Orlando Harmon
Water line insurance is a type of coverage that helps protect individuals from the costs of repairs or replacements of their water lines in the event of damage. While some may find it beneficial, others question its worth, as it is not considered a standard insurance policy and may have exclusions and limitations. FPL, a well-known provider of water line insurance, has sparked debates about the value of their coverage. This paragraph introduces the topic of FPL water line insurance and sets the context for exploring whether it is worth purchasing.
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What You'll Learn
- FPL water line insurance is offered by HomeServe, a private company
- It covers repairs to the water line on your property
- It does not cover appliances, fittings, fixtures, accidents or negligence
- It's worth it if your house is old and you don't have emergency savings
- Basic homeowner's insurance doesn't cover repairs from normal wear and tear
FPL water line insurance is offered by HomeServe, a private company
HomeServe offers home repair plans for residential electrical and water lines, as well as hot water heaters. The plans provide coverage for repairs or replacements due to normal wear and tear, with multiple calls annually and up to $3,000 or $5,000 in coverage per call, depending on the plan. There is a 30-day waiting period that includes a full refund if cancelled within that time.
The exterior water service line coverage administered by HomeServe covers the cost of repairing or replacing leaking or blocked plumbing and drainage systems within your home, for which you have sole responsibility. However, it is important to note that this coverage does not include appliances, fittings, fixtures, water tanks, water heaters, or damage from accidents, negligence, or unusual circumstances. Additionally, there is an initial 30-day waiting period before you can make a service call, giving you 11 months of coverage during the first year.
Whether or not FPL water line insurance is worth it depends on several factors. Firstly, if your house is relatively new and you have savings set aside for emergencies, you may not need the insurance. Water mains tend to last a long time, typically 50 years or more, so a leak is unlikely in a newer home. Additionally, if you have a short water line, the cost of a repair may be affordable enough to cover with savings.
On the other hand, if you live in an older home, your water bill has been increasing, and you don't have an emergency fund, purchasing a warranty could be a good idea. It is also worth considering if several of your neighbours have had to replace their water lines, as this could indicate a potential issue for your home as well. While basic homeowner's insurance may not cover water pipes outside your house, it is important to carefully review the exclusions and conditions of any warranty contract before purchasing additional coverage.
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It covers repairs to the water line on your property
Water line repairs can be costly and stressful. FPL's water line insurance provides coverage for repairs to the water line on your property, helping to relieve the financial burden and stress of unexpected breakdowns. This insurance is especially useful if you own an older home or if your water bill has been increasing, indicating a potential leak.
FPL's water line insurance covers repairs to the exterior water service line, which brings fresh water into your home. This line can be susceptible to cracks, leaks, and blockages due to aging and normal wear and tear. The coverage provides up to $5,000 per call for covered repairs to the line on your property, with multiple calls allowed annually. This insurance can be a valuable addition to your basic homeowner's insurance, as most policies do not cover repairs from normal wear and tear.
It's important to note that FPL's water line insurance is optional and administered by HomeServe, a separate company. Before purchasing, carefully consider your individual needs and read through any exclusions and conditions that may void the contract. For example, HomeServe's plans typically do not cover pre-existing conditions or damage caused by natural disasters.
Additionally, assess the likelihood of needing repairs by considering the age of your home and whether similar homes in your neighborhood have required line replacements. If you have a new house or sufficient savings for emergencies, water line insurance may not be necessary. However, if you live in an older home and your water bill has been increasing, purchasing a warranty could be a wise decision.
By understanding the coverage, exclusions, and your personal circumstances, you can make an informed decision about whether FPL's water line insurance is worth it for your property.
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It does not cover appliances, fittings, fixtures, accidents or negligence
FPL water line insurance is an optional service plan administered by HomeServe, an authorized representative of the service contract provider, ServicePlan of Florida, Inc. It is important to note that this service plan is not provided by Florida Power & Light Company and is not regulated by the Florida Public Service Commission.
While FPL water line insurance can provide peace of mind and help protect your finances in the event of repairs, it is crucial to understand what is not covered under the plan. Specifically, it does not include appliances, fittings, fixtures, accidents, or negligence.
In terms of appliances, the insurance does not cover any repair or replacement. This includes items such as water heaters, exhaust venting, expansion tanks, and electrical service wiring.
When it comes to fittings and fixtures, the insurance also does not cover the repair or replacement of these items. Examples of excluded fittings are faucets, bathroom fittings, and pressure-reducing valves. Excluded fixtures include water tanks, radiators, and toilets.
Additionally, the FPL water line insurance does not cover accidents or negligence. This means that any damage caused by you, others, or unusual circumstances will not be included in the coverage. For instance, if a guest accidentally damages your plumbing system, the repairs would not be covered by the insurance. Similarly, if negligence leads to a leaking drainage system, the insurance will not cover the costs of repairing or replacing it.
It is important for potential customers to understand these exclusions before enrolling in the FPL water line insurance plan, as they may significantly impact the value and usefulness of the coverage.
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It's worth it if your house is old and you don't have emergency savings
Water line insurance is generally considered to be worth it if you have an old house and lack emergency savings. This is because older houses are more likely to have water line issues. If your home is less than 40 years old, for instance, it likely has a PVC water service line, which is much less likely to fail.
Water line insurance is typically offered by third parties, not utility companies, and usually takes the form of a home warranty contract. The contract covers the water line from the edge of your property to the outside wall of your house. If you have a well, the coverage typically extends from your home's outer wall to your well casing.
Basic homeowner's insurance typically does not cover repairs from normal wear and tear if the exterior water line fails. However, water line insurance can help protect your finances in such situations by providing coverage for repairs. For example, FPL Home offers optional exterior water line coverage with multiple calls annually and up to $5,000 in coverage per call for covered repairs to the line on your property. This plan also includes additional landscape restoration of up to $1,000 per covered repair.
It is important to carefully read the exclusions of water line insurance policies. For instance, FPL Home's coverage does not include the repair or replacement of fittings or fixtures, such as water tanks, water heaters, radiators, bathroom fittings, faucets, toilets, and sinks. Additionally, there is usually a waiting period before the contract goes into effect, and pipes broken by natural disasters are often not covered.
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Basic homeowner's insurance doesn't cover repairs from normal wear and tear
Basic homeowners insurance does not cover repairs from normal wear and tear. This includes maintenance issues resulting from neglect, wear and tear, or the gradual deterioration of your home and its systems. For example, if your AC breaks down during the summer, you will have to pay for the repairs unless it was damaged by a peril like a fire, theft, or vandalism. Similarly, if your dishwasher or any other appliance breaks down, you will have to pay for the repair or replacement.
Homeowners insurance is designed to cover accidents and other events beyond your control. It does not pay for damage that you could have addressed or should have addressed during the normal course of owning your home. For instance, if you do not trim a tree on your property and a falling limb damages your roof, you will not be covered.
Additionally, your homeowners insurance will not cover flooding or sewer issues related to rain, sump pump backups, or underground water. To get flood coverage, you will need a separate policy or endorsement. It also does not cover damage caused by negligence or inherently risky items, such as trampolines.
Water line insurance, offered by utility companies, can provide coverage against water main breaks. However, these are typically home warranty contracts, not insurance policies, and they usually have exclusions. For example, there may be a waiting period before the contract takes effect, and pipes broken by natural disasters may not be covered.
Whether or not you need water line insurance depends on several factors. If your house is relatively new and you have savings set aside for emergencies, you may not need the additional coverage. However, if your house is older and you don't have an emergency fund, purchasing a warranty could be worthwhile.
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Frequently asked questions
FPL water line insurance is optional and is not insurance but a home warranty contract administered by an independent company called HomeServe. It is worth it if you live in an old house, your water bill has been creeping up, and you don't have an emergency fund.
FPL water line insurance covers up to $5,000 in repairs per call for covered repairs to the line on your property, with additional landscape restoration up to $1,000 per covered repair. It also provides coverage for repairs to the line from your property boundary to the main line.
FPL water line insurance does not cover appliances, repair or replacement of fittings or fixtures such as water tanks, water heaters, radiators, bathroom fittings, faucets, toilets, baths, shower pans, and sinks. It also does not cover damage from accidents, negligence, or unusual circumstances.
FPL water line insurance costs $3,000 per year with multiple calls. There is also a 50% rebate off per month for the first year, which is added to your FPL bill.
