Landlord Boiler Insurance ensures your rental property has heating and hot water at all times.
When your tenant calls to tell you that the boiler has broken down, it’s up to you to get it fixed right away. As you probably know, boiler repairs can be very expensive and it isn’t always easy to find a qualified engineer in an emergency. This is especially true when problems occur during the cold winter season as it’s the busiest time of year for heating engineers. However, if you choose the right landlord boiler insurance policy, you can resolve any issues quickly and remain protected against the cost of repairs.
What is Landlord Boiler Insurance?
Landlord boiler insurance is a policy that covers you for the cost of boiler repairs (and sometimes a replacement) should the boiler at your rental property stop working. You have to pay a monthly or annual fee, just like you would for any other type of insurance. There are plenty of companies that offer landlord boiler insurance, but conditions vary depending on the provider and terms of the contract. Some policies have exclusions and restrict cover based on certain types of buildings, as well as things like the age of the appliance or the type of boiler that you have installed.
Who Needs Landlord Boiler Insurance?
You can benefit from landlord boiler insurance if you own one or more rental properties occupied with tenants. Many landlords have boiler insurance to give them peace of mind that they are covered for the cost of repairs and are able to swiftly get hold of a qualified engineer in the event of an emergency. Having said that, some landlords do not take out this insurance and are happy to pay for boiler repairs as and when they need to be carried out.
Some of the downsides to not having landlord boiler insurance include:
- Expensive emergency engineer call-out and repair fees
- Needing to organise the repairs
- Having to wait much longer for an engineer to fix the boiler
Who is Responsible for the Boiler in a Rental Property?
It is the landlord’s duty to organise and pay for boiler repairs, along with boiler maintenance and annual gas safety checks. The landlord is, in fact, responsible for making sure all gas appliances that are provided for the tenant are safe to use and serviced each year by a Gas Safe engineer. Copies of these checks must be kept for at least two years and supplied to the tenant before they move into the rental property (or within the first month).
What to Look for in a Landlord Boiler Insurance Policy
There are many providers out there willing to provide you with landlord boiler insurance, but it’s important to know what to look for before signing up. You should also check whether your landlord or buildings insurance policy includes boiler cover prior to taking out landlord boiler insurance.
One of the first things you need to check is if your specific boiler is covered as some providers won’t insure all models or boilers of a certain age. Then, find out if the policy includes unlimited labour as standard and a guarantee on any work and repairs.
When shopping around, make sure you look for policies that include unlimited 24-hour call-outs to ensure you or your tenant has access to an engineer day and night. You may even want a policy that covers boiler repairs and other things like an annual boiler service and carbon monoxide test. Not all providers offer policies with extras included, but some allow you to tailor your policy by choosing optional extras.
Obviously, the cost is a key consideration but you shouldn’t always opt for the cheapest option. Many of the cheaper policies are basic and have an excess, which means you will have to pay towards a call out or the repairs. Finally, check each company’s customer satisfaction rating to see if the service on offer really is as good as it seems.
Always Compare Landlord Boiler Insurance
If you want to get the best landlord boiler insurance policy at the cheapest price, you’ll need to compare plans from different providers. One of the quickest ways to do this is to use comparison sites, but don’t forget to contact local businesses as they tend to be more competitive and have better customer satisfaction records. Most providers require your boiler to be below a certain age when you take out cover, so you may want to consider purchasing a new model if you currently have an old boiler at your rental property.