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We've been getting letters from United Water offering peace of mind
leakguard coverage from HomeServe. It's protection for underground
water service line which could fail without warning and cost us tons
of money. Wife wants it while I think it's a scam. Thought it best to
ask here whether it's good to have or not to bother.
As far as I understand it, it is just another form of insurance. Sure, the line COULD fail, and if it does, you will end up owing a good chunk of change. Likely, it never will during the time you own the home. My family owns a bunch of rental properties around Boise/Meridian and we haven't purchased the Leakguard protection on any of them. The odds of a major problem are fairly low. Plus, like with any other insurance, if you do have a problem, they will insist that it isn't covered under the program, and odds are you'll end up paying for it anyway. Not worth it in my opinion.
On the other hand, if you live paycheck to paycheck, and couldn't afford to keep the house if you had a $10k repair to do, it might be worth it to pay for the insurance just in case, if the cost is reasonable.
I agree with Lacerta. If you have a newer house, it seems pretty unlikely you would need it. An older house might warrant consideration, especially if other houses in the area are having problems with older pipes.
Well, our house was built in 1995 and is located near E. Amity Rd and Federal Way
in Southeast Boise. We definitely do not want another bill although paying $4-7/mo
is much more palatable than getting a repair bill of $1,000 to $3,000 or so. This is
a difficult decision to make.
This thread piqued my curiousity since we are considering a move to Boise. I checked out the website for this insurance and it specificaly mentions the "service line". Now, I think that in most any state the utility company is responsible for the "service line" , meaning the service supplied up to the house. I would advise that you check with your utility(s) provider(s) to confirm. If they are selling insurance for "in" the home and you feel a need, that is your call.
Many insurers depend on the ignorance of the public to sell a bill of goods.
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