The impact of Structural Surveys on home insurance
Structural Surveys are a great way to identify any severe problems emerging in your property. When buying a home, they can also be used to determine the risk factor and know more about the issues hidden within.
But did you know a Structural Survey can help improve your home insurance? Well, it can. Whether that means a lower rate or better benefits and incentives, you can expect increased value in your policy.
Here’s how a Structural Survey can positively impact your home insurance.
What is a Structural Survey?
A Structural Survey is a type of RICS home survey carried out by chartered surveyors. It’s actually the most detailed residential survey you can get, with a specific focus on the structural integrity of a property.
These days, we refer to a Structural Survey as a Home Survey Level 3. RICS updated the guidelines a couple of years ago, making it much easier for customers to understand what they’re getting.
Can a Structural Survey affect home insurance?
A Structural Survey can indeed affect your home insurance. It’s a highly detailed overview of your property, a level that no standard insurance inspector or auditor will go into.
This level of detail, combined with its accreditation from a globally trusted governing body (RICS), means that Structural Surveys (a Home Survey Level 3) are legally-recognised, official documents.
After instructing a RICS Home Survey Level 3 (also known as a Structural Survey), the chartered surveyor comes to your home at a date and time you agree. They’ll spend a few hours inspecting the property, taking careful photographs and meticulous notes. Don’t worry – they won’t damage anything or tear any plasterboard down.
After leaving, they’ll combine all their findings into an in-depth report. The RICS standard for this period is a maximum of 14 days (although we always strive to complete it within a week). In most cases, you’ll receive this report in PDF format, saving time and money. Of course, you’re welcome to print it yourself if you wish.
Positive findings can be taken straight to your home insurance provider. If the survey picks up on a few issues, you could address them, ask the chartered surveyor to return, and take the resulting second report to the insurance company.
The benefits a Structural Survey brings to your home insurance
A RICS Structural Survey provides the most detailed, comprehensive and professionally unbiased view of a property you can get. That’s beneficial to you so you know exactly what needs work, but it’s incredibly valuable to home insurance companies.
In short, it mitigates the risks they’re accounting for in your premium. By showing official evidence that your home is in excellent condition and well looked after, there’s less for them to worry about.
This could result in a few of these benefits:
- A lower insurance premium (monthly or annually)
- More benefits included in your current plan
- More leverage to compare home insurance quotes from various providers
So, how does this work? Take your Structural Survey to your insurance company to prove your home’s condition. Ask what they can offer you. If you aren’t satisfied, consider asking around and seeing what others are willing to do.
Most comparison websites won’t account for extra documentation like this, so contact providers individually if you’re getting a new policy.
Instruct a Structural Survey from GB Home Surveys
As we hope to have explained, a Structural Survey helps you identify potential risks and, when it comes back relatively clear, can be used to improve your home insurance plan (in some way, depending on your provider).
Here at GB Home Surveys, we believe in being a friendly, local team. Our RICS chartered surveyors are spread out in our offices throughout the South-West, West Midlands and South Wales, covering locations like Bath, Devon, Cardiff, the Cotswolds and Birmingham (among many others).
Learn more about Structural Surveys on our dedicated page, which includes a free Quote Calculator. There’s no need to leave your contact information, and we’ll be sure to honour that figure (within a reasonable timeframe) when you get in touch.
What’s the next step? Please don’t hesitate to reach out to us if you have any further questions or want to know more about GB Home Surveys. And, if you’re ready to instruct a Structural Survey, we’ll see you soon.
