Post by LoveTrains on Jan 12, 2013 16:49:46 GMT -5
I just got a solicitation from a company called "Safety Valve Company."
The brochure was for their company but it did come with a cover letter for my water company. It is offering insurance for repairs between the water main in the street and my house. The premium is $55/year for $5K of coverage or $60/year for $10K of coverage.
So what say you, MM? Is this something that you buy? I am leaning towards "yes" in light of Jenny1980s posting about her water pipes!
Yes yes a million times yes. We pay $30/month for ours. After we paid a few thousand for a "minor" leak, we were told the big one was coming (from our plumber, not the water co).
Eta- we don't have a limit, they repair whatever it costs. Ours includes sewer line, water line and supply system.
ETA again- mine is directly through my water co. I dont know about other companies.
Post by LoveTrains on Jan 12, 2013 19:07:25 GMT -5
Yeah my house is from 1940 and they are actually in the process of replacing all the mains in my neighborhood. But I am assume that if the mains need to be replaced now, at some point the line to my house will probably go, right?
I am juist going to do some research on this "safety valve company" and refer with the water company that this is legit.
Post by LoveTrains on Jan 12, 2013 19:13:53 GMT -5
OK with some simple googling it appears that this company is legit. Since the service was offered in 2009, they have already replaced 32 of these in my city at an average claim of $3,700. So I think I will definitely do it!
I thought Jenny's post was about the sewer line? Not that it matters. I'm just having an "ah ha" moment, with the fact that there are TWO lines out there. We have insurance on neither. Now I am tempted.
Cosmos, Jenny's post about her possible repairs was so scary! That stuff is expensive!!!
Hope you are doing OK today.
The plumber said we were lucky that it was a valve issue and not an actual break in the line. He said it would be around $6k if/when the water line goes.
To cover our bases we got the top package, but we could have gotten insurance just for each individually.
Doing much better, thanks. Had an awesome lunch with beagle and ameliapond!
Post by imojoebunny on Jan 12, 2013 20:11:08 GMT -5
We got a letter about that too recently. It seems like a decent deal. It is typically $2k and up to replace a water line to the street. They last 30-40 years, so $720 for 10 years coverage would put you at $2200 after 30 years, or $2900 at 40 years, but if your house has an old line already, the cost becomes much less, if it fails in the next 10-15 years.
We have it. It's $50 a year and it's actually through an electric company. Not even the company we get electric from, oddly enough.
My mom told me to get it. Her neighbor across the street had problems and it was like $7k to fix. Neighbor found out about the insurance during the repair and told her so she got it right away. She needed the repairs a year or two later. Thank goodness she had gotten the insurance. Their houses were only built in the late 70s.