Home survey report cut insurance premiums by over a third

Here at Forge Property Consultants we are called upon every day to carry out a variety of RICS home surveys. These requests are usually made by someone looking to purchase or sell a house. They want to check the condition of the home and see if it may have an impact on the transaction or whether any remedial work is required. However, sometimes our home survey skills are required for another reason, as we saw earlier this year.

Why choose a Level 3 home survey?

Recently, our building surveying team was contacted by a homeowner of a large house in Shropshire, which he had purchased some months before. As it is a very large 14 bedroom, period property, a detailed Level 3 survey had been carried out by the vendor before our client had completed the purchase.

A Level 3 home survey is recommended for this type of home as it includes a thorough inspection and detailed report on a wider range of construction issues than the Level 2 report; a description of visible defects and potential problems that could be caused by hidden flaws; an outline of repair options and the likely consequences of inactivity during the project period; advice for the legal advisor; and details of serious risks and dangers, due to the condition of the buildings.

Level 3 home survey reveals remedial work to be done

The vendor’s Level 3 home survey report on this beautiful home had flagged up some structural issues, which included subsidence caused by a faulty drain, settlement movement and some lintel repairs. The vendor had had a local builder carry out the repairs prior to our client purchasing.  

When our client purchased the property he did not have his own survey done and his insurance company  insisted on one being carried out as they were aware of the earlier structural issues. The homeowner was appalled that his home insurance premiums had skyrocketed to £11,000.

Home survey reduces insurance premiums

In order to reduce the premium we were then asked to carry out a survey that subsequently clarified what the structural issues were and whether any follow up works etc were required. Our detailed report on the condition of the building was sent to our client’s insurers. In our position as qualified RICS surveyors, we were able to clarify that the structural issues had been dealt with. As a result, he was relieved to find that his premiums came down to £7,000, a reduction of 36%.

We provide detailed Home Survey reports for our clients from our offices in Shropshire, Staffordshire and North and South Wales. As members of the RICS, we provide a service that is assured of meeting the very highest industry standards. If you’d like to find out more about how we can help you with a Home Survey to assess the condition of your home, then contact us today.