Plumbing Insurance?

I get calls everyday wanting to know if there is such a thing as plumbing insurance. The short answer is, YES. You can insure anything that you want if you are willing to pay the premiums.

Now, for the more accurate answer: Most typical homeowner policies do not cover plumbing expenses.

When there is a plumbing emergency such as a leak in a pipe on the second story causing water to cascade through your kitchen light fixture, it has been my experience that insurance companies will cover the damage caused by the leak, but not the actual repair of the leak. Don’t ask me why that is, I don’t know. That is a question for your agent.

It is nice to know that once the episode is over and the leak is repaired, that your home will be fixed back to the pre-damage condition. You will most likely have to pay the deductible that you have established when you signed up for the insurance, but the rest of the repair cost is usually covered.

Now a different type of insurance has appeared in advertising. You may have received a flyer in the mail or seen these ads on the internet. Some companies are offering to provide insurance to help pay for the plumbers bill. These companies claim that for a moderate premium they will cover the expenses incurred if you have a plumbing problem with your sewer, or main water line or sometimes the inside plumbing.

If you choose to purchase this type of policy please read everything very carefully. Most plumbing companies will not accept this insurance as payment. Most often you are still required to pay the plumber and then seek re-imbursement from the insurance company. In addition, the rate that these companies pay is usually far less than what a plumber may charge. There may be a few good companies that will cover you just in case you have a problem, but my personal opinion is that they are not worth buying unless you know you have a problem and are planning to have some work done in the near future. If that is the case, they may save you a few dollars off the total cost. Just don’t expect them to cover all the costs—I have yet to see that happen in my 22+ years in the business.……I’m just sayin.

See the link below for the latest offering. This company sends their pre-selected companies to repair your problem. This may or may not be a good thing. It does, however, take away your choice of who to use for services in your home.

http://www.sunherald.com/2011/04/27/3059997/homeowners-in-washington-can-lower.html

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