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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.
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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
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Living in New York, you might have a stack of insurance documents—auto, homeowners, health, or life insurance policies—filed away somewhere. But how long should you keep those documents, and specifically, what papers should you hold on to?
The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“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.
