Customers find themselves bombarded with literature on how important plumbing insurance is for covering everything from newly installed submersible pumps to boiler breakdowns. However, with wages remaining stagnant and the cost of living increasing, many decide this added cost is something they simply can’t afford. Some may say it’s better to the run this risk, while others may feel paying a little out each month is worthwhile in the long run.
What are you already covered for?
A lot of plumbing insurance premiums on the market will cover you for problems such as boiler breakdowns, issues with water supplies and burst pipes. However, you may find that this is something that is already covered in your home insurance policy, or at least part of it is. Some home contents insurers will provide you with cover for burst pipe damage but won’t cover you for the repair required to the pipe.
24-hour emergency cover is another option that many home insurance providers offer. This will provide a homeowner with help in emergencies such as electric issues, burst pipes or leaky roofs. If that’s the case, opting for boiler cover on its own may be all you require.
What are you responsible for?
Plumbing issues with submersible pumps will often not be your problem if you’re renting a property. This falls under the landlord’s remit. Furthermore, any burst pipes that occur outside the boundaries of your home will be the responsibility of your local water board.
Don’t forget to check with your water company to see what they provide. Many of them will offer free residential pipe repair, which would make your additional cover unneeded.
If you live in an apartment or flat, who is responsible for what can be somewhat vague. The responsibility of the pipework can be something that is shared between occupiers and the freeholder, so looking into this before pursuing additional cover is recommended.
What can you afford?
The cost of replacing a boiler or sorting out a burst pipe can be incredibly expensive, and if this isn’t something you can afford, paying out small amounts for insurance may be far more beneficial. If anything happens, you’ll have the peace of mind that you are covered for it.
If you want to try to cut costs, you could also look at what costs are involved in taking out a policy and set these aside in a savings account instead. Then, if you need to have any emergency repairs carried out, you have the funds to do it, and if you don’t, the money is still yours for other things. Even though it will require some willpower to put this money aside, you will find most policies are around £10 a month so you shouldn’t notice this too much.
Insuring submersible pumps: What will you get from the policy?
Policies may differ with each provider, so always look at the small print to see exactly what you will be getting from them. If something happens in your home, some companies will send someone out to help deal with the situation before following this up with a plumber, while others may just pay you cash compensation for you to solve the problem yourself.
You should also check what excess there is to pay as this can vary dramatically and is the amount that you’ll have to pay towards the repair. Don’t just go with the cheapest quote without looking into it thoroughly as it might not be the best solution for you. Compare what’s available, do your research and look at the pros and cons of each insurance provider before choosing who you will go with.
How quickly will they resolve a problem?
Another important thing to consider is how quickly the company will respond if an emergency does occur. You’re going to want someone to come out as soon as possible, especially if your boiler breaks down in winter. Most providers will provide you with an estimated time, which can be extended during the colder months, but getting someone who can be with you within 24 hours is perhaps worth paying for.
Always carefully consider what advantages there are to taking out insurance before going ahead. If you’ve got other aspects covered and you’ve got the funds to resolve an emergency, it might not be beneficial for you.
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