New RICS Guidance To Assess Subsidence Insurance Claims
RICS has launched new guidance to assist its members in identifying the causes of building cracks and how potential subsidence insurance claims should be processed.
The appearance of cracking in a building may lead to suspicions of subsidence and, consequentially, potential claims under a householder’s insurance policy. However, crack damage can be caused by a variety of factors. On average, fewer than 40 per cent of subsidence insurance claims turn out to be valid, as many referenced problems are caused by factors other than foundation movement.
Subsidence in Relation to Insurance Claims provides property professionals who inspect damage with the necessary tools to ascertain whether cracks are the result of subsidence or an alternative cause.
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In order to ensure that surveyors are fully aware of the processes involved, the guidance references insurance claim procedures and provides surveyors with information on how such claims are handled. Details of the various potential causes of crack damage are also outlined, allowing the examiner to identify the precise source of the problem and ensure that the correction process is as straight-forward and efficient as possible.
Alan Cripps, RICS Associate Director, commented:
“Subsidence is a significant issue for the property industry, with more than 30,000 claims annually at a cost of over £150 million. Damage that is often seen as being linked to foundation movement is frequently caused by other factors, such as problems with thermal movement, cavity wall tie failure, lightning or even minor earthquakes.
“This new guidance will prove to be an invaluable resource for those involved in assessing property damage. With less then forty per cent of subsidence-related insurance claims being valid, it is important that the industry begins to understand the numerous potential reasons behind crack damage and ensure that claims are more accurately assessed from the outset.”
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