Curious about boiler insurance? You have a new boiler installation and it has cost you a packet; check out this article.
The question is now about boiler insurance.
Now many would say that your next step is insuring it in case something happens. I mean the last thing you want is another out of pocket.
But if you are considering insurance for a new boiler installation or even insuring an older boiler there are several points to consider.
Is any boiler insurance cost effective at all?
- Many insurers may not respond immediately for repairs and may make you use only their repairmen. This may mean you are without heating for a period of time without the option of calling out someone else
- You may already be covered through your home insurance or may be able to add boiler insurance cover for a very small increase
- After paying for many months you may find whatever repairs you need may not be covered. Check if insurance covers the whole heating system and it’s parts or just the boiler and certain parts
- Did you know some cover would be rendered useless if you didn’t have yearly maintenance and certain services done by a gas safe registered engineer? If you are paying high premiums and can’t afford proper boiler servicing then consider which will benefit the life of your boiler
- Some insurance companies will only cover a certain amount of callouts in a year or they may limit the payout.
- Boiler Insurance cover even with big companies like British Gas can be riddled with problems. See this forum where people are discussing why they think British Gas 3 Star Cover is a scam
- And last to remember, most all companies have a period of time after you sign up where they don’t pay out at all. Check how long this is as it can very greatly from company to company
You may decide the devil is in the details and chuck the insurance idea all together. It may be best to have a direct debit go out of your current account into a savings household repair account. You could let it cover all necessary household repairs and then if your boiler last for years and years then it is money saved rather than in the pockets of the insurance company.
But don’t leave yourself without any safety net. If you are not getting boiler insurance, don’t think you can do without a designated home repair savings account.