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Cant get buildings insurance
dunsford123
Posts: 4 Newbie
Looking for some guidance if possible.
Actually posting on behalf of my brother and sister in law.
They have agreed to purchase a house and are due to move in within the next 10 days. I've just heard it's falling through as they can't obtain building insurance
Apparently, the surveyor report highlighted some issues, but stated that if rectified all would be good. However the word "susbsidence" appeared in the report which appears to have excluded a host of insurance providers from offering to provide building insurance
Has anyone come up against this before and if so, do you have any advice to offer ?
Many Thanks indeed
Actually posting on behalf of my brother and sister in law.
They have agreed to purchase a house and are due to move in within the next 10 days. I've just heard it's falling through as they can't obtain building insurance
Apparently, the surveyor report highlighted some issues, but stated that if rectified all would be good. However the word "susbsidence" appeared in the report which appears to have excluded a host of insurance providers from offering to provide building insurance
Has anyone come up against this before and if so, do you have any advice to offer ?
Many Thanks indeed
0
Comments
-
Properties with 'subsidence' can be ininsured, but
a) you need a specialist insurer or broker and
b) the premiums will be higher0 -
So current subsidence which needs sorting? Did the valuer know before they valued it? Does their lender know?
Have they exchanged?! Will presume not. Also presume they have had specialists round to give a ballpark figure on costs. Can be very pricey - up to tens of thousands worst case scenario.2024 wins: *must start comping again!*0 -
Usually whoever the current insurance provider will continue to provide cover to a new owner.0
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