If you’ve just discovered that your house is subsiding, then you probably have a lot on your mind. It can have a substantial financial impact on your property, and could leave you wondering ‘is subsidence covered by house insurance?’.
Let’s take a look at the effects of house insurance after subsidence, and what the best options are for you to minimise the financial risk.
What Is Subsidence?
When the ground beneath your house starts to sink, this is known as subsidence. Often most noticeable when the land drops and shifts at different rates across your property, it can cause your property’s foundations to become misaligned. Commonly first identified by substantial cracks to the interior and exterior of your property, subsidence can affect your house’s structural integrity and value.
For those investing in their property’s value, subsidence can harm its market price. Even after repair costs, the increased price of home insurance could deter prospective buyers.
Will House Insurance Cover Subsidence?
If you’re worried about your house subsiding, then it’s best to check with your insurers that they will cover you in the worst-case scenario before taking out a policy.
While many insurance companies do provide house insurance subsidence, it can come at a price. As repairing a home damaged by subsidence is costly, insurance companies will make you pay a large excess in the event of a claim. This event will result in an increased premium for the following year, and frequently a higher overall excess on your policy.
While this varies between insurance companies, the better option may be a specialist in house insurance for subsidence, as they can offer the best price for the kind of damage associated with your property.
Why Choose A Specialist Home Insurance Broker?
For homes with a history of subsiding, insurance companies might refuse to cover you due to the potential cost to the company. This situation can cause worry and stress for homeowners and landlords alike. In choosing a specialist home insurance broker, you can benefit from their expertise to get the best deal.
At Crowthorne Insurance, we offer non-standard home insurance to make sure your property gets the cover it needs. So, if your house has a history of subsidence, or you’re struggling to get insurance for other reasons like flood risks, we can help. We tailor our quotes to your property, offering competitive prices and exceptional customer service.
Get in touch with our team today and make sure you have house insurance after subsidence.
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