[Flyers999]

Every so often I get this letter from TECO (our gas company) with an offer to insure my "interior gas lines, interior water/sewer/vent lines and pipes, leaks and breaks, plumbing drains, toilet bowls/tank/mechanisms, interior hos bibs, shower and tub valves, and garbage disposal. "

All for $9.95 per month. apparently, these things are not covered by our home insurance.

Does this sound like a good deal? Does anybody here subscribe to this service?

My only reservation would be what happens when my house gets older? I'm sure the price would go up.

[Battlebasset]

Originally Posted by Flyers999

Every so often I get this letter from TECO (our gas company) with an offer to insure my "interior gas lines, interior water/sewer/vent lines and pipes, leaks and breaks, plumbing drains, toilet bowls/tank/mechanisms, interior hos bibs, shower and tub valves, and garbage disposal. "

All for $9.95 per month. apparently, these things are not covered by our home insurance.

Does this sound like a good deal? Does anybody here subscribe to this service?

My only reservation would be what happens when my house gets older? I'm sure the price would go up.

If you are getting the same letter I am, they cap the pay out at $1000. So for $10 per month, you could save that, and pay for it in about 8 years. Not worth it IMO.

[retiredguy123]

It would be a waste of money.

[Altavia]

Wonder if they pay out if lighting hits your gas line and your house burns down...

There been about one of those a year here.

[Flyers999]

Originally Posted by Battlebasset

If you are getting the same letter I am, they cap the pay out at $1000. So for $10 per month, you could save that, and pay for it in about 8 years. Not worth it IMO.

You are right. Thanks. The letter had no mention of an annual limit. I had to call their number and ask them directly. Pretty disreputable if you ask me. Why a public utility (TECO) would let them get away with this is surprising.

Originally Posted by Altavia

Wonder if they pay out if lighting hits your gas line and your house burns down...
There been about one of those a year here.

The "sample contact" specifically states that it's only covers items that breakdown due to "routine wear and tear."

" This Agreement covers only repairs and/or replacements due to mechanical failure attributable to ordinary wear and tear. Accordingly, the Agreement does not cover failures which may result from other causes, such as without limitation: abuse, misuse and/or neglect; lightning strikes; missing parts; animal, pet and/or pest damage; power failure; power surge; fire; casualty; acts of God; structural and/or property damage; flood; smoke; earthquake; freeze damage; accidents; war; acts of terrorism; nuclear explosion, reaction, radiation or radioactive contamination; insurrection; riots; vandalism; or intentional destruction of property. This Agreement does not cover mechanical failures resulting directly or indirectly from or caused by mold, mildew, mycotoxins, fungus, bacteria, virus, condensation, and/or wet or dry rot regardless of the source, origin, or location and any other cause or event contributing concurrently or in any sequence to the mechanical failure. "

The "acts of God" limitation, covers a lot of things.

https://www.buycinch.com/Global/File...516_SAMPLE.pdf

Originally Posted by retiredguy123

It would be a waste of money.

You're right. I will pass. I think it was Confucius who said that one shouldn't buy insurance for stuff that one can pay for on one's own.

Thanks to all who replied.

[Blueblaze]

I don't know about you, but I'm always trying to think of ways to give more money to Fortune 500 utility companies! I wonder if Xfinity has an "insurance" plan I can sign up for? I'm pretty sure I own those wires, too, and they're also covered by my homeowners insurance! That poor Xfinity bunch barely gets five times what I used to pay for my old ATT phone service!

Come to think of it, what about those poor Florida insurance companies? I'm only paying double for my little concrete Florida house, over what I paid in Texas for a big frame house and two barns -- 10 miles from the nearest firestation, that survived three hurricanes and two floods while I lived in there! Those Florida guys must barely be eaking out a living! Maybe they have some driveway or tree insurance I could buy, just to help 'em out!

[Babubhat]

Got same junk solicitation from the water company for 30 years up north. Likely a third party warranty they get a commission on

[rjm1cc]

Originally Posted by Battlebasset

If you are getting the same letter I am, they cap the pay out at $1000. So for $10 per month, you could save that, and pay for it in about 8 years. Not worth it IMO.

The 8 year observation is important. The same can apply to other special insurance policies. If you save the premiums you will probably not exceed the repair cost in your lifetime. For example I cruise a lot and never get insurance. Never had a claim so if I have one in the future I will still be ahead from past self-insuring. Remember insurance is for repair costs you can not afford.

[kkingston57]

Originally Posted by Flyers999

Every so often I get this letter from TECO (our gas company) with an offer to insure my "interior gas lines, interior water/sewer/vent lines and pipes, leaks and breaks, plumbing drains, toilet bowls/tank/mechanisms, interior hos bibs, shower and tub valves, and garbage disposal. "

All for $9.95 per month. apparently, these things are not covered by our home insurance.

Does this sound like a good deal? Does anybody here subscribe to this service?

My only reservation would be what happens when my house gets older? I'm sure the price would go up.

Another fleecing to the general public. If an interior pipe breaks damages caused by the break are covered by homeowners insurance and most of the cost to access/get to that pipe is covered by homeowners insurance. A

[kkingston57]

Originally Posted by Altavia

Wonder if they pay out if lighting hits your gas line and your house burns down...

There been about one of those a year here.

Have not seen the contract and do not know. If lightning hits your home, any damages are paid out by your Homeowners Insurance.

[Lyn Wagner]

I Call one day to ask question and next thing i knew i was being charge 20.00 a month and dont know for what? Wanted to know what the coverages were and they skirted all around it . I asked them to send me info gave them my address and i was hit with a fee. Took 6 mons to get that charge off my bill. Hundreds of calls to different departments. Dont understand why TECO would get involved with such nonsense rip off. If you call your signed up!!

[Battlebasset]

Originally Posted by rjm1cc

The 8 year observation is important. The same can apply to other special insurance policies. If you save the premiums you will probably not exceed the repair cost in your lifetime. For example I cruise a lot and never get insurance. Never had a claim so if I have one in the future I will still be ahead from past self-insuring. Remember insurance is for repair costs you can not afford.

Thanks. I can afford a $1,000 or even $2,000 hit, as long as it isn't too often. People should look closer at the deductibles they pay for auto/home insurance. Is that $250 deductible really worth the extra you pay to have it? If you really can't afford a $250 hit, maybe you should look at other expenses you have (cable, internet, eating out, entertainment, etc) and see if there are some areas you can cut.

Of course, if there isn't that much difference in the premium, maybe the $250 deductible can be a good deal, but your insurance agent can quickly let you know the difference.

[Battlebasset]

Originally Posted by kkingston57

Another fleecing to the general public. If an interior pipe breaks damages caused by the break are covered by homeowners insurance and most of the cost to access/get to that pipe is covered by homeowners insurance. A

Easy way to find out. Take the letter and send it to your insurance agent. They can tell you what would be covered on your particular policy. If it's not covered, they might be able to tell you what you would need to add to your policy to get it covered. At least then you have options, and the coverage is part of your overall home owners policy if you choose to get it. Not some standalone thing where there could be finger-pointing between TECO and your homeowner's insurer about who covers what.

[sallyg]

If you google the insurance company and read reviews I think you will not want to go near them.

[retiredguy123]

Originally Posted by Battlebasset

Easy way to find out. Take the letter and send it to your insurance agent. They can tell you what would be covered on your particular policy. If it's not covered, they might be able to tell you what you would need to add to your policy to get it covered. At least then you have options, and the coverage is part of your overall home owners policy if you choose to get it. Not some standalone thing where there could be finger-pointing between TECO and your homeowner's insurer about who covers what.

In my experience, insurance agents will never put anything in writing about what your policy covers and does not cover. They will just refer you to the policy document. And, even though they are called "agents", they have no power to act on behalf of the company regarding any interpretation of your policy coverage. Basically, they are just salespeople.