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Subsidence Insurance

Had to withdraw offer on property with history of underpinning due to subsidence. Although work is 15 years old and builders report indicates that repair is good, no insurer will offer cover. Vendor has now reduced price by 20k. I wanted to buy it for my retirement but have been advised that while it will not fall down in my lifetime, history will affect saleability. Have I made right decision??

Asked on Nov 28 2010, General in Cromer | Report content

Answers (1)

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  • Typically the current insure will continue with the cover, if not then there are specialist companies who will cover the property as long as there is not evidence of on going issues which it reads like the problem has been cured. Yes the premiums are more expensive but if subsidence is common in the area you wish to buy then ironically you are better off with one which has been under pinned. Yes it will affect the sale price but if you buy it cheap enough you will always be able to sell it on at a similar discounted price.

    Answered on Nov 30 2010, Report content

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