ISO Info METCOM
- Thread starter BernieP
- Start date
GWguy
*
Many of the older homes, circa 60-70, have galvanized pipe running to the house, and not much of it has been replaced. Mine failed about 15 years ago, so a whole new copper line was run to a new meter. Cost me about $1000. Since mine is now relatively new, I have no intention of getting the insurance.
In Town Creek, they are upgrading the water mains. I've been told the water pressure will go up for those of us who have pressure in the 45-50lb range. If that's true, the number of failures of both indoor and outdoor plumbing could rise.
In Town Creek, they are upgrading the water mains. I've been told the water pressure will go up for those of us who have pressure in the 45-50lb range. If that's true, the number of failures of both indoor and outdoor plumbing could rise.
I got 3 so far and they are all in the trash.
Goldenhawk
Well-Known Member
Companies have learned that they can make more money selling insurance on their product than selling their product itself. It would seem that METCOM is in that game now.
Of course it's up to you whether it makes sense for your situation - but the problem with the vast majority of such policies is the loooong list of exclusions. Every time I've carefully reviewed one of these policies (like offered by Best Buy, or your auto dealer, or even a home warranty), probably 95% of the typical failures and problems are excluded from coverage. They might save you from the very unlikely huge bill, but not the everyday stuff. Most experts will tell you that the best plan is to simply set up an automatic savings plan and dump the proposed insurance premiums into that savings account; you'll end up coming out ahead in the long run.
In essence, most of these policies are just a form of lottery. Sometimes you win, but most people don't.
This is the actual insurance company's policy with its coverage and exclusions, at least for the outside drain line (I couldn't find one for the outside water line):
www.homeserve.com
It actually looks better than most, with fewer everyday-item exclusions.
More info from METCOM:
www.thebaynet.com
Of course it's up to you whether it makes sense for your situation - but the problem with the vast majority of such policies is the loooong list of exclusions. Every time I've carefully reviewed one of these policies (like offered by Best Buy, or your auto dealer, or even a home warranty), probably 95% of the typical failures and problems are excluded from coverage. They might save you from the very unlikely huge bill, but not the everyday stuff. Most experts will tell you that the best plan is to simply set up an automatic savings plan and dump the proposed insurance premiums into that savings account; you'll end up coming out ahead in the long run.
In essence, most of these policies are just a form of lottery. Sometimes you win, but most people don't.
This is the actual insurance company's policy with its coverage and exclusions, at least for the outside drain line (I couldn't find one for the outside water line):
Product Details | HomeServe USA
www.homeserve.com
More info from METCOM:
Metcom to offer emergency repair program to customers - The BayNet
MetCom approves agreement with USP in order to help facilitate the repairs to the private side of service lines where MetCom has no responsibility.
www.thebaynet.com
Lowe's is getting real bad about expanding their so-called protection plans and replacement plans.
I'm working a cash register now, saw one offered for a flashlight.
Goldenhawk
Well-Known Member
Heh. When asked about those plans, I often think "are you telling me you expect it to fail soon?"
PeoplesElbow
Well-Known Member
Their plan that I got on the chainsaw I bought there was worthless, they wanted me to drive it to Salisbury MD for a $15 part.
I do not push any of Lowe's extras, just read the screen prompt and explain if the customer is interested.