Is electric/plumbing/boiler cover worth it?

16Carriages

Hi
Complete tomorrow, and I'm a FTB solo! So I'm shouldering all the costs myself.

I came across insurance that covers any repairs for electrics, plumbing and boiler just wondering if this is worth it?

Thanks

MikeJXE

It depends on the age and condition of installations plus if they are under warranty

Brie

I've never had cover for electrics or my boiler(s). 

I have had plumbing cover but I've only taken it out when there was some deal that came with a water bill at 50p a month for the first year.  I got it first time after we'd had some major issues with our toilet falling apart (quite literally).  The home insurance covered that but it made me nervous.  The second time I got it was when MiL was living with us and she was getting, ummmmm, generous with what she was flushing (whole incontinence pads etc).   I was concerned we'd have a major blockage but fortunately we didn't.  Renewal years are always much much more expensive and the crisis (like my MiL) had passed so there wasn't the same worry.  

A good comprehensive building insurance might be a better bet initially.  

QrizB

In very general terms, and ignoring any statutory requirement for insurance (eg. third party motor insurance), it's not worth insuring against an eventuality that you can afford to pay for. The reason is that, on average, the total insurance premiums will be more expensive than your claims.

So you might want to insure your house against burning down, since you probably don't have enough cash in the bank to pay for another one.

Most of the time, plumbing and electrics don't go wrong. And most of the time, you can call out a plumber or electrician for less than the cost of the insurance.

Add to that that a lot of this stuff is pretty simple to DIY.

So I guess the question you need to answer for yourself is, how much is the insurance and how confident are you that you could deal with it yourself (either fix it, or find a tradesperson promptly) should the need arise?

FreeBear

QrizB said: So you might want to insure your house against burning down, since you probably don't have enough cash in the bank to pay for another one.

Most of the time, plumbing and electrics don't go wrong. And most of the time, you can call out a plumber or electrician for less than the cost of the insurance.

Add to that that a lot of this stuff is pretty simple to DIY.

Have building insurance here (including legal protection, so TiW won't get his commission ).

Boiler is under warranty, so if it goes wrong within the next 9 years, I have someone to shout at. The old boiler that it replaced was so basic, there was virtually nothing to break. Electrics & plumbing rarely go wrong, and if either develops a fault, I can fix them. Also have a set of drain rods should I ever get another blockage - Yes, it is a smelly & dirty job, but doing it myself saves a ~£100 call-out fee, and I don't have to wait.

Well worth seeing if local Adult Education run any cheap or free courses - Mine were doing some covering everything from brick laying, carpentry, through to plastering.