Here’s What You Need to Know About Service Line Coverage

Here’s What You Need to Know About Service Line Coverage

We’ve been receiving many questions regarding service line coverage. Maybe you’ve been wondering about it too?  That is why we, at The Insurance Specialists Team, will provide you with some valuable information to help you understand what you need to know about service line coverage.

What Service Line Coverage Is

Service line coverage is insurance that protects you from the costly expenses of repairing or replacing damaged service lines that you are responsible for within your property. As damages can occur quite unexpectedly this will help you cover the cost for repairs and replacements.

The Insurance Specialists Team has options for you if you feel you need the coverage for better coverage than offered from others at an affordable cost.

Should you consider getting a Service Line Coverage?

Many are unaware that basic homeowner insurance policies do not cover the costs for repair and replacements, so it is best to consider getting a service line coverage. And did you know that as a homeowner, damages of service lines in your property are not your provider’s responsibility but yours? 

When something goes wrong with your service line, repairs and replacements can cost you thousands of dollars. For example, the average cost for replacing a broken water service line is $3,000 and more depending on other factors.

By adding the right service line coverage, usually just an endorsement on your policy, you can protect yourself and your family from these unexpected and very costly expenses. 

A glance at a typical homeowner’s service line responsibility:

Here’s what is usually covered 

As a homeowner, you may have coverage for the following types of service lines within your residential property:

  • Water 
  • Waste Disposal
  • Drainage
  • Heating
  • Electrical Power and Communications
  • Compressed Air

These are for damages caused by:

  • Wear and tear 
  • Rust and corrosion
  • Mechanical breakdown 
  • Freezing or frost heave
  • Tree or other root invasions

There may be exclusions

It is also important to note that there are specific exclusions to the policies you’re going to avail- so it is best that you discuss the specifics of the coverage first. Septic tanks, on-site wells, service lines that extend beyond the homeowner’s point of connections to the main service, and any shared utility lines that provide service to multiple properties are often not covered.

How much will service line coverage cost

The Insurance Specialist Team represents many insurance companies like Safeco that offer better service line coverage for as low as $35. The coverage provides a limit of up to $12,000  for common causes of service line failure with a  $500 deductible applied. 

Many insurance companies don’t provide service line coverage. However, we represent many home insurers that do offer coverage. It’s generally better coverage and you can get it for less. We will make it easier for you to find affordable coverage options you can avail for a few dollars per month that will save you thousands of unexpected repair and replacement costs.

If you have questions or need more information feel free to contact IST for a no-obligation quote. We know you’ll be pleasantly surprised!

Umbrella Policy

What Does Umbrella Insurance Cover?

If you have a serious car accident involving huge medical bills or an incident on your property, you can quickly find yourself responsible for damages that exceed the limits on your auto, boat, motorcycle or homeowners policies. 

An Umbrella Insurance Can Provide:

  • An extra $1 million to $10 million of liability coverage, which can help protect assets such as your car, boat, rental properties and home.
  • Coverage for claims like libel, slander, defamation of character and invasion of privacy. 
  • An Umbrella also helps cover defense costs, attorney fees and other charges associated with lawsuits. 
  • This coverage also extends to international occurrences.

An umbrella policy is a valuable addition to any auto, homeowners or other policy for extended personal liability protection.

In today’s world, anyone can get hit with a lawsuit. That’s why it’s more important than ever to consider an added layer of protection for your assets – and your peace of mind.

An umbrella policy protects you when your liability limits are exhausted.

If you have assets that are not protected you could get sued for more than the limits of your regular auto or home poliies.

If you have assets like multiple rental properties or other assets you could be a prime target for a lawsuit.

The main thing to do is to make sure you’re propery insured with the same limits as you don’t know where a loss could occur- just raising your current limits may be all you need.  Liability insurance is one of the few real bargains in insurance.  

However, if you have assets and need coverage, the Minneapolis Insurance Specialists Team represents many top rated insurance companies like Travelers and can provide advise and quotes.  Most people are surprised umbrella policies are affordable.

 

 


Image courtesy of: Carol (vanhookc)

Photo By Carol (vanhookc)

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