Slippage Insurance Home Cover

Walk up to even the least temperamental of homeowners and whisper "slippage" or "subsidence" in their ear. Watch them break out into cold sweats. Subsidence to a homeowner spells disruption, hassle and expense. Yet, the actual slippage that occurs is not actually the largest headache. Instead, it is trying to insure a home that is beset with a history of being affected by slippage and subsidence.

Worse, if you want to go out now and find out information about subsidence, you'll have a very hard time. Unless someone in your family is a surveyor and will take the time to help you then you are left scraping around for information from the government or having to buy information.

What is particularly amazing is that this is the case even though subsidence claims have grown almost exponentially in the last 30 years. From 1970, when it was £5m of claims, subsidence and slippage now accounts for over £350m of claims each year. What certainly hasn't helped is the large amount of properties that were built in the recent past on slippage-prone land, mainly due to shortages of land for development.

The ground beneath our feet is always on the move, wherever we are in the UK. The problem is exacerbated by the proliferation of mining, tree planting, water extraction, tree removal and a myriad of other human work. Major geographical faults don't help, and neither will natural phenomena.

The first thing that you should do if you can see any cracks in your floors, ceilings or walls, which are the most common sign of subsidence, is to call your insurance company and get a surveyor in to assess the problem. The first cost to you will be that you will need remedial work on your home's foundations.

Once this remedial work is completed, the theory is that you should find it less trouble to obtain insurance. Of course, this remains theory, because the notoriously risk-averse insurance industry is likely to run away from any site with a history of subsidence, and you will probably forever encounter insurance problems. In reality, you will need to rely on some insurance specialists, who may be prepared to get involved in insuring those properties now known as "previously underpinned".

If you make a subsidence claim on the home you own, you should still get cover, albeit for a much-increased premium. But, you will find it tough selling your home, because the new owner will find it almost impossible to arrange buildings and contents insurance. Without buildings insurance they are unlikely to get a mortgage, and your sale will fall through.

The Subsidence Claims Advisory Bureau (01424 733727) also offers cover under certain conditions.

 

 

 

 

 

© AskFinancially.com 2008

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