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Is boiler insurance worth the money?

Many homeowners turn to boiler insurance to cover them in the event of their boiler breakdown but is it worth the money?

Check your home insurance first

Before you consider taking out any cover for your central heating system check what cover you already have on your home insurance.  Some home insurance providers offer this cover as standard as part of your building cover. For example, Prudential includes home emergency cover up to £500. This includes your call-out fees, labour costs and parts.

Should I pay for boiler insurance?

If you chose to insurance your boiler then shop around and compare what the policy covered and not just the cost. Large insurance companies, such as British Gas and HomeServe, offer you a low monthly premium option but they can include an excess fee per claim of £50 to £100. Other insurance companies may put a limit on the value of each claim you can make, Rias’s Home Protection Plan covers up to £500 per claim to cover the cost of your boiler repair.

Read the small print

Make sure you read the terms and conditions prior to taking out any policy. Some policies only cover you in the even of an emergency breakdown. Some boiler insurance companies wont cover you if you have one radiator not working but the others are. Also, If your boiler is making a banging noise (sometimes caused by a lumpy ignition) but still working you still may not be covered because your boiler has not broken down.

If you do chose to insure your boiler then we would recommend a boiler cover that:

  • Doesn’t charge you an excess per claim
  • You don’t have any restrictions on the about of claims you can make
  • No restriction on the value of each claim
  • Comes with an annual boiler service

So is boiler insurance is the answer?

The average cost of a boiler repair last year, according to uSwtich, is £320 and a fifth of homes experienced a boiler breakdown last year.

Many people chose boiler insurance because it provides them with ‘peace of mind’ but we feel there’s another option for homeowners.

Did you know that the manufacturer of your boiler would provide you with a fixed price boiler repair? Not only that but they will also give you the option to protect your boiler against future breakdowns by a policy. You don’t even have to pay the costs upfront, they normally give you the option to spread the payments by quarterly direct debit, some even give you the option to have the payments spread monthly.

The cost of an average fixed price boiler repair through the manufacturer is around £250, a lot less than the cost of the average boiler repair of £320.  If you chose their repair and cover option then it cost you around £300.

You may pay anything from £150 – £200 to insure your boiler each year, if you don’t make a claim then you’ve wasted a substantial amount of money. One option is the not to insure your boiler and bank that money. If you are unfortunate to experience a boiler fault then purchase a repair and 12 month policy option through the manufacturer of your boiler, in the long run this may be the cheaper option.