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My water company keeps sending me solicitations to sign up for their water/sewer line protection program that would cover me if the sewer or water line on my property broke and needed repair. Do most people have this coverage? Is this something that a typical homeowner's insurance policy would already cover? The $12 monthly price tag seems high to me. I live in an older neighborhood so I don't know if that puts me more at risk.
My water company keeps sending me solicitations to sign up for their water/sewer line protection program that would cover me if the sewer or water line on my property broke and needed repair. Do most people have this coverage? Is this something that a typical homeowner's insurance policy would already cover? The $12 monthly price tag seems high to me. I live in an older neighborhood so I don't know if that puts me more at risk.
i get those also. i just replaced my water line due to buildup. the plumber that installed it used copper pipe instead of galvanized, then cased that in PVC. he didn't seem to think it'd be worth it. it's for if a tree root punctures your pipe or the pipe freezes and cracks. i don't believe homeowner's covers it, but i agree the price tag seemed steep and we get the same soliciations.
My water company keeps sending me solicitations to sign up for their water/sewer line protection program that would cover me if the sewer or water line on my property broke and needed repair. Do most people have this coverage? Is this something that a typical homeowner's insurance policy would already cover? The $12 monthly price tag seems high to me. I live in an older neighborhood so I don't know if that puts me more at risk.
Most homeowners insurance policies have fine print that specifically excludes damage caused by sewer line backups. Check your own policy to verify this. Homeowners insurance never covers replacing a broken water supply line. As to whether this insurance is worth it, only you can answer that. From a financial perspective, this type of insurance (which is really a warranty) is almost never worth it. But if it helps you sleep better at night, then it might be a worthwhile expense for you.
Most insurance policies will offer a rider to cover sewer and sump pump back up in your house but NOT outside of your house-the line from the street to your house is still your responsibility. If you live in an older area that doesn't have a cast iron or PVC pipes and a lot of trees, it might be worth $12/month?
From my experience, insurance will pay for water damage caused by a broken pipe, but will not pay to fix the pipes. We had a leak in our baseboard hot water heating system. Initially, the insurance company wasn't going to pay any of the plumbing bill, but after talking with the adjuster, he allowed a good portion of the bill for the plumber locating the problem leak and denied a small portion as the actual pipe repair cost.
just as a point of reference, to replace my line from the house to the main, with a decent amount of front yard digging (depth, not distance), it cost me $3,500. another plumber quoted me $4,400. but using a friend of a friend, i got a much better deal. i did mine for water pressure reasons because of the buildup. so at $12/month, if they really do cover the full cost of replacement if it breaks...that's $144/yr...it's probably not a horrible expense. even over the course of 10 years, you've paid $1,440 (adjust for future value calc if you'd like).
maybe just put $12/month into a seperate savings account, and have some of the cost saved if it ever happens?
just as a point of reference, to replace my line from the house to the main, with a decent amount of front yard digging (depth, not distance), it cost me $3,500. another plumber quoted me $4,400. but using a friend of a friend, i got a much better deal. i did mine for water pressure reasons because of the buildup. so at $12/month, if they really do cover the full cost of replacement if it breaks...that's $144/yr...it's probably not a horrible expense. even over the course of 10 years, you've paid $1,440 (adjust for future value calc if you'd like).
maybe just put $12/month into a seperate savings account, and have some of the cost saved if it ever happens?
Well, in theory, if the line is going to break in 10 years, that will work, but what if it breaks in 2 months? $24 won't go very far. Also, not everyone has a friend of a friend. Averaging the 2 bids you gave us plus the $1440 that averages out to about $3100 comes to 21.5 years of paying $12/month to break even on one repair. The likelihood of a sewer line that is already old needing repair in the next 20 years is pretty good. That would be a gamble I would take and sign up for the plan if you didn't have the funds set aside to cover a repair already.
Well, in theory, if the line is going to break in 10 years, that will work, but what if it breaks in 2 months? $24 won't go very far. Also, not everyone has a friend of a friend. Averaging the 2 bids you gave us plus the $1440 that averages out to about $3100 comes to 21.5 years of paying $12/month to break even on one repair. The likelihood of a sewer line that is already old needing repair in the next 20 years is pretty good. That would be a gamble I would take and sign up for the plan if you didn't have the funds set aside to cover a repair already.
the OP happens to live in the same town as me...so he has a friend of a friend of a friend...if he ever needs it!
Well, in theory, if the line is going to break in 10 years, that will work, but what if it breaks in 2 months? $24 won't go very far. Also, not everyone has a friend of a friend. Averaging the 2 bids you gave us plus the $1440 that averages out to about $3100 comes to 21.5 years of paying $12/month to break even on one repair. The likelihood of a sewer line that is already old needing repair in the next 20 years is pretty good. That would be a gamble I would take and sign up for the plan if you didn't have the funds set aside to cover a repair already.
This is all assuming that the warranty covers everything 100% without exclusions. Anyone who has had experience with home warranties knows otherwise. What you usually end up with is long wait times for repairs, many things not being covered and/or surcharges, in addition to having to pay a deductible of $50 or $100. As with any contract, read the fine print very carefully!
For what it's worth, I've owned residential and commercial property for over 30 years and the only sewer or water line I've had to deal with was the water line installed in my own house. It was built in 1910 or thereabouts and I had to replace the old lead water line and street tap in 1997 - not because they failed but because I put in a lawn irrigation system and needed a bigger service. And yes, we used lead filters then and still use filters now...so don't worry about me poisoning myself or family. We had it jacked in and not excavated - only required a hole in the street and a hole in the basement floor. The price for about 85' to 90' of 2" copper, tap, curbstop, and shutoff in the basement was was $1250.00. Divide that by 30 years and it's $40 a year, give or take. Guess I've been lucky.
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