Cyprus Property Forum for Buyers, Sellers & Investors

Morning Nigel,

We have a mortgage with Alpha Bank and have just had a renewal for our house insurance, its for fire and buildings and it seems a little expensive.
We have asked at the bank if we can get the insurance with our insurance company that deals with our car and house contents but they said no we have to have it with their insurance company. Do you know if this is correct please Nigel as we don't have a lot of faith in this bank and I think they would say anything just to keep the business.

Kind Regards Jan.

This is incorrect Alpha bank cannot insist on using their own insurance.You can deal with any insurance company authorised by the ICCS
Insurance Companies Control Service Cyprus. Suggest you arrange cover with your preferred insurer assigned to Alpha Bank take that policy in to the bank demand they accept this policy and cancel the Alpha bank policy and refund premiums paid. If they still refuse inform them you will report the bank manager to the Superintendent of ICCS Victoria Natar and the Central Bank (that usually does the trick) also the bank is in contravention of EU law regarding Freedom of Competition.
Andrew
ps As the Alpha policy has very basic cover I will send you a pm later attached will be a comparison with a major insurer in Cyprus

Hello Jan and welcome to the forum.

And thank you Andrew for answering her question. Victoria Natar must be getting fed up with all the complaints she's receiving!

Regards,

Nigel Howarth wrote:Hello Jan and welcome to the forum.

And thank you Andrew for answering her question. Victoria Natar must be getting fed up with all the complaints she's receiving!

Regards,

Thank you both for your help, it just proves to me how much the bank lie to its customers continually.

Regards Jan.

You're welcome Jan,

If you're shopping around for insurance, give Andrew Stott a call at 3D Global. You can find his contact details at http://www.3dglobal.com/about/team/andrew-stott

Regards,