Boiler insurance protects you against the cost of a boiler breakdown
Your boiler is one of the most essential appliances in your home, especially during the winter when you rely on it every day to provide you with ample heating and hot water. If your boiler breaks down and you don’t have the appropriate insurance cover, you could end up spending large sums of money to have it repaired or even replaced.
What is Boiler Insurance?
Boiler insurance covers the cost of repairs and replacement parts, and some policies include replacing the boiler if it cannot be fixed. If you purchase boiler insurance and your boiler packs up, your provider will arrange for an engineer to come to your home (usually within 24 hours) to try and fix any issues. This type of insurance is designed to give you peace of mind if your boiler develops a fault or stops working altogether.
Who Needs Boiler Insurance?
If you’re a homeowner, it is your responsibility to pay for any repairs when your boiler isn’t functioning correctly so you may want to consider boiler insurance. However, if you rent your property or are living in a council flat or house, you don’t have to worry about cover as it is up to your landlord or the council to sort out any issues with your boiler.
Before getting in touch with boiler insurance providers, you should check your home insurance policy because you may find that it covers you for boiler breakdowns and other home emergencies. If it doesn’t, it‘s worth asking your insurer about the possibility of adding boiler or home emergency cover to your existing home insurance policy.
Is Boiler Insurance Worth the Money?
According to Which? research, boiler insurance is worth the money for only 3% of households. The consumer group found that the likelihood of needing an expensive boiler repair is so low, it doesn’t make sense financially for most people to sign up for cover. The typical cost of boiler insurance (without cover for other home emergencies) is £250 a year, whereas the average cost of a boiler repair is around £195. Plus, most homeowners are not let down by their boilers every year so, for the majority of us, boiler insurance is an unnecessary expense.
You could self-insure which involves putting aside some money each week or month to cover the cost of a potential boiler repair, rather than purchase boiler insurance. One of the best ways to ensure you don’t have to fork out for major repairs is to choose a boiler with an excellent reliability rating and one that has been manufactured by a leading brand.
Getting the Right Boiler Insurance
If you think it’s worth paying for boiler insurance, we recommend you always shop around and compare prices. Costs vary depending on your boiler and the level of cover you require, as well as your chosen insurance company. Some of the major providers include:
- British Gas
- Scottish Power
- 24/7 Home Rescue
- EDF Energy