Many homeowners are surprised to learn that the repair or replacement of service lines on their property is actually their responsibility, not the service provider's or the City's. Most of the time, service line failures happen unexpectedly and cost around $6,000 on average to repair - ouch! Luckily, you can avoid the financial burden of paying for surprise service line repairs out of pocket by adding Service Line Coverage to your CFM homeowners insurance policy. Let's dig right in to why you should have this beneficial coverage for your property and how $40 can buy you some major peace of mind.
Service lines are a series of underground piping or wiring that connects your home to a public utility service provider or to a private system.
Service lines can become physically damaged by a number of natural causes.
CFM Insurance proudly partners with loss control company, Mutual Boiler Re, to offer our policyholders coverage for their property's underground service lines. This exclusive coverage provides protection from an unexpected loss caused by any number of the service line failure examples listed above, up to the amount of $10,000 with a low $500 deductible. When a homeowner with this product experiences damage to a service line, this coverage may step in and take care of:
*The main thing not covered by this product is blockage, as this occurrence is not considered direct physical damage to a line or pipe.
As mentioned earlier, service line coverage is not included in a standard CFM homeowners policy, but can be added as an endorsement. In order to have access to this beneficial protection, you must request that this coverage be added to your policy. The best part about this product is that it's only $40 a year in premium for CFM policyholders. That's right - $40 a year now to cover a potential $6,000 claim down the road.
To give you a better picture of when you might be extremely thankful for this coverage, consider these service line loss scenarios:
Property Damage: $5,800
An underground power line providing electrical service to your home significantly deteriorated over time and resulted in arcing. The underground power line had to be excavated and replaced due to extensive damage discovered during the repair work.
Property Damage: $7,800
Property Damage: $10,000
Property Damage: $4,000
Did you know? The average age of underground pipes throughout the country is 75. However, the average lifespan of a water main or sewer line is only 65. If your home's service lines are close to (or past) retirement age, you may want to add Service Line Coverage to your CFM homeowners policy.
Need more convincing about just how beneficial the addition of Service Line Coverage could be to your homeowners policy? Take a look at this testimonial.
After helping one of her clients avoid a $6,000 out-of-pocket bill on service line repairs, CFM Agent, Becky Jo, will always urge homeowners to add Service Line Coverage to their CFM policy. An added bonus? It's only $40 extra, annually.
Quote Continued: "In my opinion, Service Line Coverage is one of the best additions to a CFM policy. This coverage can give a homeowner some peace of mind for those unexpected problems at an extremely inexpensive cost."
While nothing can ever fully prepare you for the maintenance costs associated with homeownership, the confidence you'll feel from knowing you have a solid insurance policy backing you up in the event of a potentially pricey disaster is extremely comforting. For more details on how to add this beneficial coverage to your policy, contact a trusted CFM Agent today.
*All product information in this blog is provided by and belongs to Mutual Boiler Re. The material in this blog is intended for informational purposes only and does not provide any coverage.