I've just noticed that my Nedbank home loan statement adds home insurance as a line item. That means it's affecting my total outstanding balance, and I'm paying interest on the slightly larger outstanding balance.
Is this normal? It makes no sense to me.
Never take a bankers policy, they are k@k wordings and the premiums are in most cases ridiculous.
And if you never agreed to the policy force them to cancel and refund you. But you probably signed it off in the contract.
Also on personal lines you have to be given alternatives which banks never do not even at inception or during the years. This is actually against the fais rules.
Did they ever go through the policy, covers, excesses and exclusions with you.
Kick them to the curb and get the building insured through a decent insurer with your other insurances.
Having said the above sometimes its best to let the bank cover a undesirable risk.
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