Can Insurance Help With Subsidence? Everything You Need to Know
Subsidence. The dreaded word that homeowners hope to never hear. Not only does it conjure up a mix of worry and dread but also confusion, especially the thought of navigating through insurance companies and how they approach such an issue. Whether your insurance premium covers the costs of damage repair or if you need to utilise those hard-earned savings is a question we hope to answer for you today.
Our team has decades of experience under their belts, meaning we can offer reliable advice on all subsidence-related issues. Today, we will cover a topic we get asked about often: what insurance support is available for those suffering from subsidence in their property?
Insurance Companies & Subsidence: The Support Spectrum
Can insurance help with subsidence claims? When it comes to approaching insurance companies with your subsidence concerns, you’ll be surprised and relieved to know that many policies do cover subsidence. However, this does vary from one insurer to another. In some cases, a policy will cover all subsidence repairs, as well as provide alternative accommodation and professional fees such as surveyor and architect charges.
Subsidence and Excess
While this all sounds like a breeze, there is a catch – the infamous “excess”. As with any insurance claim, you must pay an excess fee for the overall cost. When we look at subsidence claims, this excess fee can often be much higher than those for other types of claims. On average, the excess on a subsidence claim tends to be around the £1,000 mark.
Will You Experience Increased Premiums?
So, “Should I claim on my insurance for subsidence?” is another question we are often asked. Our advice is only if you’re knowledgeable about what’s to come. For example, one unavoidable long-term cost of making a subsidence claim is the potential increase in your insurance premiums. As you can imagine, subsidence is seen as a high-risk factor by insurance companies. Therefore, if your home is or has previously experienced it, insurers may be concerned that this could happen again, leading to heightened premiums.
As a New Homeowner, Will You Be Given Insurance Cover?
If you’re a new homeowner, the above still poses a risk. If the property has a history of subsidence, many insurers will be less willing to offer cover as they’ll be concerned that it will return. In some cases, you may be offered a policy that excludes subsidence altogether, protecting themselves from future claims.
Why Are Insurers Concerned by Subsidence?
Now that we’ve covered the likelihood of being covered for subsidence, it’s essential to look at it from the insurance company’s perspective. Their hesitance to offer you insurance coverage in the face of subsidence risks comes from the hefty claim they may have to deal with at some point.
In fact, subsidence claims are amongst the most expensive, given the extensive structural repairs often required. Furthermore, once a property experiences subsidence, the risk of recurrence looms, making insurers understandably cautious.
How long do you have to declare subsidence?
How do you avoid the hassle of subsidence insurance rejections and complications? Act fast and get support. It’s no secret that navigating the insurance world is challenging, but that isn’t to say that homeowners aren’t without allies.
At Subsidence Ltd, we specialise in addressing subsidence issues within a matter of days. Thanks to our cutting-edge resin injection technology, we guarantee minimal complications, fast turnarounds and lower repair costs. Using a resin formula, we are able to fix cracks and sinking floors by essentially lifting the foundations.
Once the resin is injected into the foundations, it hardens almost immediately. Over time, it continues to solidify, but within just 15 minutes, it begins to work its magic of lifting. Undergoing this process is only possible if you seek professional advice and help as soon as you notice signs of Subsidence.
By being proactive, you will decrease recurrence risk and make your property much more appealing for subsidence insurance coverage. What’s more, by addressing such problems during the early stages, you’ll ensure that your property’s value is maintained or even increased, therefore protecting your investment as a whole.
Fast and Affordable Subsidence Repair
Are you currently facing subsidence? Do you need support submitting an application to your insurance provider? Reach out to Subsidence today. We have the skills and expertise to restore your property to its original state using a non-invasive but highly effective treatment. By allowing us to address your subsidence efficiently and innovatively, we can give you complete peace of mind.
Regardless of where you are in the UK, let us safeguard your home and livelihoods. Contact us today via phone at 0333 1300592, or complete our online enquiry form by clicking here.
CEO of Subsidence Ltd