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Old 01-31-2013, 05:22 AM
 
1 posts, read 6,905 times
Reputation: 13
Default Homeserve Water Line insurance coverage

Does anyone know if we need this kind of insurance in Cary to cover our outside water lines? I have read reports that this in not necessary in some places, but needed in others. Is this company on the up and up?
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Old 01-31-2013, 10:39 AM
 
Location: Raleigh, NC
811 posts, read 851,996 times
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The 6th Google search entry was:
EWEB to customers: Beware of 'water line insurance' offer | Business | Eugene News, Weather, Sports, Breaking News | KVAL CBS 13

It might not be illegal, but it's like insuring your mailbox against tornadoes - really not a good use of your money.

Insurance is basically a wager: you are gambling that the event (the risk) will happen during the time covered by the policy.
AND the cost of fixing the problem will be more than than the cost of paying for insurance.
AND you also have to figure in the firm: Will they still be around to pay? Will they decide to pay? If they pay, will it be enough?

Unless you have several neighbors emulating Old Faithful the geyser, I really doubt you should expect any failures in 20-30 years.
From reading about this specific company, it sounds like the other answers are dubious.

Last edited by Ed_RDNC; 01-31-2013 at 10:49 AM..
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Old 01-31-2013, 10:49 AM
 
Location: under the beautiful Carolina blue
8,382 posts, read 8,947,041 times
Reputation: 4557
I have mine insured thru PSNC. I know the risk of failure is small, but had some neighbors in NY who had this problem and it's $$$ to fix. For $4 a month I'll pay it to make me feel better.
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Old 01-31-2013, 11:52 AM
 
Location: Downtown Durham, NC
919 posts, read 1,024,166 times
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I, personally, don't think it's worth the money. The cost of repair isn't worth the hassle of going through an insurance agency. If it is enough of an expense to repair, then you can file against your homeowner's policy.
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Old 01-31-2013, 12:01 PM
 
Location: Holly Springs
3,478 posts, read 5,506,373 times
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Virtually the only time I see a house in need of water/sewer line replacement is this:

- Polybutylene supply lines from the street in use from 1978 to 1995 (the closer you are to 1978, the more problems they had with the pipe)

-Cast Iron drains in houses from the 1960's and before typically due to tree roots and with the older houses (1950 and beyond) the pipes nearing the end of their life expectancy.

- Extensive landscaping with heavy machinery traversing the yard where the drain is located

In modern houses using PVC drains ( standard for last 30 years or so) it is not near the hassle in many cases as they can scope the drain, determine where the break is, and just dig down and replace that section. The exception would breakage or tree root damage in numerous areas. Houses built since 1996 use PEX from the street for water supply and it is as close to problem free as you can get with plumbing. Older houses with copper may nearing or past their typical life expectancy however. You can verify what you have by entering the crawlspace, looking for the water supply pipe (typically on the front foundation wall) and see what they used. Copper is obviously Copper, PEX is a milky white, and Polybutylene is a gray. You can see what your main sewer lines are as well (typically 4" drain that will be at or near ground level leaving the foundation, also typically the front wall). White for PVC, Black for ABS, or Cast Iron.

(There are of course exceptions or flukes, no plumbing systems are perfect)

The insurance is cheap, but read the fine print. Warranty companies are not in business to pay out claims.
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