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!

MN home owners are paying too much for their home insurance.

Read This Immediately Because It Directly Affects You!

Home Insurance Minneapolis

MN home owners are paying too much for their home insurance.

If you’ve received your renewal notice – you may already know home insurance has gone up the last few years – through the roof. Most people don’t just have time to review their insurance.  So, they don’t and overpay. Public records show your home insurance may be coming up for renewal in the next 60 days. Take advantage of this easy opportunity to save money on your insurance – without sacrificing coverage or time.  You’ll love how easy it is here.

Compare the quotes below to see how much you can save!

Coverages                                   Option A           Option B           Option C

Dwelling                                        $200,000           $300,000           $400,000

Other Structures                           $20,000              $30,000              $40,000

Personal property                         $150,000           $187,000           $300,000

Loss of Use                                     $40,000              $60,000              $80,000

Personal Liability                         $300,000           $300,000           $300,000

Medical Expense                           $5000                 $5000                 $5000

Deductible                                     $1000                 $1000                 $1000

Annual premium                       $635               $857               $1079

You can get quotes from many companies – easily from one local agency.  We have one carrier offering great rates in this neighborhood right now. Get control of your insurance prices.  Call now while this is on your mind.  or  612.460.7796

P.S. Changing is easy.  We will contact your bank and current agent for you!  This is not a binder or contract for coverage.  Several price discounts are included in this sample, your rates may vary.

Minneapolis Home Owners Paying Too Much For Home Insurance?

Do Not Pay Your Next home Insurance Bill Until You Read This…

Are you being scammed by your current home insurer? New policies are indicating that for the last few years many Minneapolis Home owners have likely been overpaying for their home insurance coverage.

The weather patterns and high losses in MN have led to higher prices. This is true. However, this is the one simple truth your home insurance company doesn’t want you to know – not all insurers have suffered the same amount of losses and have raised prices only because their competition has had increases. Some carriers are new to MN and haven’t experienced many losses and have been very profitable. They generally have much lower prices.

Some insurers have raised prices only because they can. The market has higher prices. Some insurers know most home owners are too busy to shop and compare or just don’t like change. So, they never shop. Insurers know some are a low risk of ever leaving or shopping – so, they raise prices – because they can!

Many people believe if they never make a claim and stick with the same carrier that they’ll get the lowest prices – not necessarily true…

If you are currently insured, have new updates, good credit, and no or few losses – you could actually pay less by switching. Your new carrier that may already have lower rates than your current carrier will also give you discounts.

Do you think your insurance company will tell you this stuff? Fat chance.

When Patty called her local independent agent friend she got the surprise rise of her life. She found out her former insurance company – the one she was with for seventeen years was ripping her off, and she could get auto and home insurance much cheaper.

“We managed to reduce our insurance costs by 50%! I only wish we had discovered this sooner.” Patty exclaimed.

What Patty did was call and let her local independent agent at the Minneapolis Insurance Team run her some quotes. She didn’t have to shop all around and give her info to who knows who over the internet. She let him shop and do the work and saved $3500 a year on all her families insurance!

Does this mean Patty was being scammed by her former insurance company – the one her employer recommended? She would not say one way or the other, but the truth is most people just don’t take the time or know enough to get the best deals. A local independent agent compares policies and coverage all day everyday.  They know how and where to get the deals.

Her former big insurance company agent was never going to call and say “Did you know that we could get you a better deal? they only represent one company. They also weren’t likely to call and tell her insurance rates have dropped?

Using a local independent agent is the easiest and safest way to lower your rates. Period.

So, how much are you overpaying?  Find out here…Minneapolis InsuranceSee if you are okay or being ripped off.

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Minneapolis Home Insurance Tips

Things you should know about your Minneapolis Home Insurance

Don’t wait until you need to file a claim after a disaster to find out what’s covered and what’s not covered.

1. Is your Minneapolis home insured to replacement? This is one of the most misunderstood concepts and causes the most issues at claim time. Because home values have fallen in recent years – it has been possible to purchase a home for say $100,000 and to build new or rebuild would at replacement cost would be $200,000. Many people, including some mortgage people and realtors don’t understand the replacement value, market value, assessed value. When it comes to your Minneapolis home insurance – replacement cost is all insurers and you should should consider.

If your home isn’t insured to replacement value – it’s insured for $100,000 and should be $200,000 – for example, and a storm damages your roof and it need to be replaced for 12,000 with professional roofer company – you will receive $6.000 minus your deductible. Your home is only insured at 50% of replacement or for half. Be sure to have your agent show you the replacement cost estimate from the insurance company.

2. Are your contents and possessions insured to replacement cost or actual cash value. If all your things are destroyed in a disaster or other loss – will they be replaced at cost or pennies on the dollar?

It’s a good idea make sure collectibles and valuables like jewelry are covered correctly. Most Minneapolis home insurance policies have limits and things like expensive wedding rings will need to be scheduled for higher values to be insured to the higher limits.

Its a good idea to video your contents and store it in the cloud or at a relatives. It makes it easier at claim time and makes you aware of what may need special attention like antiques or collections.

3. Review your policies and keep up with inflation. This is important for your home insurance – especially now as many insurers are switching to ACV “Actutal Cash Value” for roofs over 10 years old. As most people never read their policies – they may not even know it is on their policy or has been changed. Talk to your agent to verify your coverage amounts are realistic.

If you make any improvements, add a pole barn, finish a basement,a pool etc., call your agent. Don’t assume things are automatically covered. This includes snowmobiles and other common things in your garage people tend to assume are automatically covered on the policy.

4. If you own a condo or town home – make sure you know associations deductible. Many have raised them to keep the rates down and many of the big insures have gone from per occurrence to per unit deductibles and you could have a huge gap or assessment. Know what your policy covers and what the association covers. HO4 and HO6 policies are the most misunderstood and under insured home policies. It usually doesn’t cost much more to insure correctly.

Considering condo owners will want their contents policy to cover things like cabinets and fixtures, they need a bit more insurance than the typical renter. Most basic condo and renters policies come with a minimum amount of contents coverage and they vary from company to company – check yours.

5. If you are a renter get renter’s insurance. Most often the savings on your auto insurance with the discount is less more than the cost of renters insurance. You can get better insurance and actually pay less. These come with minimum contents coverage too. You will want to see if it is enough and schedule expensive jewelry, collections, etc.

6. Do you need flood insurance? If you live along Minnehaha creek, the river or some area prone to flooding. It pays to know that home policies do not cover floods.

7. Do you need tree fall insurance? It pays to know that home policies do not cover tree falls. It is better to use tree lopping in Perth.

8. If you have a high net worth – you will want to get an umbrella policy. They generally cost around $150 a year for a $1 million dollar umbrella policy.

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For your Minneapolis Home insurance call Minneapolis home insurance specialists 612-460-7796