Everything you Need to Know about Home Repair Insurance Coverage

Everything you Need to Know about Home Repair Insurance Coverage. Being a homeowner can be rewarding, but it also comes with its challenges. Being responsible for unexpected home repair issues, including problems with your exterior sewer and septic system, as well as your home’s mechanical systems and appliances can be stressful and expensive. 

DAMAGES THAT MAY NOT BE COVERED

While homeowners insurance may provide some amount of coverage for water damage caused by household plumbing and systems, a standard policy does not cover damage to service lines buried in your yard. Studies show there are $240,000 total water main breaks that occur annually in the US.  That means if one of your home’s utility lines are damaged — be it water lines, electrical lines, sewage lines or gas lines, you’d be stuck footing the bill yourself.  With an additional cost averaging ~$30-$90/year, you can add Service Line Coverage onto your homeonwers policy to help with this cost upward of $10,000 per incident. This endorsement may help to pay for damage caused by wear & tear, rust, corrosion, mechanical or electrical breakdown, tree root intrusion, freezing, or weight of equipment, vehicles, or people. All insurance carriers “covered perils” vary however, so it is important to review your carrier’s definition of a covered peril for this type of claim. 

ADDING TO YOUR POLICY

You can also investigate adding Equipment Breakdown Coverage onto your homeowner’s policy to help cover your appliances, heating and cooling and other equipment when they break down due to mechanical or electrical failure. Averaging a cost of $25k-$50/year to add on your homeowners insurance, you can add coverage limits upward of $50,000-$100,000. 

ENDORSEMENTS THAT MAKE A DIFFERENCE

Standard home insurance policies may cover certain perils like fire, hail, theft & lightning. However, Equipment Breakdown picks up where home insurance policies leave off & provides coverage for electrical & mechanical breakdown. This endorsement can help cover the cost of power surges, short circuits, motor burnouts, pressure system breakdowns or ruptures. Contact us to understand Everything you Need to Know about Home Repair Insurance Coverage

SPEAK TO THE EXPERTS

At Conner Insurance, we have set the standard for superior guidance and exceptional service for more than 70 years. Contact us at (317) 808-7711 to speak to one of our advisors. We are located in Indiana and serve the whole state, including Indianapolis, Fort Wayne, Carmel, Noblesville, Westfield, Fishers, Brownsburg, and Evansville. We also provide insurance and benefits to all fifty states.