Cyprus-Forum.com

[craigbeck]

My bank insists that i use their building insurance provider and refuses to accept insurance cover from companies outside Cyprus. Surely this is no longer legal now Cyprus is in Europe

[beverley10]

Most insurers outside Cyprus do not give you earthquake cover,so my advice would be,go with the bank or at the very least a local insurance company who the bank is happy with. Remember Craig,you can always tell a Cypriot,but you can't tell him anything! In Europe means nothing to the average government body/bussiness in Cyprus,so stop beating your head against a brick wall and go with the flow!!!Eventually things may change,but don't hold your breath!! Happy Christmas.

[Sega]

Most insurers outside Cyprus do not give you earthquake cover,so my advice would be,go with the bank or at the very least a local insurance company who the bank is happy with. Remember Craig,you can always tell a Cypriot,but you can't tell him anything! In Europe means nothing to the average government body/bussiness in Cyprus,so stop beating your head against a brick wall and go with the flow!!!Eventually things may change,but don't hold your breath!! Happy Christmas.

Well written, go with the flow. Cyprus has only recently joined Europe, most of it's europeoan policies have yet to be introduced. Insurance cover abroad is likely to be more costly as that of insurance in Cyprus. There are many insurance brokers in Cyprus which do cover house insurance, the banks deal might also be well worth considering. Some banks require the person taking the loan (i.e. you) to take out life insurance.

Personally I am completely against life insurance, but that's because I don't as of yet have anybody I am responsible for and even if I did I would prefer to teach them to utilise what I have rather than get rich of my death (it just sounds wrong to me). I know that Laiki Bank requires life insurance. I have a relative who paid an enormous amount of life insurance, so you need to watch out.

If you don't mind me asking which Cypriot bank are you dealing with, I might be able to provide more information. -

[craigbeck]

Alpha Bank

C