Boiler Insurance - Is It Worth It?

Posted on 01 June 2017 at 13:15 into boilers, insurance, repairs and winter by HSP

So we're officially in the throes of wintertime. The days are becoming shorter, the weather has taken a turn for the worst and people are wrapping up in their finest winter woollies.

Unfortunately the risk of boiler breakdowns increases significantly at this time of year. Those people who haven't taken the precaution of investing in boiler insurance could be left having to pay considerable amounts for essential repairs. However, recent research by one of the leading energy companies has revealed that there is a general reluctance to invest in this type of cover.

Boiler Repair Costs

Budget conscious domestic home-owners are clearly perturbed by the cost of boiler insurance. This is quite understandable when you take rising energy bills and other utilities into account. However, it's worth pointing out that boiler repairs can be extremely expensive. It may cost as much as £150 to replace a faulty flow switch. A professional gas engineer may charge over £450 to install a new heat exchanger. However, hard-up home-owners can reduce the risk of incurring enlisting professional heating experts for regular service checks and boiler care.

Different Levels Of Cover

Those people who seek the added assurance of boiler insurance will discover that there is some considerable variation in price. The basic insurance of a boiler and controls may cost as little as £10 per month. However, the insurance of a complete heating system is likely to cost more than £15 per month. Prospective policy buyers are encouraged to conduct online research and read the small print before parting with their hard earned cash. Some insurers will put limitations on the amounts that are paid out for boiler repairs. Comprehensive policies will include assurances regarding the inspection and maintenance of household boilers.

Essential Policy Details

Some of the major energy companies attempt to lure customers with offers of surprisingly affordable boiler insurance. However, they make stipulations regarding the amount of excess that must be paid in the event of a boiler breakdown. They also place restrictions upon the amounts of money that are issued for different repairs. People who take out insurance-based policies will be able to make complaints to the Financial Ombudsman Service if they feel that there claims have been processed unfairly. However, it's worth checking whether this assurance is in place.

The Final Decision

At the end of the day we are dealing with a game of financial risk. Home-owners who choose to go without cover will be happy as long as their boilers operate efficiently throughout the year. However, others will be glad of the financial safeguard. It might be best to pay a small amount each month and call upon the assistance of trusted gas engineers for routine maintenance. However, the choice is all yours!

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