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Ask the insurance expert

Buildings insurance and settlement problems?

Monday, 21 Jul 2008 11:24
A reader is having trouble finding buildings insurance as an old survey showed settlement.

Ian Durrell, myfinances.co.uk insurance expert from the Only Group, which includes onlyinsurance.com, tackles the issue.

Sharon from Blackpool asks:

On purchasing my house four years ago, the structural survey said that the house had been subject to settlement many years ago and there had not been any movement for years.

It added that this was the usual settlement for a property built in this area.

I declared this to the insurers and was turned down from many. Zurich accepted at a rate of £600 a year for contents and building. I have had no claims for four years and this premium is steadily increasing.

I am looking to change my policy but am wondering if I need to declare the early settlement at all. If I do have to declare it, can you advise as to how I get a cheaper policy?

Ian replies:

There is a difference between natural settlement as per a new build and movement due to surrounding area.

The perception of each case will stay with the insurer and there is no obligation for an insurer to offer any price, competitive or not.

Some companies will specialise in difficult insurance and if the insured wants a more competitive price it will be a case of ringing around.

If you have a question for Ian, go to the myfinances.co.uk Ask the Insurance Expert section.

Only Group is authorised and regulated by the Financial Services Authority.



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