Insurance can seem complicated, but it’s actually really straightforward. Insurance companies want to make money. They do this by providing you coverage for problems, then calculating how likely those problems are to happen – the more likely the company thinks it is you’ll have problems, the more money you’ll have to pay for coverage. In other words, it’s a numbers game, and the insurance company is the house. That said, if you want to reduce your premium, all you have to do is make your home more secure. One place you can start is your plumbing.
Take a look at this water damage insurance coverage from TD Insurance. The basic coverage will protect you in the case of your plumbing rupturing, something we hope will never happen to you. On the other hand, it does not protect you from sewage backup, or surface level water entering your home after the spring, or sump pump failure – you need to purchase additional coverage in order to be protected from these things.
When you get home insurance, your insurer will probably ask you quite a few questions about your home. They may do a full home inspection. One of the things they’ll want to know about is what your plumbing system looks like: how old your pipes are, what materials they’re made out of, and whether or not they’ve sustained any damage. When you have pipes that are made of lead, galvanized steel, or clay, you may end up having a higher premium; copper pipes are industry standard for durability and longevity, and the use of any other material may be an indicator of age, or a shorter expected lifespan.
The extended coverage insurers offer for above-ground water entering the home, sump pump backup, and similar occurrences is also liable to be more expensive if you have older systems. There are insurers who might not even accept the risk of insuring against sewer backup in a home without a backwater valve and sump pump. The older your system is, the more likely it is your premium will be pretty high; after all, if the insurer thinks your system will break down within the year, then it’s not doing very much to curb your risk of flooding.
A discussion of what insurers are willing to risk should always be seen as a bit of a look in the mirror; if your premiums are unsustainably high, or you can’t even get coverage for a particular hazard, it’s likely your home isn’t very secure. That doesn’t just mean you have less-than-great coverage; it means your home is at risk of serious property damage.
We can help you lower your premiums and mitigate the risk of property damage in a number of ways. We can replace your old lead plumbing, which is a risk to your health as well as your home. We can install backwater valves, sump pits, and sump pumps – new and fresh, so the insurance companies will be pleased as punch. We’re your Winnipeg sewer and drain company, and we’re happy to help.
