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Subsidence Claims

By August 8, 2023 November 24th, 2023 No Comments

Last summer’s record-breaking heatwave, when temperatures peaked at 40.3 degrees on 19 July, has led to a surge in subsidence claim payouts, according to the latest from the Association of British Insurers (ABI).

Insurers expect to pay £219m in subsidence claims made in 2022, many of which were caused by last summer’s record-breaking high temperatures. This is the highest expected insurance subsidence bill since 2006.

Of the 23,000 subsidence claims made during the year, the majority (18,000) were in the second half of the year following the heatwave. This equates to one new claim every 15 minutes during the last six months of 2022. The average subsidence claim incurred was £9,600.

As with all insurance policies, conditions and exclusions will apply.

David Mortell

David Mortell

David is Ce(MAP) and Ce(RER) qualified and has 14 years’ experience delivering top-rated mortgage and financial advice.In 2014, David took the plunge and started Agentis Financial & Mortgage Solutions with award-winning mortgage broker, Christine Long. Agentis has now become the brokerage of choice in and around Peterborough. David is also a director at our sister company, Agentis Wealth.