Q: My home was plumbed with polybutylene pipe and I had a leak that came through the ceiling and flooded my home. The ceiling also caved in. What a mess! I there any help available to replace this plumbing in my home?
A: We're no experts when it comes to home repair issues or any insurance coverage you might be carrying. That said, you should first check with your homeowner's insurance company to see how much of any damage might be covered by your policy. You should also weigh filing a claim against any cost you'll need to pay out of pocket (deductible); depending upon the extent of the damage, it may or may not be the least costly in the long run to pay for the repairs rather than filing a claim.
Read: Buying a fixer-upper? Here’s the mortgage to do it
It would appear that there have been a number of class-action lawsuits with regard to polybutylene pipe and unusually high failure rates. You should investigate both the extent of the use of this piping in your home and whether or not you might be eligible to be included in any class action settlements to help recover the cost of replacing the polybutylene piping in your home.
A 25-year expert observer of the mortgage and consumer debt markets, Keith Gumbinger has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters. He has been a featured guest on national broadcasts for CNN, CNBC, ABC, CBS and NBC television networks and has been heard on NPR and other national and local radio programs. Keith is the primary researcher and writer for HSH.com's MarketTrends newsletter and has authored or co-authored a number of consumer guides on mortgages, home equity, refinancing and more.
