HOC Insurance debacle.

<p>Upon purchasing my home and going through the whole legal process of registration and transfer the lawyers present you with a document pertaining to the HOC insurance. Which is normally a prerequisite before transfer can take place and is usually with the bank which is providing the finance. In this case it is Nedbank. Directly after the transfer I start enquiring as to how I can switch the existing HOC insurance with my own HOC insurance, which is cheaper and covers certain aspects not covered by Nedbank's HOC insurance. I have sent in the signed documents for the cancelation as well as call to cancel three times. The moment you mention that you want to cancel your HOC then you simply get transfered or placed on hold. I am in the financial industry and this is absolutely pathetic. My next step is simply to log a complaint with the Ombudsman, because I have all of the evidence with regards to cancelling my HOC with Nedbank but nothing seems to be working at this stage.</p> <p> </p> <p>So when you are buying a house/home, take the time to organise your own HOC insurance before hand and do not place it with the bank.</p>