OVER 7 MILLION UK HOUSEHOLDS RISK SPENDING THOUSANDS OF POUNDS ON COSTLY BOILER REPAIRS
- Over half (52%) of UK homeowners do not have boiler insurance or home emergency cover
- Half (50%) of UK households have had to repair or replace their boiler in the past
- Average cost of boiler maintenance is nearly £900, whereas boiler insurance costs an average of £136 a year – a difference of £752
- Almost half (42%) of uninsured households plan to pay upfront for expensive repairs and replacement costs – but the majority (84%) have set no money aside to do so
30 April 2019 - The majority (52%) of UK homeowners risk being left significantly out of pocket if their boiler breaks, as research from comparethemarket.com reveals that over 7 million households have not taken out insurance for their appliance**. Boiler cover and home emergency cover can protect against the steep costs of expensive repairs and offset the financial hit in the event of a total boiler blow-out.
Boiler repairs can be expensive – particularly if the appliance needs replacing entirely – and they also need to be fixed frequently; half (50%) of UK homeowners admit that their boiler has needed to be repaired or replaced in the past. When asked to estimate the overall cost of a replacement, over a third (37%) of respondents thought they would need to spend between £1,000 and £2,000 for a new appliance. In reality, repairs and replacements can be far more expensive, and some households can expect to pay upwards of £4,000***.
Those who had forked out to pay for boiler repairs and replacements themselves spent an average of £894. By contrast, those with boiler cover paid an average annual premium of £136 for protection. A potential cost saving of over £750 demonstrates the significant savings insurance can offer in the event of a boiler breakdown.
This apathetic attitude towards boiler protection is predominantly driven by household inertia. When asked how they would cover the cost of a broken boiler, almost half of respondents (42%) said they would pay for the emergency repairs upfront. However, 84% admit that they have not set any money for such repairs. Over one in ten (15%) said that they didn’t have boiler cover as they couldn’t afford the cost, but this decision could leave them with more to pay in the long term.
Boiler protection is a prudent purchase, especially for the winter months, but households must ensure they are not paying for the same service twice. 61% of those with boiler cover purchased it as a separate policy, but many home insurance policies will cover boiler repairs so it’s definitely worth checking what you’re covered for in your policy.
Head of Home Insurance
Compare the Market
“The cost of fixing or replacing a boiler can be high and it is advisable that homeowners are properly prepared for any emergency repairs. Everyone wants their boiler to function properly, particularly during the winter However, our research shows that a third (32%) of home owners do not get their boiler serviced annually, increasing the risk of their appliance breaking, despite the fact that firms recommend an annual check-up and often require it for cover to be in place. After dealing with a broken boiler, there is nothing more stressful than suddenly having to foot a hefty bill.
“While boiler cover and home emergency cover can seem like an additional expense, affordable, comprehensive policies are available and can save homeowners thousands of pounds in the long run.It’s worth noting that cover for boilers can be included in home insurance policies, most frequently known as “Home Emergency” cover. So it’s worth checking your policy documents to see if you are already covered and avoid paying twice for the same service.”