Finding let property insurance for your needs can be difficult enough every year, sifting through brokers and direct providers every year – but if your rental property has suffered subsidence this can make the task all the more challenging as many providers will look to exclude subsidence or decline to quote straight away.
Luckily for you, here at Goldcrest we deal with distressed property on a regular basis so we have the right market for all let property requirements.
Many property owners, post a subsidence claim feel as if the market is too complex to obtain alternative quotations, but contrary to belief there are an abundance of agencies at our disposal willing to underwrite property with subsidence or underpinning history.
What you will need to keep in mind
Should your property have suffered a subsidence related loss, completed within the past 12 months of looking to obtain insurance, the likelihood being that majority of insurers will not offer subsidence cover (should you move elsewhere) immediately, but will review the insurer when you fall due for renewal subject to a structural engineers report confirming no additional movement, and property remains in a good state.
If your property is pending a loss for subsidence, and your renewal is due but the renewal premium is too high or you are just looking for an alternative quotation – we can accommodate these risks; if the loss is recent, within the 12 months, it can be extremely difficult to get a willing insurer to cover the property, however we can obtain terms for you – usually competitive, however coverage can be restricted until works are complete.
If your property has a pending subsidence claim over 12 months, this are easier to place, again we have a wealth or markets willing to quote, at competitive premiums, but again coverage can be restricted until works have completed.
Should you have a pending subsidence claim, and your renewal falls due but works have not completed, you well within your rights to move insurer, and this will not affect the pending claim.
“Subsidence history isn’t recent – works completed, what do I need to get a quotation?”
To get a quotation for let property with previous subsidence history we will require all standard property information, along with coverage’s required, but also we will need sight of a certificate of structural adequacy issued upon completion of the subsidence along with a recent structural engineer’s report of the property.
Depending on the insurer’s requirements they may wish to see sight of additional documentation of the property – but as long has you have the aforementioned with we will be able to facilitate obtaining a quotation.
Just because your property suffered subsidence doesn’t mean we are not able to be flexible on the property type or tenant type – so if you’re looking for a quotation on your let property which has subsidence issues, give our property team a call today.
