Building insurance settlement vs subsidence?

Question

My house has got settlement from many years ago and no further movement. This was stated by the structural engineer who surveyed my house 4 years ago. I declared this to my insurer who is charging me a fortune as it is classed as subsidence. Though I have 4 years no claims, the price is going up every year.

Do I need to declare settlement on an old house? Is it treated the same way as subsidence? How do I get a cheaper insurance policy?

Answer 1

Yes, well, cost to rebuild is going up every year.  Supply costs are also going up every year.

I've never heard of "declaring settlement".  I have no idea what that means.  Subsidence is an excluded peril, under every homeowners policy I've ever seen, except one.

You get cheaper insurance, by shopping around for a new company, or by improving your credit score, and raising your deductible.