Some may experience problems when they want to buy a house which has been subject of a recent subsidence claim,
for example, whereby the current owners have specialist insurance for the over-50s but the interested purchaser cannot continue the policy due to not being over 50 themselves.
Simple logic would suggest that a property that has been properly underpinned should actually be a safer bet than the one next door which hasn't and one would expect this should be the point of view from an insurance company.
Unfortunately that's not the way things tend to work where insurance is concerned. Admittedly, there is an industry agreement in place, designed to ensure continuity of cover for homes that have had to be underpinned. But what this tends to mean in practice is that many companies will only continue to insure such properties if the original claim was made under one of their own policies. Which in this instance is not feasible.
This shouldn't put one off as the interested purchaser will just need to shop around for insurance cover. This won't be easy but isn't impossible. It's ironic that the more recent the claim, the more challenging the task of finding insurance may be... After all, the newer the underpinning, the more reliable you might expect it to be!
As with any type of insurance, the existence of a recent claim is likely to bump up both the premiums and the excess you will be expected to pay. We would recommend that you get professional advice from a reputable all-market broker, whereby you can be confident that they will find you the best deal available.
So don't despair, if you really have you heart set on a property with such an obstacle in the way then by putting in the extra effort to secure insurance cover it will make it even more satisfying when you finally get hold of the keys!
