buildings insurance.. how do i answer this?

moonwolf_3

got to have insurance in place for mortgage loan before we exchange contracts, butdont understand survey details in relation to questions insurers are asking.

building survey says
there is some cracking and bulging of the masonry on the front and side of the property, which we believe has been caused by old settlement of the building but this is not considered significat and no structural remedial works is necessary.Repoint cracks.
some insurers may not provide full cover for the property because of old movement and you should make further enquiries about this.
You should check with insurer that unrestricted insurance cover can be obtained


what does he mean by unrestricted insurance?

mortgage valuation says: evidence of movement was observed in the form of past crack damage to main walling. This appears to be long standing and non-progressive and the likelihood of further significant movement seems remote. no structural works are considered necessary.



looking around for good quotes but unsure how to answer questions on subsidence , or movement.

for example Axa ask

With regard to heave, landslip, subsidence and coastal or river erosion

Do you have any knowledge of the above occurring within 250 metres of your property?
Yes No


Has your home had any underpinning or other remedial work as a result of the above?
Yes No


Does your home show any signs of damage as a result of the above?

also ,online comparison sites dont seem to allow you to put additional information in and make lots of assumptions.. does that mean you cant get online discount i you have got other than standard replies?

many thanks in advance for your help

dogbot

Find a local broker who can give you a quote this time around, it might not be the cheapest but you will know exactly what you need to declare next time. I wouldn't have thought you would have a problem seeing as most old buildings in this country have signs of settlement.

What they mean by restricted cover is that the insurer may exclude cover for subsidence.

dogbot

Alternativly you could find out who the vendor has their buildings cover with and get a quote from them? Chances are it should be competitive if they have gone with them.

moonwolf_3

thanks dogbot, have found out previous owner used NFU for buildings, so not the cheapest.

it might not be the cheapest but you will know exactly what you need to declare next time.

sorry to be dim , but how will i know what to declare next time?

dogbot

Ah, well you can talk the situation over with the broker and get advice, that is their job, and so you will know what needs to be declared. You will also get a schedule which shows the information declares.

I think I really should have said to contact a local broker for advise. They should also know who is competitive in your area and will have access to different products than you will do direct or via price comparison websites (the products that come "top" on the latter are typicaly set up only to provide a cheap price, so you typicaly get less cover and worse service).