There is a huge difference between insurance and a warranty. Insurance pays, typically, for things that occur suddenly and accidentally” AND they are NOT maintenance issues. So, when you hot water heater fails and the water runs all over your basement, the insurance pays to clean up the mess. It does not pay to replace the water heater. The same goes if you need a new roof or you need to paint your house. Insurance does not respond to these as they are “wear and tear.”
We are often asked about the utility service lines that run to the home. What if you water or sewer lines break? Will the insurance pay to repair these? There is NO coverage on a basic home policy for service line repair. The insurance industry is moving toward the ability to add this coverage onto your policy. While not available yet under your home policy, some utility companies offer the ability to buy the warranty directly from them. Our recommendation? Buy it!
The costs we see to excavate a yard and/or sidewalk, and then repair the damage lateral, runs in the $4,000 to $6,000 range. In the case of the utility, some even send the work crew out to do the work so you don’t have to find a plumber and an excavator.
Do you have any questions? Call your insurance professional. Don’t have an insurance professional? Give us a call at 610-933-4950. Enjoy the summer weather.