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Building Insurance On Underpinned House
sireland
Posts: 1 Newbie
I am in the process of buying a property that has restraining straps to be provided to give extra stability to the structure this past year. The house itself had subsidence about 25 years ago was underpinned back then.
A condition of our mortgage it is to have building insurance in place and It mentions evidence of movement on the valuation report. It seems on a lot of online quote forms ask if there has been subsidence in the last ten years, which there hasn't, but as there is a history does this still require specialised insurance? If so, where is best to start?
Many thanks in advance for any advice.
A condition of our mortgage it is to have building insurance in place and It mentions evidence of movement on the valuation report. It seems on a lot of online quote forms ask if there has been subsidence in the last ten years, which there hasn't, but as there is a history does this still require specialised insurance? If so, where is best to start?
Many thanks in advance for any advice.
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Comments
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Main stream insurers will take on properties that were underpinned more than 25 years ago.0
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Your best bet would be to take over the existing owners Insurance0
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Legal and general apparently insure underpinned houses after 15 years without significant extra cost. If you were aware of the underpinning and factored it into th buying price, that is OK but otherwise you are always going to have an underpinned house which puts a lot of people off buying.0
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blueblazer wrote: »Legal and general apparently insure underpinned houses after 15 years without significant extra cost. If you were aware of the underpinning and factored it into th buying price, that is OK but otherwise you are always going to have an underpinned house which puts a lot of people off buying.
As will Axa, however both companies have refused such properties until relatively recently. Whether they will continue to offer cover for such properties is anyone's guess especially when the inevitable expensive claims start rolling in.
The consequences of insuring an underpinned property with an Insurer who subsequently withdraws from the market can be very expensive.
The traditional method of continuing cover with the current owners existing Insurer is the safest bet.
Axa went big into Pet Insurance and then withdrew when they realised they could not make a profit leaving many owners open to very expensive vet bills. https://forums.moneysavingexpert.com/discussion/47206630
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