THE most obvious way to know if you need subsidence insurance is when you notice cracks in the walls of your property. When that happens, chances are you are suffering subsidence and you need to get it sorted straightaway.
The other way to know if you need subsidence insurance is if you have ever had subsidence in the past. If you have, then you will definitely need subsidence insurance now and in the future.
So, whether you have subsidence right now or in the past, you’ll need subsidence insurance for your home. Let’s take them one at a time.
1: If you notice cracks in your walls then you need to get on to your home insurance provider immediately. Almost all residential buildings insurance policies will allow for subsidence claims but will come with a hefty £1000 excess. That is high because the cost of fixing subsidence is high – it can run into the tens of thousands of pounds.
There may be a case if you have bought your home insurance from a large price comparison site or from an unscrupulous broker where they will have excluded subsidence insurance in a bid to get your price as low as possible. This will have been detailed in your policy schedule – so check this now. If you are excluded you will be on your own. It’s worth any homeowner checking their insurance to make subsidence is covered.
Once you have made the claim on your home insurance, you will need specialist subsidence insurance in the future, as standard home insurance will be difficult and expensive to buy. Standard home insurers do not understand the risk and how to deal with it, so they will load the price in most cases or simply exclude subsidence cover in the future.
2: If you have suffered subsidence in the past, then similar to 1 above, you will need specialist subsidence insurance in the future.
The expert subsidence insurance provider knows what you have been through, how the problem has been fixed and the chances of it occurring again at your property. In most cases if the fix has been done properly by an insurer accredited tradesman, then the chance of reoccurrence is low – possibly lower than ever. That allows the expert to rate the risk as low and offer a competitive price for your home insurance.
To get the best subsidence insurance in the UK, try The Property Insurer and see if it can provide the best policy at the lowest price.