Old subsidence / insurance dilemma

Snugglepuss

Hi.

We are in the process of buying a house which has previously had subsidence due to trees. It was fully rectified and we have the independent survey and other documents to confirm.

My dilemma is around timings and what we need to declare on insurance. We are aiming to complete on purchase around 30th November. On 16th January it will be 10 years since the subsidence was declared sorted. Technically purchasing insurance needs us to declare any subsidence within 10 years. Given we will be starting the insurance only 6 weeks or so before that 10 year cut off, will we still have extra premiums to pay? Should we even declare it?

Advice appreciated.

Thanks.

SmashedAvacado

When taking out insurance you need to answer the questions you are asked honestly. Using a broker might help in this instance. Not all insurers will have the same 10 year approach - i would expect most to prefer to see the confirmation that any issue has been fully rectified.

Snugglepuss

Thanks. I realised after I posted I didn’t make clear - I’m not suggesting dishonesty to insurers, I was coming from a money saving perspective. Is there something clever we could do around what policy and how we pay for it to minimise the cost for the insurance? It’s not an area I know much about.

2bFrank

Buy a policy that has minimum penalties for leaving mid term. then in Jan simply cancel the policy and buy a new one without declaring the issue if you are allowed. that way you ar eonly paying for a small period instead of the full year.