Well believe it, because it happened, and if you’re a homeowner without it you’re playing Russian Roulette with your finances.
If you think that sounds like a bit of an exaggeration, let’s look at the at the facts.
Five million homes were affected by a broken down boiler last year with the average cost coming to £270, of those five million homes, 250,000 (5%) faced costs of £1,250.
The average UK household simply isn’t equipped to deal with such a financial emergency.
According to a recent study, low income households have a paltry £95 in savings should disaster strike.
Something as simple as a boiler breakdown could leave you with a debt you wasn’t expecting and could lead to you robbing Peter to pay Paul.
So, if you lack a sufficient enough emergency fund, it is imperative you protect yourself properly.
What is the difference between boilercare and a home emergency insurance policy?
It is a totally separate product to home emergency cover which includes protection for various issues that could arise in the home.
Home emergency cover may include cover against flood or roof damage to your property, breakdown of your central heating system and pest infestations – which gives you a more comprehensive type of insurance cover.
However, you should be aware that you are only able to make a claim using your home emergency cover if you have a genuine emergency and not just for routine repairs that arise in non-urgent circumstances.
What is included in a boilercare package?
Boilercare will usually cover repairs to your boiler, as well as any labour and parts costs that are incurred.
There could be limitations to your cover that you should be aware of such as:
- A restriction on the number of hours that can be used on each repair
- A cap on the cost of each repair
- A limit on the number of claims you are able to make within a single policy year
You must always be sure to read and understand the terms and conditions before committing to any boilercare policy, so make yourself familiar with any exclusions that may affect your ability to claim.
It isn’t unusual for a boilercare policy to come with a waiting period, meaning you would only be able to make a claim several weeks after taking out the policy, so keep your eye out for anything like this too.
Older boilers could well be excluded for cover and you should also be aware of what would happen should your boiler be deemed beyond economic repair by an engineer who has been called out to fix it.
If you have a boiler a bit on the old side, it is highly likely that you would be offered a replacement boiler or cash payout to put towards a new one.
Where can I compare boilercare policies?
I would suggest starting with the big comparison sites such as Go Compare, Compare the Market or Money Supermarket.
However, it may be worth checking with your energy supplier to see if they provide it too.
As always, have a good shop around to make sure you get the best possible price, just make sure you don’t leave yourself open to a disaster striking.
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