Will the Risk of Subsidence or Land Slippage
Affect Your Insurance Premium?
Yes either will greatly affect your premium.
You will understand that anything that can move the foundations of your property will be of major concern to your insurer. If a foundation moves walls will crack and the structural integrity of the building is placed in jeopardy. The repair costs can be horrendous.
Subsidence is most frequently caused by old mine workings or poor ground conditions. Therefore, problems tend to appear slowly. Any surveyor will be on the look out for the tell tale signs of movement in the foundations and report to you accordingly.
Land slippage is different but no less problematic. The danger signs are more to do with the immediate geography around the property and the activities on the land around the property. For example, houses near cliffs or steep slopes, or near mining spoil heaps. One house we are aware of was situated on flat ground adjacent to a steep slope down to a stream. What the owners didn’t know was that over the years the stream had changed course and the slope had become unstable. One morning they awoke to find half their garden and their neighbour’s, gone – it had arrived at the bottom of the slope! The cost of repairing and stabilising the slope? £750,000! And their home insurers picked up the bill.
You are advised to think very hard and take professional advice before exchanging contracts on any property which has a history of subsidence or is located in an area with a history of land slippage or land heave.
Frequently Asked Questions related to the above topic.
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