The dreaded subsidence trolls have come knocking. Your property is no longer standing firm, and you’re worried about what horrors await you in the realm of home insurance. When the ground beneath your house is shifting downward and your property is starting to show signs of structural damage, it’s possible that subsidence has struck.
You’re filled with questions. Mostly, you might be wondering whether you can protect your home (and your pocket!) from the costs of dealing with subsidence, and will that protection cost a fortune itself?
With over 20,000 UK subsidence claims filed annually, and insurers paying out over £300 million each year, this is no fairytale threat. This requires some specialist help. We’re here to break down the costs and factors involved so you can make informed decisions for your property.
Understanding Subsidence: The Basics
Subsidence is like a sleeping dragon beneath your house. And when it moves, the ground sinks, and so do the foundations of your home. Most of the time, subsidence isn’t caused by dragons, though. Instead, subsidence can occur due to soil shrinkage, creeping tree roots, leaky pipes eroding away the earth, or historic mining that has led to large air gaps.
Whatever the cause of your subsidence, there are some common signs that it’s lurking. You should always have a professional assess your property for subsidence, but they will most likely check for signs such as diagonal cracks, specifically those that are wider at the top, doors that have begun to get stuck in their frame, and sloping floors.
Mix all of these ingredients together, and you have the perfect subsidence potion.
When it comes to repairing, you might be wondering just how much it could cost to put your house right. With the average repair (without insurance) costing homeowners between £5,000 and £50,000, you can see why subsidence insurance feels like a knight in shining armour.
The 7 Factors That Impact Your Subsidence Insurance Cost
You don’t have to face the beast of subsidence costs alone, though. Subsidence insurance is home insurance that can cover the financial burden of repairs and replacements. Your not-so-mythical insurers consider these seven factors before naming their price for subsidence protection:
1. Location and Soil Type
The ground that your property sits on can tell a thousand stories, depending on its type. Properties on clay soil may see premiums 20-30% higher, and the same goes for historic mining areas. So, having trolls beneath your bridge really can make a difference.
2. Property Type and Age
Victorian, Edwardian or older property? These homes typically have shallow foundations, which can make your property vulnerable to the mischief of subsidence trolls. Meanwhile, newer builds with modern foundations can enjoy lower insurance costs.
3. Property History
Your property’s history can determine whether this chapter has a happier ending. Previous subsidence can increase premiums by 30-50%, but underpinned properties can actually have better rates if your repairs are properly certified. This is why it’s so important to be honest with insurers. Talk to experts like Orwell to find out if you need specialist insurance from subsidence cover wizards who focus on higher-risk properties.
4. Policy Coverage Level
You should choose your mystical shield wisely. Basic protection might cost less, but it could leave gaps in your defences, while comprehensive insurance can offer full coverage against those ground-shifting trolls.
Typically, your subsidence shield will cover buildings, contents and the costs of losses should subsidence occur. Normally, it won’t cover other external buildings and property that is used for business.
5. Excess Amounts
Your standard subsidence excess will typically be between £1,000 and £2,500. But if you want to protect every penny, adding a voluntary higher excess can reduce your premiums by 10-15%.
6. Trees and Vegetation
Trees are our ancient friends, but properties within 5-10 metres of large trees may see premiums 15-25% higher. This is because of the enormous root networks that anchor them to the earth, which your house sits on, too.
Tree management can help reduce costs! By consulting with our Orwell experts, you can find out the most effective way to minimise your premium.
7. Drainage and Water Management
Water warlocks can cause a bit of a hazard, but even if you don’t have watery wizards in your back garden, poor ground drainage can increase risk and costs.
But, evidence of maintenance can lower your premiums!
Comparing Subsidence Insurance Costs
It may feel easier to pull a sword from a stone than to find a subsidence insurance policy that meets your requirements, but with tailored comparison, you can find the cover that feels like a fairytale. Costs can vary between insurers, and price ranges are based on your property type and risk factors, which is why it’s best to get multiple quotes (Orwell can help here!).
Our sage advice? Don’t solely focus on the cheapest option – consider the coverage you’re getting and whether you’ll feel protected in all possible situations.
Here’s a quick look at the typical costs you can expect:
- Low-risk property: Additional £50-£150 annually to standard buildings insurance
- Medium-risk property: £200-£350 annually
- High-risk or previously affected property: £400-£1,000+ annually
To find out the risk level of your property, we’ll walk you through a range of questions about your property, your subsidence and your circumstances, and then when you get your ideal cover, you could say Orwell that ends well. (Sorry, we couldn’t resist!)
Subsidence Insurance: The Treasure You Really Need
Subsidence insurance costs depend on various factors, but you can think of it as ensuring access to buried treasure when you need it most. Without it, you could lose all your treasures – and your entire castle too.
But don’t worry, subsidence insurance isn’t always expensive just because it’s specialist. On the other hand, fixing problems that arise because of subsidence will always come with a heavy price.
Finding your ideal subsidence insurance cover is not always straightforward, but luckily, Orwell are experts. Get in touch with our friendly and knowledgeable team today for a quote personalised to your budget and requirements.
