GOOD subsidence insurance is not something you should fear. It is an opportunity for you to save money on your property insurance if you have ever experienced a subsidence/ground heave problem in the past.
If you have ever suffered from subsidence or ground heave then you know the nightmare that ensues. Most standard home insurance policies will cover you (please check your own policy to be sure though) for a first claim but with typical Â£1000+ excess. These are expensive claims as walls are costly to rebuild and pin into place to prevent anything going wrong in the future.
Making a claim on a standard home policy will open your eyes to all sorts of issues and normally several weeks/months of administration as loss adjustors visit, contractors quote and a final price is agreed with the insurance company.
And once you have had a claim on home insurance for subsidence, you need to declare it on your home insurance renewal. If you donÂt then you could and most likely will be refused insurance in the event of any future claims, for anything to do with your home, which simply means your insurance is not applicable. Not declaring the claim is fraudulent and if an insurer then refuses you cover, that means your options for future insurance are drastically reduced and prices will go through the roof.
The price of standard home insurance will in most cases increase significantly if you have had a subsidence claim in order to claw back and protect against any future risk.
And the big TV brands that do standard home insurance so well at such low prices are often not the companies that can deal with specialist problems such as subsidence. They are businesses built on pile it high and sell it cheap standard home insurance that is easy to underwrite and makes the insurer money. Subsidence does not fit into that bill, so they simply add a big chuck of price to cover it.
I have heard of people getting renewal premiums that are multiples of what they paid prior to any subsidence claim, with excess payments in thousands. What that is telling you is that your standard home insurer doesnÂt really want your business.
If you are in this predicament and feel forced to buy the renewal because we all need home insurance to protect our assets or keep a mortgage company happy, then you need to look for specialist subsidence insurance providers. These are few and far between but they are out there in Google land. Just search for subsidence insurance and take a look at the natural search results that come up Â the paid for adverts can sometimes be misleading with the likes of Tesco and Confused appearing. These are two providers/comparison sites that typically do not cope well with subsidence insurance but have big marketing budgets to try and attract traffic.
You may need to go on to page 2 on Google and do read the text under the headlines as it will cut out the providers trying it on and simply offering standard home insurance. You need the listing to clearly be offering subsidence insurance otherwise you could be wasting time.
Visit the specialistÂs website and youÂll be able to tell in a glance whether they are really what they say they are Â an expert in subsidence insurance. Once you have found a good one or two, then it is time to either complete the quote form or make a phone call to them.
It is likely even if you fill in a form, the insurer will call you back anyway as they will have additional questions to ask you. This is a good sign, as they want as much information as possible to make sure they are competitively quoting you.
Things that they are looking for include remedial work carried out to fix any subsidence problems. If you have had the property underpinned or steel piles placed, then these remedies may actually reduce the chance of subsidence happening again and allow the insurer to reduce the cost of a policy.
The prior fix can actually reduce the chance of subsidence happening again and a specialist insurer knows this and can account for it. That is just one of the ways they can save you money.
And specialist insurers make their living from providing this sort of insurance, so they know they have to provide competitive prices with realistic excess amounts otherwise they will go out of business. They know their onions and will usually deliver a much more competitive and realistic quote than any of the major house insurers you see advertising on TV Â exactly because they are specialists.
So donÂt fear subsidence insurance, if you have had a claim in the past, you should be welcoming it as a money saver.
The Property Insurer