For pounds 35 plus VAT the company, based in Sussex, already gives a guide to whether the property needs further work. Chris Jordan, head of insurance, said: 'In four out of five cases the property does not have any subsidence.'
The bureau makes money out of commission paid by builders called in to rectify problems.
The new scheme, Previously Underpinned Properties, offers full cover for property that has been underpinned. For pounds 125 plus VAT the company will inspect the property, report on events leading to subsidence and the work carried out to rectify it and run a financial check on the contractors employed. The company will then submit the report to the insurance company underwriters.
Mr Jordan said: 'Quotes for insurance are coming in between 25 and 40 per cent higher than normal household rates for that area.' But if a house was not insured it would be unsaleable.
He said that where the contractor had gone out of business the premium rates would tend to be higher.
Subsidence Claims Advisory Bureau. Telephone: 0424 733727.
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