-------------------------------
“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
Submit an insurance-related question to “Ask Jeff”.
-------------------------------
Get in touch
555-555-5555
mymail@mailservice.com
Why are Exterior Utility Lines Not Covered By some Homeowners Insurance policies?
August 21, 2020
Your company may allow coverage with an endorsement or enhancement bundle!
Typical homeowners insurance policies do not cover loss to structures or fixtures caused by wear and tear, gradual deterioration and earth movement. Put another way, those “causes of loss” are generally “excluded” from coverage.
Those are the types of loss to which water lines are subject. So, it seems logical that is the reason that most homeowners policies do not offer this coverage as a standard item.
Recently, companies have offered endorsements (sometimes called riders) that provide this type of coverage for an additional premium.
The product is commonly called “Service Line Coverage” or “Utility Line Coverage”. This endorsement can extend coverage for:
- Water piping to a residence
- Sewer piping to a residence
- Ground loop piping to a heat pump
- Power line for electrical service
Hartford Steam Boiler/Munich RE
was one of the first to offer this program through partnerships with other insurance carriers by reinsuring this add-on coverage.
๏ปฟ
๏ปฟ
Some retail homeowners insurance companies sell the endorsement a-la-carte for a set premium (in our area the going rate is around $25/yr). Other carriers offer it in a “bundle” of extra coverages. ๏ปฟ ๏ปฟ
For an overview of what this product covers see Munich RE’s product brochure here: Hartford Steam Boiler Service Line Coverage PDF
Do you have additional Homeowners Insurance Questions? We LOVE to help. Please feel welcome to call us at (607) 324-7500
Some retail homeowners insurance companies sell the endorsement a-la-carte for a set premium (in our area the going rate is around $25/yr). Other carriers offer it in a “bundle” of extra coverages. ๏ปฟ ๏ปฟ
For an overview of what this product covers see Munich RE’s product brochure here: Hartford Steam Boiler Service Line Coverage PDF
Do you have additional Homeowners Insurance Questions? We LOVE to help. Please feel welcome to call us at (607) 324-7500
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
