Absa
Forced insurance on home loan

Last year when I applied to have my bond increased, Absa added insurance automatically to my bond while I specifically stated on the application that I have my own insurance. So basically I was forced to sign for the insurance at the attorneys or wait even longer for the bond to go through. I subsequently immediately cancelled the insurance, provided proof of my own insurance and received confirmation from them that my insurance was approved.

Today I went into the bank to get a statement and noticed that the home owners insurance that was added in June last year, has still not been refunded and on top of that, I received a new letter from Absa, notifying me of an increase in premium for my home owners insurance.

Company: Absa
Country: South Africa
City: Home Loans / Insurance

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