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If you've ever dealt with a broken-down boiler, you'll know just how terrible the experience can be. Fixing a boiler can be one of the most stressful encounters you'll ever have to deal with, and the cost is pretty high. Hence, boiler insurance is a great idea, and you'll be able to take care of everything if something ever goes wrong. With that said, coverage is only worthwhile for up to 3% of persons who purchase it.
Before you rush off to get boiler coverage, it's a good idea to ask your current company if you're already covered. So, read on as we dive into everything you need to know.
In some instances, boilers can be covered without any prior knowledge. If for some reason, your boiler is under warranty or was recently replaced, there's a good chance that it's still under warranty. A boiler warranty can last for up to a whopping seven years, depending on the manufacturer.
Additionally, if you're renting, then the boiler on your property falls into the landlord's hands. Hence, they are responsible for boiler maintenance.
Besides those mentioned, your regular home insurance coverage plan may have a special section that pertains to your boiler. If none of these are applicable for some reason, you'll need to consider a series of factors.
The Condition And Age Of Your Boiler
If you bought a home with a boiler or you've had one for a long time, you can expect that it may break down at some point. In the case of an ancient system, coverage may be challenging to acquire, and most insurers don't provide coverage for boilers that are over 15 years of age.
Besides age, most companies tend to require some form of inspection before they provide any coverage at all. As such, finding coverage may be rather tricky.
Besides the concept of old age, new boilers break all of the time. Studies have indicated that up to 50% of breakdown occurs within the first six years of use; however, this tends to decrease when purchasing from a highly rated manufacturer.
It Just Might Be Time For An Upgrade
Replacing your old boiler is one of the best investments you can ever make. While some can cost upwards of £2,500, the benefits are worth it.
The biggest advantage is the reduced cost of repairs, and it's more energy efficient. When you upgrade to an A-rated system, you'll save a ton each year on your energy bills.
How Much Does Boiler and Central Heating Cover Cost?
On average, your boiler's insurance costcan range from £5 to £20 monthly. However, the total value is dependent on what you want from your coverage. If you don't have insurance for some reason, you should expect to spend a small fortune on even the smallest of repairs.
Some boiler costs anywhere from £150 and up for minimal replacement actions. These include fan replacements and even twice that for replacing your heat exchanger. Additionally, you'll need to factor in the cost of hiring a plumber and the associated VAT.
Other Things To Keep In Mind
While most homes can be insured, there are still some exceptions. These include the following:
* Bedsits
* Mobile homes
* Commercial properties
Annual Boiler Service
Just like any piece of machinery that requires maintenance, your boiler will need to be serviced. However, insurers don't pay when boilers break down due to negligence.
Gas Safety Certificate
If you're renting or own a home, a gas safety certificate is a huge deal. Either you or your landlord will be required to ensure safety checks are performed on gas appliances and boilers.
In Conclusion
Purchasing boiler coverage is dependent on whether or not you're concerned with the price. However, it is recommended that you pay for coverage to avoid hefty bills in the future. If your boiler is new, it's a good idea to pay smaller premiums if something goes wrong.
When selecting a plan, be sure to check various companies and compare the benefits and the cost. If you're unsure, you can just check online for reputable companies.
Do you think it's a good idea to get a boiler cover for older boilers?
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.
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I have never thought about buying boiler coverage before! It definitely sounds like it would be worth it though.
Like on most bigger things, typically insurance is worth it!
If you are concerned about the age of your boiler, this is definitely something to consider. It is better to be prepared than not!
Yes, if you have an old boiler insurance is def a good idea