A mortgage lender in Poland may require insurance related to the mortgage and may require you to assign the policy’s claims to the lender. There is no single statutory list of risks or coverage amount that applies to every bank. The lender must tell you its minimum accepted cover before you sign, and you may choose any insurer whose policy meets that minimum.
What does Polish law let a mortgage lender require?
Article 9(2) of Poland’s Mortgage Credit Act allows a lender to require a consumer to conclude or hold an insurance contract related to the mortgage, or to assign claims under that policy to the lender. The provision does not prescribe one universal list of insured events or a standard insured amount. Read Article 9 of the Mortgage Credit Act.
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When insurance is required, Article 29(1)(9) requires the mortgage agreement to specify its minimum scope. Article 29(1)(4) also requires the agreement to state rules and costs for establishing, changing or ending security and insurance, including the cost of credit repayment insurance. Read Article 29 of the Mortgage Credit Act.
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Can I choose my own insurer for a Polish mortgage?
Yes. The lender must inform you that you can choose an offer from any insurer, provided the policy meets the minimum scope the lender accepts. That does not mean a bank must accept any policy: it can reject an alternative that fails its stated criteria. The lender must disclose the required conditions before the mortgage agreement is signed.
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Does a Polish bank require fire insurance?
Fire cover may form part of a bank’s property-insurance requirements, but the cited law does not make fire insurance—or any fixed set of perils—a universal requirement for every Polish mortgage. A 2024 PKO Bank Hipoteczny prospectus describes insurance against fire and other accidents on mortgaged property, with the borrower’s claims assigned to the bank. That is an example of one institution’s practice, not a rule for all lenders. See PKO Bank Hipoteczny’s 2024 prospectus.
Get the specific bank’s written criteria rather than relying on a general list. Its requirements determine which property or interest is insured, what risks the policy must cover, and how the insured amount and lender’s interest must be documented.
Required insurance is not the same as buying the bank’s own policy
Article 9 addresses insurance specifically, while also generally prohibiting a lender from making a mortgage conditional on buying another product, subject to a narrow exception for a free account. The law permits bundled sales but requires the lender to disclose that the mortgage is also available without additional financial products or services. A requirement to hold qualifying insurance should not be confused with a requirement to buy the lender’s branded policy. See Article 9 of the Mortgage Credit Act.
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What to confirm with the lender before buying a policy
Ask the named bank for its current written criteria before purchasing or renewing cover. The statute sets disclosure and minimum-scope requirements, but does not establish a nationwide policy checklist or calculation method.
- Property and risks: Which property or interest must be insured, and which perils must the policy cover?
- Insured amount: How should the amount be calculated? Ask whether the bank uses a valuation, rebuilding cost or another basis; the cited sources do not establish one universal method.
- Assignment wording: What wording must the insurer use to assign claims or record the lender’s interest? Does the bank require a particular form?
- Documents and timing: Which proof documents are accepted, and when must you deliver the policy and assignment?
- Renewal: Must cover remain in force throughout the loan, and how should you provide proof at renewal?
- Costs: Which premium, fee or other insurance cost appears in the mortgage offer and agreement?
How to compare policies the lender may accept
Once you have the bank’s criteria, compare eligible offers against the same terms. Do not compare premiums alone: a cheaper policy may differ in risks, exclusions, deductible, insured amount or lender-acceptance process.
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- Required perils and exclusions
- Insured amount and its valuation basis
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- Assignment or lender-interest wording
- Bank acceptance and document-submission process
- Premium and renewal conditions
The mortgage agreement must state the minimum scope when insurance is required. If an offer or policy document leaves a material point unclear, ask the lender to confirm in writing whether it meets that scope before you commit.
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