Should You Buy Boiler Insurance?
If you have any idea of how much a boiler repair can cost
, you may be considering buying boiler insurance to protect your investment. One repair can make it worth having the insurance and save money.Modern boilers are more efficient but they are also more complex and costly to repair. The parts as well as the labor can create a hefty bill for a typical family to have to cover.
Boiler insurance allows you to pay an affordable monthly premium to take care of unpredictable costs of repair. That way, when the time comes that you need to have your boiler fixed, you can hire the best repair person rather than the cheapest.
Shop Around
Look around to find out the best insurance and best price. You can always ask your repair person who they recommend. They can tell you which companies they work with so if you need repairs, you don't have to find a new professional to call.
Another thing to check out before you purchase the policy is if they have twenty-four hour service. You don't want your boiler to need repairs on the weekend and have to wait until Monday to contact someone.
Know What the Policy Covers
Each policy will vary on coverage as well as prices and you need to know ahead of time what you get with the policy you choose. Some policies include an annual maintenance service to keep your boiler working properly and cut down on repair costs. Since you should do this anyway, it can be a good thing to include in your policy.
You should find out if there are limits on the number of calls you can have in a year. Some are unlimited while others only pay for the first two or three. When your boiler is new, this may not be a problem, but as it ages it can have more breakdowns.
You will also need to make sure the brand of boiler you have is covered in the policy. Most popular models will be covered with major insurance policies but you will occasionally find an exception.
The age of the boiler can also be a consideration. If you have an older boiler, the insurance may not cover it or they may require an inspection. Some will pay for repairs but not replacement.
You will also want to ask about any waiting period. Some companies won't cover problems that occur within 30 days or another period of obtaining the policy. If you already have boiler insurance, make sure you go over all of the details before you switch policies. Price is not the only consideration with these policies; you want to feel comfortable about what it covers. The difference in price is often the difference in coverage, too. Compare policies to make sure you are getting the same deal on your insurance.
Avoid costly repair bills with your boiler and unexpected expenses that you are not prepared for with the right boiler insurance.
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