Our house had subsidence in 1999, 5 years before we bought it in 2004. We've stayed with the same company that paid out for the work done in 1999...mainly out of fear that changing company would be almost impossible and too risky if we had a recurrence of the subsidence or if we wanted to sell the property.
The problem was caused by the roots of a large tree on the public road damaging some drains at the front of the property. The tree is still there but gets pruned severely every couple of years by the council and the problem hasn't happened again. I don't think it was a big problem because the total bill from the structural engineering co. came to 5k.
Normally we pay about £600 for buildings and contents and this year we were quoted £700 on renewal. I started searching on the internet and the price comparison sites don't find many companies offering insurance for properties with subsidence but Admiral did at a cost of £300. I phoned my current provider and by explaining the Admiral offer and stripping it back to as basic a cover as possible they were willing to reduce the premium to £450. I've since been on Axa's website and they will do the same cover for £165 (as they seem to ignore any cases which are over 10 years old).
My wife thinks we should stay with our current provider but I want to move as we'd save almost £300 on top of the £250 we've already saved.
The only concern I have is that it may be an issue if we decide to sell the house in the next few years (which we may or may not do) but surely any prospective buyer could find similarly cheap insurance as I did by searching the internet.
Our renewal is up on Thursday so any advice/suggestions would be much appreciated.
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Subsidence - stick with original Insurance provider or move to new, much cheaper company?
8 replies
johnnybuoy · 02/02/2016 23:41
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