STAMFORD, Conn., May 31, 2012 /PRNewswire via COMTEX/ -- Virginia homeowners unaware of costly repair responsibility
One million homeowners across America will suffer exterior water service line emergencies in 2012
Americans could be responsible for up to $2 billion in repair costs(1)
Protection against unexpected repair costs now offered for the first time to Virginia homeowners from HomeServe USA - Home Emergency Insurance Solutions
Tens of thousands of Virginia homeowners will now have the opportunity to protect themselves and their finances from the high cost of exterior water service line repairs, thanks to an initiative undertaken by Home Emergency Insurance Solutions, a wholly-owned subsidiary of HomeServe USA, one of the nation's leading providers of emergency repair service plans. HomeServe USA currently serves homeowners in 41 states coast-to-coast and in May, will add the 42nd state to its list, offering its Water Service Line Insurance Plans to homeowners throughout the state of Virginia under the name Home Emergency Insurance Solutions.
"All homeowners deserve the opportunity to protect themselves from expensive water line repair costs, especially in these difficult economic times," said Tom Rusin CEO of HomeServe USA. "This kind of coverage can provide a finance-saving alternative to credit card debt or borrowing from friends and family."
A water service line emergency occurs when the pipe that delivers fresh water from the water main in the street to a home breaks or leaks due to normal wear and tear. Fifty percent of homeowners do not know that, in most cases, repairs are not covered by basic homeowners insurance, the water utility, or individual towns and communities, leaving the homeowner responsible for the entire repair bill.(2) Repairs such as this can range between $1,500 and $3,000, and in some cases more. 64% of consumers do not have $1,000 on hand to cover unexpected home repairs(3) and HomeServe estimates that there could be over 1 million water service line breaks nationally in the next 12 months.
"One of the challenges of home ownership is that the potential for expensive repairs is always out there," continued Rusin. "The fact that homeowners don't know about their responsibilities in these situations serves to make unexpected and expensive repairs harder to handle. Emergencies do happen and unfortunately, there's very little someone can do to prevent them. Now, homeowners across Virginia will have an easy, affordable solution to ensure that they're prepared with a plan to cover the cost of expensive repairs."
HomeServe USA partners with over 25 of the nation's leading water, gas, and electrical utilities to offer customers insurance plans. However, in select areas, including the State of Virginia, HomeServe USA is offering its affordable Water Service Line Insurance Plans directly to homeowners starting at under $5 a month via a no-obligation direct mail offer. Earlier this year, HomeServe reached its 1 millionth customer, providing homeowners across the U.S. with coverage from those unexpected repairs not covered by the most common form of basic homeowner insurance or by local utility services. All HomeServe USA customers have access to a 24-hour emergency hotline that will dispatch a local, licensed and qualified contractor to make any necessary repairs. HomeServe USA has a 96 percent approval rating among customers surveyed after receiving service under the plans.(4)
"Our goal," concludes Rusin, "is to educate homeowners about their responsibilities and offer a solution that protects them from the hassle and expense of unexpected home repairs. Our mission is to free our members from the worry of home emergencies. We're proud to protect more than one million homes nationwide, and we're excited to now be able to offer Virginia homeowners the same level of peace of mind."
About HomeServe HomeServe USA Corp (HomeServe) is an independent provider of emergency repair service plans. The company was established in the US in 2003 and has grown to protect over 1 million customers across the US and now Canada against the expense and inconvenience of water, sewer, electrical and other home emergencies. HomeServe dedicates itself to being a customer focused company offering best practices in marketing and service. Home Emergency Insurance Solutions insurance policies are underwritten by Wesco Insurance Company, an AmTrust Finacial Services rated A (excellent) by A.M. Best. For more information about HomeServe, please go to www.homeserveusa.com , follow us on Twitter@HomeServeUSA, or on Facebook at facebook.com/HomeServeUSA.
Sources: (1) HomeServe 2011 national leak repair experience and U.S. Census American Housing Survey for the United States: 2009, estimated number of detached and attached single family homes. (2) GfK Roper Custom Research, 2011 http://money.cnn.com/2011/08/10/pf/emergency_fund/index.htm (4) HomeServe 2011 Post Service Customer Survey
SOURCE HomeServe USA
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