Water & Sewer line insurance

Early in the Spring, I (and lots of other homeowners) was offered an insurance policy to cover damage and leaks from the water/sewer lines that run from the street into my Manhattan townhouse. The offer came from the NYC DEP, which had teamed up with company called American Water Resources (AWR). The cost was something like $12/month, added automatically to my water bill. Since the pipes entering my building were pretty ancient I decided to go for the insurance. Really glad I did! A month ago a small water leak started bubbling up on the other side of the street. Some DEP guys came by to listen to the incoming water pipes in the basements of all nearby buildings. I assumed that since the water line and the leak were on the other side of the street, the problem was not with my pipe. I was wrong. They put the listening device to my ear and I could clearly hear a torrent of water coming from my incoming pipe. They gave me an official piece of paper called a “3-Day Notice” requiring me to make the repairs within that time frame. I called the insurer AWR and they had a plumber at the scene within a couple of hours. The repair was done the following day. It involved closing the street for most of the day. I was told that the cost was low 5 figures, none of which I to pay. I don’t usually go out of my way to recommend services or products, but these guys definitely earned my respect. The DEC web site has info. here: http://www.nyc.gov/html/dep/html/service_line_protection/index.shtml

townhouse85

in Insurance 11 years and 7 months ago

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housepoor | 11 years and 7 months ago

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I think by low 5 figures the OP meant more like $20,000 to $30,000\. Unless you know when your pipes were replaced, buying the insurance is a good idea. Self-insurance is more than thinking you could afford a loss, it is about accumulating the cash over time and hoping nothing goes bad too soon. $12 seems a small price to pay. But understand the small print and what is or is not covered.

bk1lnite | 11 years and 7 months ago

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Yes, good to know, and it definitely worked out well for you. Still the gambler in me wonders: if I sign up to pay $12/mo. or $144 a year… $1440 over 10 years. Over 10 years are the odds 1 in 10 or better that there’s a water or sewer line failure with a low 5 figure repair cost that would be covered by this? I can come up with 10 or 15 grand if I have to, so I can self insure, and hope for the best. I wonder if you can find out somewhere how many “3-Day Notice”s the DEP gave out over a 12 month period to get some idea of the frequency. If the pipes entering your building are ancient, it makes sense to insure – but how do you figure out if those pipes that you’re responsible are ancient, or newer (with a longer expected life expectancy) ?

BSDOD | 11 years and 7 months ago

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Thanks for he info, sounds like they delivered.