Homeowners have access to options
Letter to the editor, source by http://citizensvoice.com/news/is-utility-insurance-worth-it-depends-on-who-you-ask-1.2309469
March 12, 2018
I’d like to address the March 4 piece, “Is utility insurance worth it? Depends on who you ask.” A few weeks ago, I was able to provide the author with extensive information about the HomeServe plans available to area residents, and I’m happy to again provide details so that residents can make a fully informed decision about the optional service plans.
Far too many homeowners are unaware, for example, that the water pipe that runs from their home to the street is their financial responsibility and not covered under standard homeowners policies or by the local utility.
One local insurance agent quoted in the article claimed that the need for emergency repairs is “quite small.” On the contrary, a recent HomeServe survey found that almost half of respondents had some sort of home repair emergency in the past year alone. Without a service plan, these homeowners are on the hook for finding a qualified contractor, scheduling the repair and all of the associated costs. HomeServe’s goal is to minimize the stress, time and financial burden that accompanies these emergencies.
Further, while we fully support consumers doing their homework, it’s unrealistic to expect homeowners to survey multiple plumbers for potential repair costs, as suggested, and then set aside the necessary funds. Investing a small amount each month in a service plan is a prudent approach to preparing for an emergency and is much more realistic than expecting homeowners to keep up with a rainy day fund. Indeed, a 2017 Federal Reserve report found that 44% of adults either could not cover an emergency expense costing $400 or would cover it by selling something or borrowing money.
HomeServe is pleased to offer Pennsylvania residents access to important optional service plans. Readers who have questions about HomeServe are encouraged to visit www.homeserveusa.com.
SVP, Public Relations, HomeServe USA