subsidence - when do you have to declare it to insurer

evosy1978

Hello all.

Ive had a survey on a property done and it said there had been some subsidence.

My mortgage lenders evaluation stated their had been some "structural movement" and was unlikely to move again, but never said the word subsidence.

If id not had my survey done then i would never had come across the word subsidence.

So when applying for insurance would "structural movement" be defined as subsidence. Would i have to declare these words "structural movement" to the insurer.

Thanks

silvercar

YES!

The last thing you would want is to find that further movement takes place and your insurance won't cover it because you didn't declare previous movement that you were aware of.

You declare it to your insurer and send them the survey report, they then make a decision on whether they will cover you at normal rates, at higher rates, require further investigation or decline to offer insurance.

If you must buy this house, then you would turn to the current seller's insurance and ask if they will continue cover.

If you are getting a mortgage then insurance is compulsary; if you are not getting a mortgage, insurance is sensible.

danuk

whats the actual wording of both reports when mentioning the movement...... as my house had some settling in movement and surveryor covered his !!!! by saying yes it has has movement but unlikely to move again. He said that i should not tell the insurance company as it has definately not had subsidence.....

Maybe have a word with the surveyor ?, also have a word with the vendor. Then and only then make a decision to inform the insurance company............ insurance will be much higher for you once you mention the subsidence.

If it has had subsidence for def then of course you have to tell the insurance ...