RP66, good evening.
The homebuyers Numpty that as posted ticked the box needs to clarify what [insurance] "Peril" is operating from the general "catch all" BCIS list of potential dangers to the property, to invoke the BCIS catch all is simply not an option, the Numpty must specify which of the adverse possibilities are threatening the property, there are a few options in the BCIS catch all??
OK I will come clean here, I work as an insurance Subsidence Specialist, OK up here in the far frozen north in Scotland,OK if I were presented with the BCIS "get out of jail free" option.I would be asking the question posed above.
Things that you can do now?
1/. Down-load the BCIS "I-Geoligy" app on to an I-Pad, pump in the Postcode and see what BCIS know about the ground below the property.
2/. Jump on to the local Authorities planning and building control portal ans see if any of the properties in the Postcode have been underpinned or had Subsidence work undertaken?
3/. OK now for the Insurance angle andyou asking in advance of purchase??
A/. By all means contact several of your preferred potential Insurers.
B/. Ask for a quote.
C/. Now for the kicker?? the Insurer by putting the Postcode into the "system" can tell instantly as to whether the area your potential property is in, is liable to Subsidence??
How do they do it?
Simple.
All major insurers feed anonymous information to the company Experian who log every Insurance claim, such as , vandal damage, car theft, car damage, property impact damage, property fires, property flooding, and [your one] potential Subsidence.
All the above claims are collated and a system that the Insurer [only] can access is the Experians databases that will tell the Insurer what "premium" to apply based on all the potential future claims based on historical claims made, including "Subsidence"
Food for thought??
Ken