Future Climate Info partners with Property Assure to introduce Subsidence Risk Rating
Future Climate Info (FCI) adds exclusive Subsidence Risk Rating to its environmental reports
- Rating based on extensive subsidence insurance claims data from Property Assure, the subsidence risk assessment specialists
- The industry’s leading subsidence insurance claims data is now only available to conveyancers and solicitors through FCI – at no additional charge
- Subsidence is a growing problem due to climate change, with one in five homes at risk of being affected
Future Climate Info (FCI), the environmental risk analyst, has introduced the industry’s leading subsidence risk rating to its environmental reports for conveyancers and solicitors by securing a new and exclusive partnership with Property Assure, the subsidence risk assessment specialists.
The risk rating analyses and determines the level of threat that subsidence poses at a specific postcode, and is based on extensive subsidence insurance claims data from Property Assure.
Subsidence is caused by soil shrinkage and movement, and is increasingly becoming a risk to property owners due to cracks in the earth caused by prolonged dry spells which alter soil conditions. The British Geological Survey (BGS) estimates that one in five UK homes are now at risk of being affected by shrink/swell subsidence.
The addition of the risk rating to FCI reports will provide a clear breakdown of the risk – ranging from low, medium, high and very high – and advises the course of action should any be required. It will be available on both Standard and Premium FCI environmental reports at no additional cost, having previously only been available to the legal market as a standalone paid-for product.
This insight will provide greater accuracy and clarity on the risks of subsidence, complementing FCI’s current provision of information covering environmental, flood, ground stability and energy and infrastructure.
Geoff Offen, Managing Director of FCI comments on the new partnership:
“We’re proud to be able to add even more value to our environmental reports by including the industry’s leading subsidence claims data free of charge – Property Assure was a clear choice for us in further developing our datasets and is a sign of the confidence that experts have in FCI that they choose to partner with us. Our customers can rest assured that their clients are covered with us against this growing risk and can continue to enjoy better value at no extra cost.”
Andy Lucas, Managing Director of Property Assure comments on subsidence:
“On average, subsidence affects as many properties in the UK on an annual basis as flood and can result in a similar number of insurance claims each year. Furthermore, all research indicates that subsidence is increasing and will continue to be an issue due to the influence of climate change. Subsidence can have a significant impact on the potential sale of the property and the building insurance required, so understanding the risk, and being aware of the number of practical actions possible to reduce it is invaluable knowledge. We’re pleased to be working with Future Climate Info to help provide users the tools to do just that.”
The data will be included in Standard and Premium FCI reports from Friday 1st September and will also be available as a standalone report upon request from £15+VAT.
Kindly shared by Future Climate Info