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Do Insurance Companies & Valuers Share Info
Leeds_Fella
Posts: 73 Forumite
Guys, advice needed:
Situation: Valution came back that minor cracks were noted & the house has suffered from structual movement but valuer details the cracks are not progressive or serious
Problem: When applying for buildings insurance, do I say say to the house has suffered subsidence or structual movement in the past - if so they won't insure me
A&L seem to think its not serious and BTW they are offering me a mortgage on the property.
Should I say no to the burning question when applying for buildings insurance that the house has not suffered from subsidence or structural movement in the past or will this bite me in the rear if I ever have to claim in the future?
Would you run a mile from this house?
Situation: Valution came back that minor cracks were noted & the house has suffered from structual movement but valuer details the cracks are not progressive or serious
Problem: When applying for buildings insurance, do I say say to the house has suffered subsidence or structual movement in the past - if so they won't insure me
A&L seem to think its not serious and BTW they are offering me a mortgage on the property.
Should I say no to the burning question when applying for buildings insurance that the house has not suffered from subsidence or structural movement in the past or will this bite me in the rear if I ever have to claim in the future?
Would you run a mile from this house?
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Comments
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Leeds_Fella wrote: »Problem: When applying for buildings insurance, do I say say to the house has suffered subsidence or structual movement in the past - if so they won't insure me
If you have no knowledge of any subsidence then you can safely disclose "no".
Does the insurance ask for disclosure of "structural movement"?A&L seem to think its not serious and BTW they are offering me a mortgage on the property.
Should I say no to the burning question when applying for buildings insurance that the house has not suffered from subsidence or structural movement in the past or will this bite me in the rear if I ever have to claim in the future?
Depends on the question from the insurer. Subsidence is usually a question, but I don't think that structural movement is. Just about every property has structural movement, which is not at all the same as subsidence. All buildings "settle" on their foundations - that doesn't mean that the land on which the property is built is subsiding.
See what others think, but my view is that structural movement or settlement is a million miles away from "subsidence".Would you run a mile from this house?
Personally - no - all properties experience movement or settlement. Subsidence, however, is a different issue.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Wouldn't it be better to disclose any risks? There's bound to be a company who will insure you, even if it's more expensive. Personally, I wouldn't want to risk having the house fall down and not having insurance to cover it. They find any reason not to pay out, and this is quite a biggie, surely?0
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