Insurers Warned Of Subsidence Claims Surge

Keoghs has warned insurers to set up for the increase in subsidence claims following this summer’s heat wave. 

A recent forecast by building consultants oca uk warned that 2013 was probably being a “full-blown subsidence event year” unless the remainder of august is extremely wet. 

Insurers pay an average of £200m to £300m every year on subsidence claims, with costs rising to £400m in event years – when periods of significantly high rainfall are followed by terribly dry periods. 

“Given that a surge in subsidence claims in 2013 may be a realistic chance, insurers are suggested to commence to budget planning for the increase in subsidence claims spending over subsequent 24-48 months, ” same matthew rogers, a partner along at the legal services firm. 

One in 5 homes are at risk of subsidence per the british geological survey.