua refunds the part of the premium for the remaining period, net of taxes, calculated day by day. If the mortgage only moves to another bank (surroga), you can instead keep the cover to the original end date, naming the new bank as beneficiary.
Which value should I insure: the purchase price or the valuation?
The rebuilding cost stated in the bank's valuation (perizia), not the purchase price. Fire insurance pays to rebuild the structure; the market price also includes the land and the location. Insuring too little exposes you to a proportional reduction of the payment after a claim.
I have already signed the bank's policy. Can I still change it?
Often yes. Policies sold with a mortgage usually give a right to withdraw for a period after signing, and an annual policy can be cancelled at renewal. A single-premium policy may be refundable for the unused period. The exact terms are in the contract you signed: bring it to us and we read it with you, in English.
Does mortgage insurance cover my furniture and belongings?
No. The bank only needs the building to be insured, so this cover does not include contents, theft or family liability. If you want those too, the full CasaMia home policy covers them, and the fire cover the bank needs is part of it.
Ready to see your price?
Free online quote, explained in English by a registered Italian insurance intermediary.
CasaMia mortgage fire cover is underwritten by Società Reale Mutua di Assicurazioni and distributed by Assicurazione Castello di Annone di Rabacchin Matteo, insurance intermediary registered in the Italian Single Register of Insurance Intermediaries (RUI), section E, no. E000517439, supervised by IVASS. This page is a summary in English: the Insurance Conditions (in Italian, PDF) and the pre-contract documents you receive before signing are the legally binding texts. For contracts concluded at a distance you can withdraw within 14 days. Online quotes may not be available in your region. Complaints and regulatory information: reclami (in Italian).