The first thing that many property owners tend to worry about upon discovering subsidence is the expenses of repairing the damage that the movement has created. After all, there can be fairly large gaps in the brickwork that require extensive repairs to be carried out by foundational experts. We have discussed at great length about the signs of subsidence in the home, however many people often forget to consider the effect that the issue can have on your home insurance. Read on as the team here at Rhino Piling explain everything you need to know…
If your property has never suffered from subsidence before then your home insurance policy will typically take care of the situation should it ever make an appearance. After all, it is impossible to predict when or if soil movement will strike. As a general rule, an ideal policy should cover the cost of repairing any damage as a result of subsidence, the cost of alternative accommodation whilst the repair work is carried out and a pay out to replace any lost contents.
A documented history of subsidence is where home insurance validity can become rather complicated as a basic policy may not provide the cover that is listed above. After all, any type of insurance is calculated as a measure of risk on the lender’s behalf and subsidence can be a considerable gamble. Of course, this isn’t to say that foundational solutions like underpinning are not effective options as they reinforce stability and will ultimately repair the damage from the get-go, however properties that have been underpinned are generally more expensive to insure.
From a home insurance perspective, it is typically more expensive to insure a property with a history of subsidence, even if it has been underpinned, and you may need to pay a ‘subsidence excess’ in order to negate the risk. The best way to go about obtaining a policy that is both affordable and beneficial is to browse the market and speak to an expert in the industry who will be able to offer advice based on the history of your property.
When it comes to subsidence, it is safe to say that time really is of the essence. After all, a lot less damage will be inflicted on a property if the foundation is secured quickly to put an end to the soil displacement that is causing the movement. If you are worried that subsidence and underpinning may affect your home insurance, it is important to speak to an advisor to find out what you are entitled to. For all your subsidence prevention tips and tricks, get in contact with the best piling Manchester has to offer at Rhino Piling today!
