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Landlords boiler cover - do I need it?


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Hello,

I currently own two BTL apartments in Liverpool. I have a standard landlord insurance policy on both, which covers any accidental or malicious damage to contents by tenants, plus legal cover.

I have just had an issue crop up with one of the boilers, which I'm assuming may be quite expensive to repair. My question is - does anyone have landlord's boiler cover and is it worth it? I didn't consider it necessary before but now I'm thinking that I should have purchased it!

Any advice welcome.

Cheers,

James.

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Personally I have it on all 4 of my properties. 

I pay £12.10 a month for it, which includes an annual service and the gas safety certificate. I've had one very large claim on one of my properties and they didn't try to wriggle out of paying it, and also didn't increase my prices on renewal, so I have been very happy with it! They picked up one issue with a fan on my residential property that I needed to pay for before the contract could be set up, but numerous annual services across the portfolio since and they don't often find fault (so not trying to just make a few quid for the sake of it) 

It's worth noting though each firm might be different in that respect, this is a relatively small company that cover Bolton/Wigan (BHE) . Another national company I used prior to them (24/7 home rescue) were absolutely appalling. A national company who sub contracted all the work to local tradesmen. Seemed to be the case that each individual tradesman wanted to maximise his profits. On one of my properties on the first service when setting up the contract they advised they needed to move the flue from the boiler as was too close to an openable window, had to pay for this to be done. The year after, a different contractor said the flue they had installed was sub standard and could actually be dangerous. I got the second comments verified which were correct, so I had to pay to put this right too - contacted the company to complain about the standard of the first job and was basically told to just take it up with the tradesman as it wasn't their fault. Tried to escalate further and was just ignored completely, put on hold indefinitely on phone calls, no responses to emails etc. 

So in summary, it's like any kind of insurance /cover I guess, it depends who provides it, so try to read reviews or get referrals

Hope this helps 

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Hi Matt,

Thanks for coming back on this! Extremely helpful response.

It sounds like it would be well worth having, provided I can find a local company that provides the service. My investment properties are in Liverpool, so if anyone could recommend a good company that covers that area, that would be fantastic.

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  • 3 weeks later...

Hi James, 

I was with Homeserve for years. Their introductory rate is fairly competitive but it does creep up year on year until eventually, the annual cost comes close to the cost of a new boiler. At this point, I switched to 24/7 HomeRescue. But I agree with Matt, the service is pretty appalling. I question if my boiler broke whether they'll even pay out seeing as their terms state that should the value of the repair exceed the value of the boiler then it will be deemed beyond economical repair and any boilers over the age of 8 years (or so) I will need to pay for myself. Where's the logic? 

 

Feel free to add me on Linkedin;   https://uk.linkedin.com/in/dkidd

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  • 2 months later...
  • 9 months later...

In the UK it is a basic necessity for someone to get the landlord boiler cover service. The temperature keeps on dropping and gets very much cold that it becomes very hard for a normal human being to live. So it is the essential part. Some of the companies i know in the UK that provides the best services are 247 Home Rescue, Home Serve, British gas and much more.  

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An insurance company makes money by taking in more in premiums than it pays out in claims. Therefore logically, most LLs will pay more for premiums that for repairs.

I don't have boiler insurance and I pay for repairs when required. Regularly maintaining your boiler will reduce breakdowns and a decent CH engineer will keep costs down and advise when your boiler is not economically repairable.

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23 hours ago, harleyjohnston said:

Well that is not always not the case

If it was not insurance companies would go bust! Clearly some people benefit from payouts but over the whole business  premiums must outweigh payouts.

I am not saying there is no place for insurance - I wouldn't travel without it or not insure my house and contents- but insuring an asset that will eventually fail (ie boiler) to me is not likely to be cost effective.

Each to his or her own!

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