Financial Services > Home lnsurance > Home Insurance News

Financing website warns home insurance customers about subsidence risk

Wed, 30 May 2007

Home insurance customers have been put on alert after a financing website predicted there will be more instances of subsidence in 2007 than previous years.

According to figures from the Association of British Insurers, which represents the interests of several high-profile home insurance companies, UK subsidence claims cost a total of £225 million in 2005.

However, this figure rose to £302 million in 2006 and now financing portal moneysupermarket.com has warned that the total could rise again this year if the summer proves to be as hot as expected.

In a bid to counteract the problem, Richard Mason, director of insurance at moneysupermarket.com, has advised homeowners who fear they may be at risk to notify their home insurance provider immediately.

"I would urge homeowners to be as honest as possible with their insurer," he said.

"If you are aware of a subsidence situation when you move into a property, fully update your insurer."

Home insurance policies can typically be split into two elements - building insurance and contents insurance.

Building insurance covers the external framework of the house - such as structural damage and cracked walls - while contents insurance protects valuables held inside the property.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

newsnews rss
Home Insurance news
Home insurance warning over bikes - Tue, 18 Nov 2008
Home insurance warning for holiday makers - Mon, 17 Nov 2008
Tesco offers home insurance discount - Fri, 14 Nov 2008
More News

Save money on your mortgageSave on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Health cover, life insurance and PMIProtect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.