As the owner of a house or small business, protecting your property and finances is always a top priority. While homeowner’s insurance may pay for some of the costs associated with plumbing issues, these policies often provide only limited coverage. The decision to purchase plumbing insurance should be made with sound financial advice, since you need to account for the cost of the policy and the potential loss from damage. Some providers offer insurance plans that extend beyond the basics covered in homeowner policies, including HVAC, electrical and plumbing. Don’t just assume that your policy covers you! Contact your insurance agent and request a detailed explanation of what is and what is not included in your current plan.
If you are unsure about your current plumbing coverage, contact your insurance company and request more information. Most policies cover emergency situations and accidents, like damage caused by a leak or burst pipe. However, that does not necessarily mean that the policy also covers maintenance or significant repairs to the system itself. There are many factors to consider beyond simple repairs. Water damage can lead to the growth of mold and mildew, which is expensive to eradicate and may not be covered by your homeowner’s insurance. Repairs to sewer or water lines can also be invasive, requiring the technician to remove parts of the wall or floor to access damaged hardware. It’s a good idea to contact your insurance provider before conducting repairs or maintenance, even if you are sure they are covered by your policy. In some cases, they will want to examine the extent of the damage or scope of the planned project to ensure that it meets qualifications for coverage. Seeking reimbursement after the fact can be a challenging and frustrating experience.
Before selecting a contractor to work on your home’s plumbing, make sure that they are fully licensed and insured to operate in your state. The majority of state governments require plumbers to have significant coverage in case property damage results from an accident or negligence. While it may be tempting to hire a handyman for less money, a professional plumber is a much safer choice.