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Don’t let Subsidence insurance get you down-McCarthy Insurance Group are ready to help
Paul Kavanagh of McCarthy Insurance Group has been a man on a mission for the past three years to ensure the people of Cork can get the kind of insurance they need, and his particular passion has been Home Insurance with full cover.
Subsidence is a major problem in houses built before 1985, for several reasons; clay pipes were used for drainage, which shift and break over time, leaking into the surrounding sandy soil and causing instability.
Depending on the kind of land houses were built on, many areas of Cork have issues with subsidence and homes have had to be underpinned and the clay pipes replaced with hardwearing plastic.
Subsidence was identified as a concern by Insurance Companies who are refusing to provide full cover to homeowners in the Cork area, even if they have had underpinning carried out.
House sales are falling through as Home Buyers discover they cannot get Home Insurance on their chosen property. Even getting insurance for properties outside identified trouble spots is proving problematic, as many companies seem to be operating a blanket policy of refusal for homes throughout Cork.
Without full house insurance the banks won’t release funds, and most home buyers don’t realise it until they need to draw down their mortgage, leaving them no option but to cancel the purchase.
Some companies ask the home owner to provide an engineer’s report to prove that underpinning work has been carried out; but even then you are not guaranteed that they will provide cover.
Flooding in recent years also exacerbated the situation but MIG are willing to look at this more scientifically and sympathetically. Subsidence cover is mandatory if you are selling your house or if you are getting a mortgage.
“We have spent the past three years researching and sourcing a company who will provide full cover to the people of Cork if their house has been underpinned”, says Paul.
“It’s taken a while and a lot of work, but we’re there. It bothers me that so many customers- particularly vulnerable ones – are not being properly looked after; they are given insurance contracts that have water damage clauses removed, or are just refused a quote because they have an address in Cork. Now we can help those people”.
If you have the Engineer’s Certificate MIG will quote you a competitive premium there and then. If not, MIG can send surveyors to your home and if they determine it is not in danger of subsidence you can get an insurance quote immediately.
“We have to be proactive. What good is a blanket ‘no’ to the people of Cork?” says Paul, “Some guy at a computer in Dublin or London or further afield enters the Cork address and the computer says no? We owe people more than that. It’s time to reintroduce underwriting back into Insurance; to review each scenario on a case by case basis.”
MIG are big believers in the personal touch and meeting people face to face; we encourage people to come into our office at 2 South Mall and have a chat to see how they can help.
“The best insurance you can buy is an Insurance Broker; it’s our job to find solutions for you”, explains Paul. “We represent all of our customers; we’re on your side. We deal with 120 insurers; are completely impartial, and you are our client; not the Insurance Companies.”