Whether your property has suffered from subsidence or has had underpinning work, it can be a nightmare to obtain an insurance policy at an affordable price. The flip side, your property has never suffered subsidence, is in good state of repair etc. but the insurers have deemed your property in a “subsidence area” and as such you are tarnished with the same brush, which in turn has made it close to impossible to get a reasonable quotation covering for what you need.
At Goldcrest we insure properties that have either suffered subsidence or are in a subsidence area up and down the country, and unlike the insurance meerkats of the world, we can give you expert advice and assistance when acquiring said insurance.
Whether it be a commercial premises, a let property or more commonly, your family home, we are well equipped within the Subsidence related insurance market to provide you the best policy out there.
But what is subsidence?
Subsidence is essentially the downward movement/sinking of a property. It is a lowering or collapse of the ground. It can be triggered by man-made disturbance, a change in drainage patterns, heavy rain, by water abstraction or even by tree roots growing into the property foundations.
Why is it seen as a risk to insurers?
Subsidence has the potential to cause problems such as damage to foundations, buildings and infrastructure. If your property is in an area that is considered likely to suffer from subsidence, they cover the likelihood that if they have to pay out and claims can range well into the tens of thousands. The probability is that if your property is in a subsidence area, even if it has had no history of subsidence, insurers will exclude subsidence cover all together in “fear” that a potential claim could be made – unless of course to go to a specialist/broker such as Goldcrest.
What do Goldcrest require for a quotation?
We require standard details as you would supply any other insurance company and can usually provide a quotation over the phone, however if slightly bespoke it can take slightly longer, however you will be provided with a file handler at port of call who will liaise with you via the quotation process.
If your property has subsidence previous, then in order to provide a quotation we will require an up to date structural engineers survey before we can acquire any terms what so ever. This document can be obtained from any professional surveyor.
What do I do next?
Pick up the phone, dial “020 8440 8427” and speak to the Goldcrest subsidence insurance team today.
