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22nd February 2019

Is Your Home Insurance Set To Rise?

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Is your home insurance set to rise?

According to the latest figures, from the Consumer Intelligence Home Insurance Price Index Report February 2019, there has been an average increase of 1.7% in home insurance premiums in the last six months.

This is largely down to the hot summer that we had last year, with subsidence claims being at their highest levels since the heatwaves of 2003 and 2006, according to the Association of British Insurers.

Michael Masterson at Cover4Insurance says That with there being an increase in claims due to the subsidence following last summer’s heatwave, it is highly likely that this will have a knock-on effect to premiums this year as insurers react to the increased claims costs.

Why does a heatwave cause subsidence?

A heatwave can cause the soil beneath a property to lose it moisture and dry out, this can lead to structural problems with the property.

What is subsidence?

Subsidence is a very specific issue that occurs when the ground under your house collapses, or sinks lower, taking some of the building’s foundations with it. This puts strain on your home’s structure as one side sinks, causing cracks to appear.

How to spot subsidence

The ABI has also provided the following advice on how to tell the difference between subsidence and general wear and tear:

  • Subsidence cracks usually appear very suddenly, rather than gradually;
  • They are usually diagonal, and wider at the top than the bottom;
  • They tend to be thicker than a 10p coin;
  • They are often found around doors and windows;
  • Subsidence may also cause dry wallpaper to rip or crinkle and;
  • doors and windows may start to stick.

Subsidence is routinely covered by buildings insurance. Each claim is unique depending on the building, circumstance and severity involved so there is no typical approach to repairs.

In some extreme cases your home may need to be monitored for a period of time. If your home is uninhabitable during this process – your insurer will cover the cost of alternative accommodation until you are able to move back in.

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