Spot a crack in your wall that wasn’t there before? It could be subsidence. The thought of subsidence might be daunting, especially when it comes to trying to insure your home. But declaring your subsidence issues is a must if you want your property to be fully protected.
Subsidence is serious and impacts your property value – and safety!
This common problem can be like an annoying gremlin causing havoc in your property’s structure, but knowing the rules about declaration can take that gremlin’s power away. Here’s how long you have to report it to your insurer, so your subsidence gremlin doesn’t cause more issues long term.
What Is Subsidence?
Many homeowners hear the word subsidence and think it’s a death sentence for their property, but in reality, it’s simply the sinking or settling of a property’s foundation. Oftentimes this can be fixed, including any cracks or visual damage, by a subsidence specialist contractor. Many homes in the UK deal with subsidence, making it easier than ever to get insurance that will cover your home – along with its foundation issues.
Common causes of this are usually clay soil shrinkage, tree root activity growing through or around your foundations and leaking drains eroding out some of the earth.
Signs that you will notice if you have subsidence include cracks in your walls (big and small), sticking doors and windows and noticeably sloping floors. Because subsidence is such a significant issue with some properties, it’s all the more important to shield your home from unnecessary expenses with adequate insurance protection.
The Importance of Telling Your Insurance Company – Quickly
How long should you wait to tell your insurance about your subsidence? The answer is simple – don’t delay!
Your insurers need to be informed about subsidence as soon as possible. This is because your existing cover likely does not include subsidence insurance, and that’s like having a castle without a moat.
The risks of delaying declarations include denied claims, increased premiums and difficulty selling the property without proper insurance documents. So when you talk to your insurer, just be transparent and honest to make sure you get the cover you need.
How Long Do You Have to Declare Subsidence?
The good news is that there is no fixed time limit on declaring subsidence, report it as fast as you can to ensure your home is covered. Reporting your subsidence as soon as you can after getting it confirmed by a specialist contractor will allow you to:
- Prevent further damage and potential risks.
- Ensure your eligibility for insurance coverage.
- Avoid disputes with insurers later on.
- Maintain transparency and trust with the insurer.
- Document evidence: photos, expert reports for future claims purposes.
But what would happen if you were to delay telling your insurer?
Delayed Declaration: The Impact on Insurance Claims
Delaying a declaration about significant changes to your property can affect claims, such as potential denial and partial payouts. So essentially, that knight in shining armour you were relying on when trouble hits? He can only distract the dragon, not slay it, when the time comes and you put in a claim.
To get all the protection you were hoping for, It’s important to prove that the subsidence wasn’t pre-existing when you do declare it.
Insurers typically only cover subsidence that occurs during the policy period. So proving the subsidence is new helps establish that it’s a covered event, not something you missed out when you originally got your policy.
Evidence like photos, surveys or testimonies from neighbours can be helpful to support your subsidence declaration as proof.
Subsidence and Property Value
There’s a troll hiding under this bridge that many homeowners don’t see when they delay declaring subsidence. The truth is that undeclared subsidence affects your property value.
Addressing subsidence issues before selling is important because it could end up reducing the sale price or massively delaying completion. This is because lenders usually won’t lend on a home that isn’t properly covered for its existing risks, and you can certainly expect it to come up in the buyer’s survey.
And without declaring it promptly, building insurance costs will likely increase if subsidence is discovered later down the line. So it really does pay to declare your subsidence as soon as you can.
What’s The Timeframe For Declaring Rectified Subsidence?
Let’s say you’ve conquered the dragon yourself – your subsidence has been rectified and your home is safe and sound. Even after subsidence has been fixed, it’s still likely that you need to declare it to insurers.
This isn’t because insurers are trying to catch you out – the opposite. There’s still a potential for future subsidence issues and there’s a definite need for ongoing monitoring, which means there’s still a risk that you need to be covered for.
Now, declaring rectified subsidence does have a bit of a timeline, a bit like the need to declare recent past claims. Some say 5-25 years, but it varies by insurer, so it’s always best to talk to your insurance provider about the specifics.
But many require indefinite declaration, in your insurance cover questions, it’s often phrased as ‘Have you EVER sustained loss or damage by subsidence, flood, heave or landslip’.
Unsure if you still need to declare your fixed subsidence? Always check with individual insurers for their specific requirements, bearing in mind that your insurers may require proof of the rectification work.
So What Should You Do About Insuring Your Home With Subsidence?
If in doubt, declare your subsidence to your home insurer as promptly as possible. And if you’re getting new coverage, make sure you declare your subsidence (past or present) as accurately as you can.
Remember that your home insurance is there to protect your property from further subsidence risks, so you don’t have to deal with the potential costs on your own.
Still not sure what to do about your subsidence gremlins when it comes to getting insurance? Talk to our home insurance experts here at Orwell for tailored advice and a clear quote. Because Orwell that ends well…
