Five-minute guide to finding the right boiler insurance | Personal Finance | Finance

A boiler failure policy, sometimes called home emergency insurance, can provide protection, but research by Hometree says only a quarter of homeowners have one. Managing Director Simon Phelan said boilers are often the last thing people think of until something goes wrong, and choosing the right policy isn’t easy: “Confusing products, complicated prices, price increases and poor service have disappointed too many people.”

So if you need boiler failure insurance, how do you find the right policy?

The plans usually cover the cost of calling an engineer if your boiler or thermostat stops working, as well as repairs to hot water tanks and radiators, and spare parts.

Your boiler will typically need to have been serviced for the last year and many insurers will refuse to cover anyone over 12 or 15 years of age.

More expensive plans include annual boiler service and a gas safety certificate for your peace of mind.

Some also cover plumbing, drains, and electrical appliances.

British Gas Homecare is possibly the best-known range of products. Other products are available from Certi UK, EDF Energy, HomeServe, Hometree, PlusHeat and 24/7 Home Rescue.

Monthly premiums start at £ 8.70 but you can pay up to £ 50 for full coverage, especially if you have multiple gas fires or stoves.

You can reduce this by paying a small deductible for claims, e.g. B. £ 50 or £ 60.

Boiler repairs and replacements cost an average of £ 894, while boiler insurance premiums average £ 136 per year, according to research by CompareTheMarket.com.

Chris King, Head of Home Insurance, said that half of households that have had their boiler repaired or replaced at some point might find coverage to make sense, but added, “First, check that you have this under your existing budgetary policies.”

GoCompare home insurance expert Roly O’Neil said coverage for a boiler, heating and hot water system can cost anywhere from £ 40 to £ 100 in the first year. However, this is often a discounted introductory price, which means the premium is likely to go up.

Whether you need coverage depends on affordability, the age of your boiler, and how the cost is funded.

O’Neil said if you have a relatively new boiler or cash, you may prefer to finance repairs yourself: “A couple of years of premiums could be the average boiler repair bill.”

Check prices online on sites like CompareTheMarket, GoCompare, and MoneySupermarket.com.

O’Neil said homeowners should watch out for exclusions, high deductibles on claims, limited coverage levels, and limits on the number of wagers: “Some policies have been criticized for offering little coverage, maybe just a few hundred pounds, which does this wouldn’t do. ” Don’t get you far in an emergency. “

Watch out for intrusive sales lines from vendors trying to sell you new boilers and more, he added.

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