Of all the varying types of maintenance insurance schemes available to landlords and conscientious home owners, boiler breakdown cover is perhaps the one that provides the best value for money. Even relatively new boilers usually break down every one to two years and with the often astronomical cost of repair, largely a result of the high rates charged by certified gas engineers, it is not implausible that you could end up in the red as a result of boiler breakdown.
Boiler breakdown cover will often allow you to save money overall by making use of the economies of scale that the insurance companies provide. And, at the very least, you will avoid the cash flow nightmare of having to pay out hundreds of pounds unexpectedly in one month, instead paying a small monthly premium over the course of a year.
There are two types of coverage that are widely available. The cheapest option is to insure the boiler itself and the controls which operate it so that if there is any problem with the boiler itself an engineer should (in theory) be quickly dispatched to restore heating to your property.
If, however, there is a problem with the central heating system more generally then this may not be covered by the most basic type of policy. In order to protect yourself against any and all problems with your central heating you would need to purchase full central heating cover. This, whilst more expensive, ensures coverage of every aspect of your central heating system, plus annual inspections and servicing. If you are a landlord it is perhaps worth bearing in mind that yearly inspections are a legal obligation for you anyway, making central heating insurance even more likely to save you money and time.
Before purchasing it is important to check whether you are already covered under the terms of your home insurance. Many home insurance policies cover boiler maintenance and some home owners find out too late that they have double-insured themselves. Equally, if you are already purchasing coverage in this form or any other form then it may be time to check the price you are getting against the rest of the market. Energy suppliers frequently attempt to sell boiler breakdown cover alongside their other services and yet these policies usually compare poorly with those that you might find by shopping around online.
Another popular option is to cover your boiler through home emergency insurance. Sometimes it is possible to receive cheaper coverage this way and prepare for a wider range of eventualities. On the other hand, home emergency insurance covers a greater number of aspects of your home with a lower level of coverage, meaning you may be expected to pay a larger part of your boiler repair bill than if you’d purchased specialised boiler coverage. Moreover, many people are lured in by cheap introductory deals only to find that their premiums rise by an unreasonable amount after the first year. Bearing in mind the pros and cons of each type of coverage whilst checking all prices against the market norms using price comparison rates can stand to save you hundreds of pounds. More importantly, choosing a good deal means you can be confident that you will never be without heating for too long, or have to pay too much to get it fixed.