Sewer or water line insurance

[todd3620]

Just curious if anyone has an opinion on water or sewer line coverage. I re ceived an offer for about $10 monthly to cover these, including cleanouts a nd repairs or replacement of the sewer. Being that mine will need replacing sooner or later, I thought about buying it. Then I thought that the $7k be nefit for replacement may not be all it appears to be; the company chooses the contractor and they could easily charge 14k for a replacement that a ne ighbor paid 8k for recently, meaning I would still have to come up with ano ther 7k, not a great deal.

[bob haller]

most of these policies are a big winner for the insurance company. a friend had such coverage after buying a home. 3 years out the sewer line collapsed, they refused to cover it calling it pre existing.......

save your money for the eventual replacement

[hrhofmann]

received an offer for about $10 monthly to cover these, including cleanouts and repairs or replacement of the sewer. Being that mine will need replaci ng sooner or later, I thought about buying it. Then I thought that the $7k benefit for replacement may not be all it appears to be; the company choose s the contractor and they could easily charge 14k for a replacement that a neighbor paid 8k for recently, meaning I would still have to come up with a nother 7k, not a great deal.

It's a great scam, they get your money and then they get to say what is "co vered"!!!!!!!!!

[micky]

Obamawatercare will end that.

And actually this is the first itme I've heard of pre-existing exclusion unless maybe they can show he knew it had this problem when he bought the policy. I'm sure that wasnt' the case.

[micky]

Exactly. I don't like them picking the plumber.

And does the state you live in have them registered.

I tend to assume that the rates will be very high for any insurance policy so specific. And does your regular homeowners insurance cover the same thing, maybe. (I've never read my policy. Oops)

A friend has a kitchen appliance policy, or maybe it covers more than that, but she's had a run of bad luck and 3 things have broken. They paid for replacements on all of them, far more I think than she spent on premiums. But nothing invovled a contractor, just a deliveryman, and connecting a gas stove, which a friend did for her. .

In general, you can be a self-insurer and only buy insurance for losses you can't afford to bear. Like if your whole house burnt down, you probably couldn't afford to pay for another. But a water or sewer line you can probably afford.

[WW]

Exactly. I don't like them picking the plumber.

And does the state you live in have them registered.

snip.

In general, you can be a self-insurer and only buy insurance for losses you can't afford to bear. Like if your whole house burnt down, you probably couldn't afford to pay for another. But a water or sewer line you can probably afford.

Extended warranty on a Dodge is worth buying. How do I know this? I own a Dodge Caravan. POS vehicle. Warranty has paid off. WW

[Fat-Dumb and Happy]

I got another one of those offers the other day and pitched it into the trash. You might as well buy lottery tickets each month, that's what it amounts to and the odds are stacked in the insurance company's favor. Some win but most lose on the deal. Save for emergencies or payday loans are apt to become a way of life.

[Bill Gill]

I have been receiving those offers for some time and have been pitching them. However, just this last week there was a story in the Tulsa World (our local paper) that one of our city counselors is considering letting the company that is selling the policies use the city seal on their advertising. Supposedly a number of smaller cities in Oklahoma have done that. Apparently the cities get a kickback from the company. I haven't done any research on the outfit, but I really doubt that it is a good buy. And I really don't like the idea of the city supporting any private business. It just isn't a good idea.

Bill

[trader4]

received an offer for about $10 monthly to cover these, including cleanout s and repairs or replacement of the sewer. Being that mine will need replac ing sooner or later, I thought about buying it. Then I thought that the $7k benefit for replacement may not be all it appears to be; the company choos es the contractor and they could easily charge 14k for a replacement

Having them pick the plumber would be OK with me if they are going to cover it 100%. But with a $7K limit, IMO, you'd have to be nuts. Todd already figured out the scenario. Their plumber says the cost is $14K, and you find out you can get it done by other plumbers for half that.

I guess is also depends on your particular circumstances. If the sewer already has problems, is 50 years old, needs to be cleaned out every year or so, etc, then it might be a different story. For sure I'd carefully read the actual policy and ask for some references where they have had to do major work.

e up with another 7k, not a great deal.

[Ed Pawlowski]

Ten bucks a month sounds cheap. I've been a homeowner for 48 years and never spent a penny for repairs on that stuff. So, I'm ahead by $5800 if it ever does happen.

Put a few bucks in the bank and be ready for anything.

[micky]

You're right. Is the city guaranteeing the insurance. It sure looks that way. The city should be prepared to pay what the insurance doesn't.

One might have thought that all banks were insured by the FDIC or the FSLIC, but in the 80's, and I think the 70's in Maryland, there were savings & loans which not insured at all but which used the symbol of the State of Maryland in their advertising. It made people think that the state of Maryland was standing behind these banks.

At least one went bankrupt one night, taking a lot of people's life savings with them (Never put all your money in one place, but those who didn't still had plenty of money lost.) Some people were old or sick and needed the money right then. I don't remember details but after a couple years, the state finally reimbursed people....50 percent or less. IIRC.

I don't have much respect for most state legislatures. Even the ones running well now may not be in a few years.

[Ashton Crusher]

Our city started doing this thing too where they got in bed with the ins company and started pitching these policies. It USED to be that if your sewer broke the city would fix the line where it went past your property line because they considered the part on city property the property of the city and therefore their reasonability. Now they are saying it's only the sewer main that's the cities responsibility and ALL of the pipe from your house to the main is your problem even though it's running on city property past your property line. Because of this it would be more expensive if you had to redo the whole line then it used to be when the city handled part of it.

It's just one more area where the city has looked at how they can off load their responsibilities onto the homeowner. In our city they recently changed from 12 times a year bulk trash to only twice a year and for this wonderful change I will save less then $2 a month on my trash bill. THe're all a bunch of crooks and morons.

[micky]

Baltimore County still looks at sewers the way your city used to.

What city do you live in?

But they changed bulk trash from 12 times a year to never, with no deduction on the bill, ttbomk. They will give you the name of a hauler, however, who charges the same for a partial load as a full load. I ended up cutting my water heater in small pieces partly becausae of this. I learned you can saw through the skin of an electric water heater even if the teeth are gone from your reciprocating saw blade. So it was worth it.

And I learned that a glass lined WH wonn't get its glass broken if you drop it a little bit, because it's all some flexible plastic/vinyl stuff. In fact the advertising from Sears doesn't mention glass. iirc. Are any really lined with glass?

[krw]

No, they give you a policy to read. Because you don't isn't their fault.

[krw]

+1. Have had four. All shit but worked for us then.

[Ed Pawlowski]

I'm still way ahead. When this first came up, I said it was a waste of money and I've never had the need to pay anyone to take care of my sewer line.

Should have kept my mouth shut. Yesterday I had a clog and had to call a pro. They showed up 90 minutes later and had it cleared in 20 minutes. They charge travel time and the final bill will be about $150. This is a local outfit that has done most of the sewer work in the area.

[krw]

Yeah, my SIL had her sewer line clog again on Christmas Eve (11PM). It cost her over $400, again, to have someone come out and auger it out. Apparently, her line is flat and not buried very deeply (maybe a foot, there). It was about 0F that night.

My septic system backed up last (year ago) Thanksgiving morning but at least I don't have to worry about the sewer freezing. ;-)

[Frank Thompson]

Slightly off topic, but what about water theft insurance? Both plumber and county water dept say that is best explanation for 20K gal monthly use whe n every other month for years has been 1K gal. They checked both meter, pr essure valve, water heater, and pipes for leaks.

I fear to ask insurer because I've heard that just raising a question somet imes results in an increase in insurance a few months layer.

[Ed Pawlowski]

That is a lot of water to steal. Where would they be taking it from? I'd monitor the meter on a daily basis to see what the use is. It it shows a big use on some days, theft is a possibility. It it is steady use every day, I'd suspect a leak. Even a running toilet can use that much. We had a little used toilet at work that caused thousands of gallons to be wasted before we found the problem.