Emergencies never happen at a convenient time – it’s when you’re traveling, planning for your wedding or sitting down to a holiday dinner. Additionally, emergencies can often bring with them a very costly expense that many homeowners are unprepared to cover, which can force people to deplete savings accounts, borrow money or take out high-interest cash advances or emergency loans.
A recent survey from Bankrate.com revealed that only 38% of respondents said they could cover an unexpected expense with cash on hand in their checking and savings accounts. Additionally, the survey revealed that fewer than 4 in 10 have enough cash to handle any substantial cost outside of their budget. When faced with a financial emergency – are your residents prepared?
As a city official, you have the option to bring a protection plan program to your residents that can help in the event of a home repair emergency. While homeowners insurance covers many typical emergencies, there are events such as water and sewer line failures that are outside traditional coverage policies. It’s a common misconception among homeowners that these lines will never break, but the reality is nothing lasts forever. Many factors such as ground shifting, extreme weather, normal wear and tear and tree root intrusion can cause the lines to crack, deteriorate and break. Repairs to these lines, often requiring digging, can also be very costly and could run into the street, requiring permits, traffic control and paving – which is still the homeowners responsibility.
Educating homeowners on their responsibilities and the types of policies available to cover expensive home repairs, such as the Service Line Warranties of America water and sewer line warranties, can help in the homeowner’s time of need. For only a few dollars a month, homeowners can be protected through a voluntary protection plan in the event of an emergency, leaving their savings account funds for what’s really important – their family. There’s no cost to the city to participate in this important program that addresses aging infrastructure, water conservation and ground pollution.
Don’t take our word for it though. In a recent interview with Corporate Review, hear from Kansas City, Missouri, Councilman John Sharp and a homeowner about their experience with the program and how the warranty program saved homeowner Ms. Shively from a very expensive repair bill.