Home insurance - drain subsidence fixed, 74% premium increase

petenuttall

Hi,

First post, so go easy on me I have had a quick look around the site, but not found any specific info, so...

We had "subsidence" this year, caused by leaks from cracked drains weakening the soil. Our insurers fixed the problem relatively easily: new drains, a few wall ties across the cracks and a bit of redecorating. No underpinning or work to the foundations needed. Problem solved.

We've just received a letter from our broker saying that the previous underwriter has declined to renew cover; instead they are offering an alternative policy from a different underwriter at a whopping 74% increase. (Was £470, now £815).

And that now excludes accidental buildings and content cover that was previously included.

I know the word SUBSIDENCE brings insurers (and comparison sites) out in a rash, and I can understand that in cases where the risk can't be mitigated: eg. when it's down to flood risk, geology etc.

But aren't they sophisticated enough to be able to see that the issue has been fixed in my case, there is no more likelihood of me getting subsidence than anyone else? In fact you could argue that - all other things being equal - with my shiny brand new drains, I am less likely to get subsidence again than someone else?

What's the best way to get the cost of my cover back in line with the actual risks it presents?

Thanks!

Details

£260k building cover, no accidental damage cover. £50 excess
£51k building cover, no accidental damage cover. £50 excess
High value items - none
£1.5k General possessions
£50k legal cover

£2.5k subsidence excess

huckster

Who were the Insurers that covered the claim, but refused to renew?

What reason was given as to the refusal to renew ?

This might help people understand why this has happened and to suggest the way forward.

If a company is still in business and has no issues with the risk, they would normally want to offer renewal at an increased price, to start getting their money back from the claim.

Trying to obtain cover including subs elsewhere, so soon after a claim, can be expensive as you are restricted in the choice available.

You could try Bureau Insurance Services and Towergate.

petenuttall

My brokers are homeprotect, the original underwriters were Lloyd's.

I haven't been given an explanation of why they are declining to continue cover.

Homeprotect are now proposing Woodbrook as underwriter, at a 74% increase.

I will try the two companies you suggested Huckster, thanks.

huckster

petenuttall wrote: »

My brokers are homeprotect, the original underwriters were Lloyd's.

I haven't been given an explanation of why they are declining to continue cover.

Homeprotect are now proposing Woodbrook as underwriter, at a 74% increase.

I will try the two companies you suggested Huckster, thanks.

I could not find the homeprotect brokers online, so they must just be a local company. It may just be that the particular Lloyds scheme is not taking any new or renewal business i.e. it is being run off.

You could also try the big boys in the household market e.g Aviva, Direct Line. They might look at the risk, if you supplied details of the works in writing and a structural engineers report confirming all is now OK.

If you have a mortgage, the Insurers they use, might also be willing to look at this for you.