Insurance News Archive
Brits warned to take out buildings insurance on old houses
Brits buying an old house are being advised to take out the proper insurance, according to the Reuters news agency.
Gary Bradshaw, a surveyor with Roy McClure Associates, told Reuters that buyers must be aware of the problems that buying an older house can cause, with the subsequent rise in costs.
"If you don't have money available to deal with problems that arise on the roof, walls or foundations, then the situation just gets worse in time," he said, adding that it was imperative to see beyond the initial cost of the property and consider the amount of upkeep such a house may require.
He added that many Victorian period properties were built with few regulations in place and that foundations are often unstable, making adequate insurance a necessity.
"These properties may require underpinning to deal with poor foundations and often things are not helped by loft conversions increasing the overall weight of the house", he said.
Mr Bradshaw also advised that a full structural survey should be conducted before buying an older house, despite the high fees for the service, but warned: "In some cases you may not be able to access floorboards to check for dry rot because the house is carpeted in which case buyers may need to consider a hidden defects insurance policy."
© Adfero Ltd
27 Apr 2006