Whilst getting your annual gas safety inspection is a legal requirement insurance coverage for your boiler is an optional extra that chosen by many landlords but by no means a legal necessity. However, the relevant legal obligation is to ensure that the house is adequately heated. If a gas boiler blows then this means replacing it as quickly as possible and if your cash flow situation is not good at the time of the replacement this could mean an expensive credit card loan. When you factor in the cost of a plumber, especially if you are in an urban area of the country where plumbers can often charge exorbitant rates, this could be an appreciable amount of money.
In houses with more than one boiler, or for landlords with more than one property, there is an additional possibility to worry about. If, by chance, more than one of your boilers is taken out of action at once then you might be asked to fork out an astronomical amount of money very quickly.
The downside is obvious: one more monthly outgoing reducing the regular profit rolling in from your lease. But, if you are an absentee landlord or a landlord who is not full time then you may need to have the security of knowing that you will not have to spend hours searching for a plumber if something went wrong, but would have one provided by guarantee.
If your boiler is more than ten years old then it is probably the perfect age for purchasing boiler insurance – after fifteen years old fewer policies will cover it. Over twelve years and it is likely to be very much worth your while.
When purchasing boiler cover, however, there are a few important things to bear in mind. Some of the biggest name brands suffered PR damage a few years ago after they were found to be providing substandard service. Other, cheaper, policies will attempt to do things such as imposing a cap on plumber call-outs and covering only part of the labour or some of the cost of parts for a repair. You may also want to bear in mind the call out time for plumbers may differ and that there may be an excess payable towards the charge of any plumber call out.
Here at My Local Gasman we offer affordable boiler cover for landlords giving you peace of mind for your property portfolio, whether it is one house or several.
Most of all, however, you should bear in mind the benefits of shopping around. Too often insurance is purchased as an afterthought along with some other service and as a result landlords fail to realise that there are better deals on the market. For instance, purchasing insurance with your boiler can often but may not always mean that you get a better quote on balance than purchasing it from your gas provider. Bearing this in mind, if you purchase a reasonable level of coverage at the right point in your boiler’s lifetime most of the quotes on the market are going to save you a lot of money and, more importantly, prevent some serious cash-flow problems over the course of your career as a landlord.
Of all the varying types of maintenance insurance schemes available to landlords, boiler breakdown cover is perhaps the one that provides the best value for money. Even relatively new boilers can break down with 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.
My Local Gas Man offer low cost affordable boiler cover with deals that remain low for years not just at the begining of the boiler insurance contract, contact us and see what specialised cover you can receive for your portfolio of properties.