Homeowners Insurance Boiler

Broken boilers could leave homeowners with a hefty bill

Homeowners are at risk of being left out in the cold after new research has found that broken boilers cost homes hundreds of pounds each year.

Research from a price comparison website revealed that a fifth of households have suffered from a broken boiler in the last year with an average repair cost of £320.

Despite this high figure, over 50% of homeowners don’t have the correct insurance cover to protect their boiler.

In a survey the research found that over half of homes are planning on turning on their heating in October. Britain is preparing for a winter of higher fuel bills and a risk of boiler damage.

UK households are already stretched with their finances as it is and 48% of people believe that the correct home insurance , which could cover your boiler, is unnecessary.

"As household budgets continue to be squeezed, consumers may be tempted to make savings wherever they can,” says Kevin Sears, energy expert at uSwitch.

“However, going without boiler cover could leave you strapped for cash if your boiler packs up and you don't have the money spare to pay for repairs.”

Higher living costs are taking their toll on UK homes as 34% of people said they could not afford any surprise bills. 

The cost of annual duel fuel bills has increased by an average £200 since the UK’s leading energy suppliers have introduced price hikes of up to 20%.

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It’s not just broken boilers and high heating bills that give homeowners a chill; the AA believes that winter storms could have a serious impact on houses.

High winds and heavy rain combined with flash floods in parts of the UK could seriously damage properties across Britain ranging from the west coast of Scotland to Cornwall.

 Although many people renew their home insurance regularly, cover can become out of date and this results in properties being under-insured.

Insurance For Gas Boiler Breakdown: The Best Breakdown Cover to ...

(U.K. 24/11/07) 1 in 3 boilers breakdown within 6 years and the average repair bill is £470. The article went on to state that insurance plans cost between £7 to £20. Payments made to the cheapest plan over the course of 6 years, therefore, will be slightly more than the average cost of repair and most boilers will not need a repair at all.

It would seem that insurance companies make plenty of profit whilst gullible people buy expensive breakdown cover. In a perfect world every homeowner would put aside £15 or so each month to cover boiler repairs and to save for the inevitable boiler replacement. There would be no need for insurance because the money saved would cover the bills. Looking at average statistics does not reflect reality in many cases, and breakdown cover could be perfect for many people.

The level of insurance cover will be very different for different policies, they will not all offer the same benefits, however, are a number of scenarios which should be considered by the home owner or landlord.

Insurance cover is not suitable for everyone. A new boiler will be covered by a manufacturers warranty, these can be up to 5 or 10 years as standard on certain parts of the appliance. A two year warranty is common.

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