My husband and I are receiving notices from Florida Power and Light about not having insurance for the water and electrical lines that run from our house to the property line. Our home is around 35 years old. The coverage they offer is less than $7 a month, which isn't too much, but we're unsure if it's actually worth getting. Should we go for it or not?
5 Answers
I skipped getting coverage for my gas line, and it ended up costing me $2k for a repair when it broke. Insurance is generally a money-making scheme for companies, so you’re probably better off saving that monthly fee for emergencies. Just be ready for a potentially big bill if something happens. I don't regret skipping it, but it was a tough lesson learned!
For me, it’s not worth it. The power company handles the lines up to the meter, so that’s on them. Also, with a flat yard and no big trees, I don’t foresee any issues with my water line. If a problem does arise, I could just rent a mini excavator and deal with it myself. Over the years, I've saved about a grand by not getting that coverage! Every little insurance adds up, you know?
Honestly, I think it's a bit of a scam. Instead of paying $7 a month for insurance, you might be better off saving that cash. Just my two cents!
Before diving in, check what your homeowner's insurance covers. This could be redundant insurance. A new water line can cost $2-3k, but here in Florida, freezing pipes aren't a concern. You mainly want to watch out for roots or someone digging on your property. I'd recommend keeping a maintenance fund instead.
I decided to get the coverage through HomeServe for my water and sewer lines because many in my area have had issues. It's a relief knowing that I won't be stuck with a hefty bill if something goes wrong. I almost had to use it recently, and the process was super easy! It turned out to be my neighbor’s line, but I'm glad I wasn't caught off guard.
Yeah, I've heard that they often don't cover the full repair costs, so it's a gamble!