My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...

"badgolferman" writes:

My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...

Follow this rule:

Only insure expenses you can't afford.

In my opinion, if you own a house you should be able to afford
that kind of repair.

--
Dan Espen

On Wednesday, February 6, 2019 at 10:37:15 AM UTC-5, badgolferman wrote:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...

Given the age and that you're only going to be there a few more years,
I'd say hedging by taking the plan is at least an OK idea.

"badgolferman" writes:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...

Read the fine print first. Many of those "insurance" plans have so many
caveats and exclusions that you'll end up paying anyway in the end.

Note in this case, Dominion is farming it out to "HomeServe" (who
generally has an annual "limit" for claims). Homeserve is owned by the
billionaire brothers George and Michael Karfunkel.

Those companies tend to use deceptive practices (snail mail that "implies" it
is coming from your local water company, even though completely unaffiliated,
using local utilities logos on their website as if they had been endorsed by
the utilities, etc.).
If they use deception to _get_ your business, how can you trust them to actually
provide good service?

https://www.thespruce.com/water-pipe...erview-1822494

"The water line insurance company only offers limited coverage per
occurrence. HomeServe USA tailors its plans for each state. So, to
use the State of Washington as an example, the company says they
will cover up to $6,000 in claims per year. Instead of being generous,
this is anything but generous. This provision is only a big trap.
Reading on, you see that it is broken up into two occurrences, at
$3,000 each. What that means is that your broken water problem must
cost $3,000 or less to fix; the remaining coverage events are
inconsequential because they apply only to those particular occurrences
and cannot be lumped together."

I'd say it's not worth it.

On 2/6/2019 12:55 PM, Scott Lurndal wrote:
"badgolferman" writes:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...

Read the fine print first. Many of those "insurance" plans have so many
caveats and exclusions that you'll end up paying anyway in the end.

Note in this case, Dominion is farming it out to "HomeServe" (who
generally has an annual "limit" for claims). Homeserve is owned by the
billionaire brothers George and Michael Karfunkel.

Those companies tend to use deceptive practices (snail mail that "implies" it
is coming from your local water company, even though completely unaffiliated,
using local utilities logos on their website as if they had been endorsed by
the utilities, etc.).
If they use deception to _get_ your business, how can you trust them to actually
provide good service?

https://www.thespruce.com/water-pipe...erview-1822494

"The water line insurance company only offers limited coverage per
occurrence. HomeServe USA tailors its plans for each state. So, to
use the State of Washington as an example, the company says they
will cover up to $6,000 in claims per year. Instead of being generous,
this is anything but generous. This provision is only a big trap.
Reading on, you see that it is broken up into two occurrences, at
$3,000 each. What that means is that your broken water problem must
cost $3,000 or less to fix; the remaining coverage events are
inconsequential because they apply only to those particular occurrences
and cannot be lumped together."

I'd say it's not worth it.


Insurance is good because it spreads out the risk but all need to
understand that the insurance company does it to make a profit. This
might mean that you could get up to ninety five cents for every dollar
invested. If I can afford the repair, I don't need the insurance.

On 2/6/2019 10:37 AM, badgolferman wrote:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...


That is $59.40 a year. In my case, I've owned 3 houses for the past 53
years so I would have paid (adjusted for inflation) $3148 for coverage.
My new house is 2 months old so no, I'm not paying it. I see no need.
Meantime, I has $3148 to spend on something more fun.

On 2/6/2019 10:37 AM, badgolferman wrote:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...


I would check with your state and/or city ordinance. The water line
running to the house is usually the responsibility of the water company.
Anything within the house is the home owner.

I've been offered similar insurance for water and sewer. I never bite.

On 2/6/19 10:37 AM, badgolferman wrote:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...



I don't know about Dominion's policy but most insurance companies seldom provide the coverage they claim.
They'll likely pro-rate the repair because your waterline is 20 years old or some bull****.
Just say no.

"Meanie" wrote in message ...
On 2/6/2019 10:37 AM, badgolferman wrote:
My *electric* company Dominion offers water line insurance for
$4.95/mo. which supposedly covers water line repairs from the main to
the house. My house was built in 1967. I plan on being there for
another 2-3 years so I subscribed for the insurance, not wanting any
more major expenses on this house before I sell it. My mother had to
have her water line repaired for a 1980 house the year before she sold
it and that cost her around $3500.

Tell me why this was a good idea or a bad idea...


I would check with your state and/or city ordinance. The water line
running to the house is usually the responsibility of the water company.
Anything within the house is the home owner.

I've been offered similar insurance for water and sewer. I never bite.

Any place I have ever lived the water company is only responsible to the
shutoff valve at the curb. The line from the curb to the house is the
homeowner responsibilty.

You better pray your sewer line nevers fails. Expensive and ugly messy to
fix.

On 2/6/19 2:58 PM, Meanie wrote:

[snip]

I've been offered similar insurance for water and sewer. I never bite.

I've been getting a lot of ads for gas line insurance. Probably not
worth it either.

--
Mark Lloyd
http://notstupid.us/

"When I think of all the harm the Bible has done, I despair of ever
writing anything to equal it." -Oscar Wilde

On 2/6/19 8:47 PM, user999 wrote:

[snip]

You better pray your sewer line nevers fails. Expensive and ugly messy to
fix.

Several years ago, my neighbor had that problem. Water coming up through
the toilet. She found it because one of her cats was acting like there
was something alive in there.

--
Mark Lloyd
http://notstupid.us/

"When I think of all the harm the Bible has done, I despair of ever
writing anything to equal it." -Oscar Wilde

Kyle posted for all of us...


Just say no.


Nancy Reagan

--
Tekkie

On 2/12/2019 3:26 PM, Tekkie® wrote:
Kyle posted for all of us...


Just say no.

Nancy Reagan


"We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much."
ۥ Ronald Reagan