Every spring we see a spike in enquiries about, and claims against, Japanese knotweed policies, and this year has been no exception, proving that it still presents a real issue for homebuyers.
2023 has seen a number of high-profile rulings that have demonstrated the increasing likelihood of a new homeowner having to go to court to recover the costs of treating knotweed that has been discovered post-purchase, despite all the necessary checks having been made. But the cases have also highlighted the high costs and long delays involved in following this route.
No blame policy
In contrast, with a knotweed policy in place, and faced with a similar scenario to the one outlined above, our claims team will begin addressing the knotweed problem for the homeowner immediately. As our policies are issued on a strictly ‘no blame’ basis, there’s no delay in handling, and ultimately settling, a claim.
We cover the costs of treating the infestation, repairing any damage the weed might have caused, and legal defence expenses if the weed has spread to a neighbouring property. We will also cover any reduction in market value, resulting from a claim, if your client sells the property at some point in the future.
‘Knot’ a problem
Our policy isn’t limited only to Japanese knotweed - cover includes both Bohemian and Giant knotweed hybrid species, and premiums start from as little as £67 for a £100,000 limit of indemnity. Unlike some other providers, we don’t have a pre-set policy limit, and we can even set up a block insurance scheme for you which makes arranging this cover even easier. It will give you the ability to protect your clients without having to obtain separate quotes for each individual property, and at discounted premiums. If your firm handles a substantial number of property transactions every month, it’s the perfect solution.
To protect your transaction from the risk of this knotty issue, call our team of specialist underwriters on 01603 617617, email email@example.com or sign into Elite.