Subsidence - House Insurance

uclown2002

When I bought my current (200 yr old) property off the mother in law the surveyor indicated on the valuation report that it had suffered from historical subsidence. This surprised the previous owner as she had no knowledge of the reported subsidence and therefore eas not aware of any work like underpinning to address this.

Although I see no evidence of this subsidence I naturally felt obliged to declare it when seeking house insurance, resulting it a limited choice of companies and an extortionate premium.

I'm considering renewing my policy with a new company, stating that there is no subsidence.

Does the new company have access to details of old policy? Is there a shared database where the new company would find out about the previously reported subsidence?

Do I have other options apart from continuing to pay this offensive premium?

mattyprice4004

You don't declare
You make a claim
Claim gets declined
You lose money from premiums and have to sort out the issue yourself

Yes, details are shared. They may only check when you make a claim.
If you find the premium 'offensive' your only choices really are to put up with it, go uninsured or move house.

rs65

uclown2002 wrote: »

I'm considering renewing my policy with a new company, stating that there is no subsidence.

Just be careful what the questions ask (or assumptions made).

If it is historical subsidence it is probably ok. Some ask if your home has suffered subsidence in the last 10/15/20 years.

uclown2002

Tks guys.

Anyone aware of insurance companies sympathetic to possible subsidence?

Google is a bit overwhelming!

*Scarlett

You could try

http://www.homeprotect.co.uk/property-condition/subsidence-insurance

http://www.adrianflux.co.uk/subsidence/

Do you have any idea of when the issues occured? As stated above some mainstream companies only want to know about susidence within a certain time frame.

Don't be tempted to take a policy without truthfully answering all their assumption questions.You could possibly invalidate the whole buildings policy and end up with a cancelled policy (which is a whole other issue that you don't want to have!)

uclown2002

*Scarlett wrote: »

You could try

http://www.homeprotect.co.uk/property-condition/subsidence-insurance

http://www.adrianflux.co.uk/subsidence/

Do you have any idea of when the issues occured? As stated above some mainstream companies only want to know about susidence within a certain time frame.

Don't be tempted to take a policy without truthfully answering all their assumption questions.You could possibly invalidate the whole buildings policy and end up with a cancelled policy (which is a whole other issue that you don't want to have!)

No one is aware of any subsidence issues or work like underpinning in the past; it has been a family property for 100+ years.

Unfortunately when I bought it off the outlaws 5 years ago, a surveyors report for mortgage application referred to past subsidence. That is it, but I'm getting hammered for insurance as I declared it.

*Scarlett

How long did the "outlaws" live in the property? If it was 10 - 20 years and
presuming there was no subsidendence when they were there you should be able to get quotes from some mainstream insurers without having to declare this.

If you are getting quotes from the comparison sites and saying "yes" to subsidence then you will obviously be getting restricted results and higher premiums.

Try getting some "normal" quotes and when you go through to the insurers website check the assumption / cover questions very carefully. Some want to know about issues 10 years ago, some 25, some want to know if there was ever any problem.

You don't have to use your own personal details for these speculative quotes but do put in the correct property details and post code, etc.

You can always ring any competitive insurers to confirm any details.

eddddy

You could try AXAs online home insurance site. They only ask the following question:

To the best of your knowledge has your property experienced subsidence or heave in the last 10 years?

And Legal and General's site only has the following:

ALSO, IF YOU'RE BUYING BUILDINGS INSURANCE, YOUR PROPERTY (AND ITS OUTBUILDINGS) HASN'T BEEN:
- Affected by subsidence, heave, landslip or structural movement in the last 15 years.
- Underpinned, or provided with other structural support in the last 15 years.

So it sounds like you could get online quotes from either of those.

uclown2002

Good advice guys!

uclown2002

And Legal and General's site only has the following:
Quote:
ALSO, IF YOU'RE BUYING BUILDINGS INSURANCE, YOUR PROPERTY (AND ITS OUTBUILDINGS) HASN'T BEEN:
- Affected by subsidence, heave, landslip or structural movement in the last 15 years.
- Underpinned, or provided with other structural support in the last 15 years.

Took out policy with L&G; premium £154 compared to previous £550.

Tks so much.

uclown2002

Double post!