Thus far, home ownership has been a very educational experience. It seems that I learn something new each day. For instance, I learned a valuable lesson regarding insurance.
As you probably already know, everyone is required to purchase home owner's insurance. One of the benefits of this insurance, is that you can replace a failed appliance or other household items which are damaged or stolen.
In my case, I have a very old hot water tank. So, upon reading the insurance guidelines, and speaking to the insurance service agent, I decided to schedule an appointment to get the unit replaced. The selling point here, is that the plumber would come out and replace the unit for a service fee $75.00. Hell, I couldn't even install the unit myself for $75.00. Gosh what a deal ! This is why you pay all that loot for the insurance. Right ? Wrong.
The plumber came to my home and inspected my hot water tank. He immediately asked if I'd read the fine print in my contract. Something about "We're not responsible for bringing the unit up to code ." I said, "Why yes, I had read the entire document. ". He proceeded to show me the sentence, that he was referring to. Next, he began to show me the items that weren't up to code.
1) Vent Piping incorrect diameter.
2) Gas regulator
3) Ball valve needed to be replaced w/gate valve
4) Upgrade tank from 30gal to 40 gal
5) Galvanized pipe replacement w/copper
6) Disposal fee
After he was done with his list, the cost of the repairs rose from $75.00 to $575.00. You can imagine what I said to him. I cut him a check for $75.00 and said thanks, but no thanks.
Now that I'm involved with rehabbing depressed properties, it's actually cheaper for me to get one of my handymen to do the required work. Install and dispose of tank for $312.00 Amazing. Why even pay for the insurance ?