Do I need to buy separate insurance for the water pipes outside my home?

You may have recently received a mailer from your water utility company offering this protection for as little as $4.00 a month and are wondering if this shouldn't already be covered under your Homeowners Insurance policy.

At this time, we are unaware of any Homeowners Insurance Policy that will cover water pipes inside or outside of your home.

Therefore, this may be a coverage worth purchasing. Here are a few things to consider first:

HOW BIG IS YOUR RISK?

A good baseline to begin assessing your risk is the age of your home. Homes more than 20 years old may have metal or copper piping that is much more susceptible to erosion than the newer home developments which probably have PVC pipes that may be less likely to corrode in your lifetime.

Next, you will want to find out from your utility provider the average cost in your area to repair or replace pipes.

Finally, you will want to weigh your risks versus the cost and your ability to pay those costs upon demand.

WHAT IS COVERED AND WHAT IS EXCLUDED?

You may want to ask for a copy of the policy wording or explanation of coverages PRIOR to purchasing. If at all possible you will want to contact the insurance or service plan provider directly. If this is not possible, your personal lines agent here at Buckley Insurance will be happy to review the policy wording with you.

IS THERE A DEDUCTIBLE OR "OUT OF POCKET" EXPENSE? 

This question is self explanatory.  You will want to ask it of the provider so that you will better understand your financial responsibility in the event of a loss.

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We hope this article has been helpful to you. If you have any questions or would like to make a comment, we would love to hear from you!