is it legal for the La Caixa to stop me cancelling my building Insurance

[sally rathmill]

Can anyone help or give me some good advice - i have my building Insurance with la caixa - they are charging me 211 euros per annum - i have gone to Lloyds who will cover me for 80 euros a year less. I have agreed with Lloyds that i will take this cover. I have given 2 months notice to La Caixa and shown them my new copy of insurance through Lloyds - they are now saying that i cannot cancel as this is in my mortgage agreement - Lloyds have told me this is illegal - La Caixa say it is legal - any help would be greatly appreciated - Sally

[Patricia]

Dear Ms. Rathmill,

Welcome to the belegal forum.

The building ( home ) insurance policy is normally contracted through the bank that grants the mortgage once the purchase has taken place, being it a usual compulsory requirement so the bank grants the loan - and you , by law, must keep that policy with them during the first year, unless there is a specific clause that establishes some kind of limitation or obligation to keep the insurance with that comany for a longer period. You can find this out by looking at the copy of the mortgage deeds and the copy of the insurance policy.

if you wish, you can send us the copy through our website contact e-mail and we will advice further.

Regards,