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

g_fella

Ladybird20 wrote: »

I am with direct line and havnt dreamed of changin basically coz i can tbe bothered with the hassle but on reading ur last post i mite give tesco a ring.........good result bet ur dead chuffed ..

Hope Tesco's say the same to you. And yes, I am quite pleased to have got a good quote from them.

jenny74 wrote: »

What I think is funny about the above info given to you is that Direct Line, Churchill and Privilege are all part of the same insurance comoany - They are all owned by RBS Insurance.

DId you ever find out who insured the property previously? As I said before, they would offer insurance.

I also think it's a little strange that all the companies you mentioned give slightly different answers. The same underwriter should have the same rules. But as I have been previously informed (when looking at the Aviva companies) just because the have the same underwriters doesnt mean that they give the same prices or are willing to take the same risk. They all have their own budgets to balance.

And yes, back in post #18 i stated that Abbey are the current insurers, and I know they will transfer the insurance. But that is not what I am trying to achieve. I know how much my vendors currently pay for their insurance with Abbey, and it's double the quote I have just got from Tescos. Obviously our situations are different (they have 3 kids in the house, we dont), but what I was trying to achieve was the ability to get competitive quotes. Everyone knows that insurance companies creep up their premiums every year, and I just wanted to know that I had the ability to change at renewal time should I feel the need. From the price comparison sites (obviously answering No to the question regarding subsidence and underpinning) Tesco's are one of the cheapest, whereas Abbey arent even on the 1st page.

Obviously cheapest isnt always best, but I've compared their cover and most companies standard policies appear to be pretty much the same.

g_fella

Just to close my input into this thread I thought I'd just let you all know that on Tuesday 9th June we finally completed on the house and moved in :j

The structural engineers report was the killer in the end as it enabled me to go to all insurance companies, explain the work that had been carried out, but confirm that there were no signs (now or ever) of the property subsiding.

Now fully insured with Tescos, but should be able to find competitive insurance every year from now until we die (or move out - whichever comes first).

Cheers for all your advice and support. Long live the Money Saving Experts ! :T

cattie

Congratulations on completing & moving in & may you have many happy years in your new home. It's obviously been a stressful process for you, but hopefully one that you will continue to feel was worth it for years to come.

pawpurrs

Woohoo! Congratulations, and wishing you every happiness in your new home.

tldkid

Hi, interesting thread because after buying, I heard that several properties in my area were underpinned as the site was originally a riverbed. The question is how can I tell without involving a structural engineer? What if the seller didn't know or concealed it from me? Is my insurance invalid?
Any help/advise appreciated.

pingu2209

When my mother sold her bungalow that had to be underpinned when she lived there (in fact she had to move out twice because the first time they didn't do it properly), the only insurer who would cover the new owners was my mother's insurer (RSA at the time).

I work in insurance. Subsidence or Heave is an area all underwriters get twitchy about. The environment is changing and the increased rain will mean certain soils like clay will expand and shrink accordingly.

Your best bet is to go with the existing owners cover. Subsidence on standard household policies always has an excess of £1,000 but you may find they put it up further.

Unless you claim a lot you are unlikely to have premiums increase year on year. Even houses that are in a flood plain and flood every year or two don't have their premiums go up dramatically each year.

Milliewilly

ad9898 wrote: »

Why buy a house that is underpinned, there are literally hundreds to choose from, and the money you have have lost so far will be more than made up for by the continuation of falling prices within a couple of weeks to a month, avoid like the plague.

Not everywhere is suffering continual falling prices - quite the opposite. I have seen prices steadily rise where I am looking to buy since september last year.

Milliewilly

pawpurrs wrote: »

All perfectly normal, surveyor covering his backside, doesnt want to be liable.
So to cover himself says drains should be checked, flat roofs only have a limited lifespan of approx ten years, so it will say something along the lines of, the flat roof will need recovering at some stage. Electrics need checking, covering himself there again......same with boiler etc...... Hes not saying there is anything wrong with them, he is just covering himself against liabilty incase there is something wrong.
Regarding electrics, prob says not up to modern standards, prob wouldnt be if it was done last week :rotfl:
These homebuyers surveys are a waste of money!
Most of it is copied and pasted.

Never a truer word has been spoken.