I just got an email from my gas company about coverage. I think I will look into that and my homeowner's insurance offer and make a decision.
Considering how difficult it is today to get a responsible party to do anything in a timely and cost-effective way, I am leaning toward getting it.
Thanks for the input.
Cyber security insurance and really all insurance is only as good as the company baking the policy. I tend to side with your Pop on insurance and potential poverty. I decided 30 years ago I was either going to insure most everything, or insure as few things as possible. After taking out a policy on a new computer that was $3,000 at the time of purchase, we did have an issue with the computer while still under the coverage period. I don't recall all the reasons they would not actually pay for any of the repairs, but one reason was it had not been registered properly with the manufacturer. I had sent the little card back in but apparently they had not entered the information into their system, so my third party insurance found a way out of covering my problem. So at that point I decided never to purchase small, stand alone policies.
My advice, if the cyber insurance is a rider on your larger homeowner's policy, that is much better protection than a stand alone policy. I will say though, i requested for my homeowner's to drop that portion off my homeowner's about 20 years ago, saving $8 /year. I review my policy every year, and watch out specifically for things like outbuildings that really need torn down being insured for $40,000 replacement cost and being $200-$300 per year on the policy.
As for the gas line insurance, I believe most policies insure against leaks much the same way they insure your roof. Early on, when the line is new, they likely will pay much of the repair cost. But as the line ages, they use a formula to depreciate lifetime expectancy and thus lower each year their portion of liability for repair. So often, just when you finally need it, you may not really have it?
My solution for my own personal situation was to increase my deductible from $1,000 to $10,000. My policy was decreased by $800 / year by doing this, and I have thus far had zero claims. Of course, a door being damaged by the wind or a garage door being hit by a wayward teen now becomes my problem not theirs. I like to fix things, and have equipment such as backhoe, excavator etc. On hand so that probably taints my view of needing insurance a bit, what i need more now than ever is energy to use the stuff, but I can't find where to purchase deaging insurance.
As for tree roots and insurance, look over the policy carefully, some insurances of people I have done work for have specific language in the policy where coverage is voided if tree vegetation is not kept 30 ft away from overtop of the line in question. My homeowner's policy specifically states that for my leach field area.
Happy decision making. At least just being a couple bucks per month will not break the bank, but may buy a few good nights sleep, regardless of future outcome that's a pretty fair deal.
A quick google shows a gas line cost of $5.49/month for $8k coverage. That said, would you consider buying gas line - or cyber - insurance?
