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    • NationalElfService
    • By NationalElfService 12th Sep 17, 8:46 AM
    • 12Posts
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    NationalElfService
    Insuring inherited house with subsidence
    • #1
    • 12th Sep 17, 8:46 AM
    Insuring inherited house with subsidence 12th Sep 17 at 8:46 AM
    Hi all,


    Looking for some urgent advice for a rank novice. I was gifted a property in Nov last year from my father. Since he’d already renewed his building/home insurance a month or two prior I just took over the policy.



    The property was bought by my parents at auction in 2004, having had previous subsidence claims (as far as I can tell one in 1991/2 and one in 1996/7), with remedial work having been done. The bungalow had an extension done (not sure when but definitely before 1990) which is where the movement seems to have occurred. The owners at the time claimed through prudential (after extensive surveys and monitoring), I have the tender documents and the firm that was organizing the works instructions. However, either due to unavailability or my parents terrible record keeping I don’t actually have a certificate of the work being completed!


    Back to the insurance, I had asked my dad if the current insurers knew about the previous subsidence claims and he had said he’d informed the broker when he took out the policy (13 years ago). So I saw out the remainder of the policy for this year.



    The policy has come up for renewal and I thought I’d just double-check that the broker/insurer knew of the previous claims, apparently they had nothing on file! They have asked me to fill out a questionnaire, but since I only have partial records and almost no understanding of insurance or subsidence claims I feel like I am making my most educated guesses possible.


    My worry is the current insurer won’t want to renew our policy, and I’ll be without insurance!



    Any advice as to what I should do would be unendingly appreciated!



    NationalElfService
Page 1
    • Keep pedalling
    • By Keep pedalling 12th Sep 17, 9:06 AM
    • 3,586 Posts
    • 3,855 Thanks
    Keep pedalling
    • #2
    • 12th Sep 17, 9:06 AM
    • #2
    • 12th Sep 17, 9:06 AM
    Afraid I can't help on the insurance fromt, but as this is gifted property not an inheritance, and your parents are not that hot on the paperwork side, did they ever sort out the CGT issue with this gift?
    • NationalElfService
    • By NationalElfService 12th Sep 17, 9:55 AM
    • 12 Posts
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    NationalElfService
    • #3
    • 12th Sep 17, 9:55 AM
    • #3
    • 12th Sep 17, 9:55 AM
    Yes I assume so. I'll double check with them that they sorted that with their accountant.
    • eddddy
    • By eddddy 12th Sep 17, 11:39 AM
    • 5,139 Posts
    • 4,790 Thanks
    eddddy
    • #4
    • 12th Sep 17, 11:39 AM
    • #4
    • 12th Sep 17, 11:39 AM
    They have asked me to fill out a questionnaire, but since I only have partial records and almost no understanding of insurance or subsidence claims I feel like I am making my most educated guesses possible.
    Originally posted by NationalElfService
    You answer to the best of your knowledge.

    Don't make educated guesses, or any other type of guesses.

    But FWIW, given that the subsidence was 25+ years ago, there are some insurers who will insure the property on normal terms - even if your current insurer won't.

    e.g. I believe that...

    Legal and General are only interested in subsidence in the last 15 years.

    AXA are only interested in subsidence in the last 10 years.


    TBH - in your position, I might be tempted to go with L&G or AXA and cancel your current policy (without filling in the questionnaire).

    If you fill in the questionnaire, your current insurer might void/cancel your policy for non-disclosure. That would leave you in a big mess.
    • NationalElfService
    • By NationalElfService 12th Sep 17, 1:26 PM
    • 12 Posts
    • 0 Thanks
    NationalElfService
    • #5
    • 12th Sep 17, 1:26 PM
    • #5
    • 12th Sep 17, 1:26 PM
    Oh no I've already gone back with the questionnaire! :S

    God this is stressful.
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