Latest Insurance Claims News
by Admin
Posted on 27-03-2023 12:55 PM
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insurance claims for subsidence damage hit levels not seen since 2006 this summer because of the heatwave conditions, according to industry figures. The association of british insurers (abi) said compensation for things like cracked doors, walls and windows almost quadrupled in july, august and september compared to the same period last
year
. It reported claims worth £64m submitted by more than 10,000 households during the third quarter - the most since the heatwave of 2006.
Subsidence is a regular feature of sizzling weather as soils shrink back because of a lack of moisture. Ground containing heavy concentrations of clay is often the worst affected as shifts put stress on windows, pipework and even foundations.
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As we are not just insurance claim managers but also qualified building surveyors, we knew from our experience where to look. Areas, materials and surrounding rooms that initially don’t seem to be damaged, are often affected down the line. It is very important to establish/uncover these at the outset to ensure that you get your full compensation for your loss and don’t miss the hidden damage. The advantages of employing a professional claims assessor. No paperwork to fill out- ics take care of this
access to our expert specialist partners to commence repairs without delay. Full claim management from start to finish from a registered building surveyor and regulated insurance expert.
Subsidence and Landslip Insurance Claims
If your home is at risk, coverage is available and affordable. Residential coverage of $150,000 costs just $41. 25 a year. Since 1961, the mine subsidence insurance program has paid out over $36 million in homeowner claims. Coverage is provided for complete buildings, buildings under construction, appurtenances to insured structures and for incidental losses that are a consequence of a loss. Mine subsidence coverage is available from $5,000 to $1,000,000. Your home should be insured up to its replacement value plus 20% to cover losses to appurtenances and incidental costs. Residential coverage costs about 27 cents for every $1,000 of coverage.
The definition of subsidence is the sinking down of land resulting from natural shifts or human activity, frequently causing damage to buildings. Subsidence due to natural shifts are very uncommon in ireland, the majority of subsidence cases in ireland are either due to poor workmanship / defective design, which is not covered by your home insurance policy, or an escape of water. Therefore the vast majority of insurance claims in relation to subsidence are as a result of an escape of water underground. This may be caused by a leak from drains, gullies, heating pipes, water mains, etc. It is also common for the leak to be ongoing for quite some time and because it is underground it is usually not detected by the homeowner until they notice cracking in their home.
Statistical evidence suggests that in the uk well over 25000 claims for subsidence damage or destruction are submitted to insurers in an average year. In recent years, following particularly dry spells, claim numbers have been almost twice this number. In the last 5 years insurers have paid almost £1bn in subsidence related claims. In the insurance industry subsidence damage is defined as a progressive downward movement of the subsoil beneath a building causing cracking and structural failure of the building itself. It is typically characterized by radial fractures in plasterwork and brickwork of walls around door and window openings and cracking of solid floor slabs.
Subsidence is caused by the undermining of the foundations of a property (usually caused by escape of water from underground pipes). Downward movement in the foundations can result in cracks in the structural walls of a building. Managing a successful subsidence claim is essential in restoring your home to a structurally sound state. However, subsidence claims can be very difficult to negotiate, and require dedicated professional representation with detailed insurance knowledge, to succeed. To establish if you have an admissible subsidence claim it is necessary to prove the cause and source of any cracks. This requires a specialist investigation and engineers report to determine the exact cause of the damage.