Now I find out the property is underpinned. Insurance problems? you bet ya.

jenny74

Then do as I suggested, g_fella and contact the current insurer.

pawpurrs

And me LOL!

g_fella

I will I will

However it would be nice to know that I can get competetive quotes from a number of companies now and at the time of annual renewal.

We all know what insurance companies are like, they get you, then over the course of a few years they just start eeking up the rate a little, then a little more, then a lot more.

I genuinely think they do so that all the companies out there play something along the lines of 'pass the parcel' with customers. The unlucky insurance companies are landed with a claim when the music stops.

poppysarah

You're unlikely to get quotes at renewal time. Underpinning phobia is for life not just for christmas.

Ladybird20

Further to my previous post..........my sister works in insurance and she said its gunna be difficult to get cover off someone....i am with direct line and have been since i purchased the house 10yrs ago..so i have to stay with them..I didnt claim off my insurance , its a NHBC repair, i have got all documents to say it has been repaired to the standard.Also i employed myself my own structural engineer to over see them , incase they were on cost cutting exercises..Please keep us posted on this as i am intrested myself.....

g_fella

I will keep you informed of how i get on. I'm going to phone load of insurance companies on Thursday and will keep a record of how far I get with them. This will include calling the current owners insurers to see if they are willing to transfer the insurance (assuming it's a competive price of course).

As a side note we have had a preliminary letter back about the Homebuyers Report that was carried out last week. Doesnt seem to have thrown up any major issues, although there is a small snippet in the letter that says something along the lines of 'Issues with this property and surrounding properties in relation to subsidence - None'.
Errr... think again Mr Surveyman.

g_fella

So tired of having the phone pressed to my ear this morning, that I think I'm going to stop phoning insurance companies for now.

I basically approached each call exactly the same way, and tried to at least give them the information of how long ago the property was underpinned (24 years ago) to see if it affected their decision at all.

Direct Line - No
More Than - No
Churchill - No
eSure - No
Privilege - No
Bradford & Bingley - I did a quote online for them, said it was underpinned, said it hadnt moved, and a quote was forthcoming but subject to confirmation. I called and they said due to underpinning they couldnt insure. Errr... so what's the point of providing a quote online even tho this information was provided !! Grrrrrr.
Swinton - Said they would be able to with 1 company (Towergate) but that there would be charges of £160 to check via surveys etc (refundable if they cant ensure i think.), but she suggested calling another number they have on their website for specialist insurance and that they might be able to help a bit more. Number just rings and rings - no answer.
Post Office - Person I spoke to said that it would be referred to the underwriters but 9 times out of 10 it would likely be a No. Still worth trying potentially.
Confused.com - Before getting quotes it asks you to confirm a number of statements, one of which is to do with subsidence. Disagreeing with that takes you to another page that says they may still be able to help as they use 'Key Connect' service. As yet I havent taken this any further.
Norwich Union - (Phoned them because they underwrite First Directs insurance, and that is who are mortgage is with) They said ....wait for it.... YES it would be considered ! Although I didnt follow through with a quote I said I would get back to them.
Abbey - (Phoned because they are the current insurers) - They said because the underpinning was done 24 years ago, it would get referred to the underwriters, it would be explained about the length of time, but there was a fair chance it would be approved. I told them that they are the current insurers and they said that would be no problem then, as the insurance could be transferred.

Right, this got me thinking. Norwich Union is now called Aviva. The spiel that I endured on the Abbey phone line mentioned the underwritters are CGU Underwriting Limited (previously Commercial Union) and their parent company is.... if you havent guessed... Aviva. A quick look at who else is under the Aviva banner reveals that the RAC are there too. A quick call to RAC and guess what, they too would refer it to their underwriters (Norwich Union) and there maybe some chance of success.

While Norwich Union, Abbey and RAC are all effectively underwritten by the same company, there is a strong chance that they will produce varying quotes as each company is different. Of course there is still the chance that after going through the full details of the property that they could turn round and say NO, but it's worth a pop. I will probably contact some of the specialist companies too, just as a comparison.

Please Note : If the subsidence had happened in the last 5 years, then I think there is a good chance all these companies would reject the property immediately, and I think the only option then would be to use the specialist companies only. Please note I dont work for Aviva or their related companies, and this is not an exhaustive list of all insurance companies in the UK. The results given relate solely to my current position and property and may vary for each individuals circumstances. :A

pawpurrs

LV can be quite good about these sort of things too.
With insurance for any specalist property, there is no point using the internet comparasion or internet quotes, they just wont work.
I live in a period house that is 500 years old, most of those bog standard insurers wont touch it, but I know those that do, but will only do it over the phone not the internet.
Internet policys are for Normal box houses, built of standard construction, not in a flood/subsidence area, not period, not listed,thatch, timber framed etc...

tstodart

Our Victorian terrace is two doors down from a house that has had a little subsidence occur many years ago (1920s). This came up during the survey for the person who outbid us on the property, who then ran a mile.

Even the current insurer at the time wouldn't quote. But one of pawpurr's specialist insurers was happy to do so - and so far haven't been ramping up the prices each year.

Buying a house is stressful enough - why not go with the specialists for a year and you can try shopping around at renewal time? If you are really concerned about the ongoing cost then you should factor this in to your offer price.

g_fella

pawpurrs - "LV can be quite good about these sort of things too."

LV standing for Liverpool Victoria ?! I'm not sure I could you know... I'm a United fan
Thanks for the tip tho, I will add them to my list.

tstodart - I'd rather just get the shopping around out the way now so that I dont necessarily have to do it next year. With regard to dropping my offer, I am certainly considering it. For one thing, we weren't made aware of the underpinning by the owners or EA prior to having our offer accepted, our solicitor told us about it in the end. Any suggestions as to what would be regarded as a not too cheeky drop in offer ? Accepted offer was £277500 before we knew. I will feel a bit guilty now tho as we have been in touch with the owners a couple of times and they have been very helpful with all the questions we've had. Our mistake I guess, but it's just so much easier than getting answers out of their EA. My concern isnt so much about the underpinning as I reckon the house is now as safe as houses, but the slightly raised premiums on the insurance, and problems we may well encounter in the future if we decide to sell.