Studies suggest that landlord stress is growing year on year. Whether it’s dealing with difficult tenants or late rent payments, landlords face a number of worries.
However, it’s large costs for unexpected urgent repairs that can cause the biggest headaches. A call from a tenant saying they have no hot water and a possible boiler breakdown has to rank amongst high amongst the types of calls landlords do not want to receive!
Being prepared for such an emergency can be a lifeline at a difficult time. Our advice? If you are a smart landlord, get a Landlord Boiler Cover insurance and save yourself the stress.
Boiler cover is there to help the landlord if the boiler in any one their properties packs up. It ensures renters are not left without heating for longer than is absolutely necessary, saves the landlord money and, just as importantly, removes a whole lot of stress.
As a landlord, it is your responsibility to ensure your tenants are not left without heating, but repairs to a boiler can be expensive. Costs can be as high as £2,000 which is why a good landlord boiler insurance policy can be vital.
Choosing the best landlord boiler cover
As with any other insurance product, ‘you get what you pay for.’ Basic options will leave you with only limited cover, but will cost less per month, while the most expensive premiums will ensure all your bases are covered.
In general, you’ll have two options:
- Boiler cover only: This is a relatively affordable option and will only cover you for the cost of repair to your boiler. Other costs, such as repairs to your pipes, will not be included.
- Boiler and central heating cover: This insures your entire central heating system including your boiler, pipes, radiator and central heating pumps. It costs more each month but offers the most extensive cover.
You might also choose home emergency cover. This is cheaper than the other options and provides cover for various emergency repairs for your property, including your boiler. This, though, only covers to a limit of £500 which will only insure you for the most basic repairs.
Deciding on the best policy
Boiler cover insurance is often included as part of your wider landlord insurance products. This can be a little cheaper, but it doesn’t always ensure you get the best policy for your situation. Taking out a separate policy will give you a chance to tailor it to your needs. Your energy supplier may also offer boiler cover as part of the service. Again, this takes away some of the stress, but you may not get the best deal for you as a landlord.
You can choose the level of excess you pay – namely the amount of money beyond which you will pay for repairs. This can save day to day costs, although you will need to be certain that you can afford to pay the excess in an emergency.
Many services also include landlord boiler cover with CP12 excess. This policy includes the annual gas safety inspection and an annual boiler service, and can be a good way to reduce the burden of fulfilling your obligations. Some insurers, though, may require you to check your boiler with a Gas Safety engineer before they will give you boiler cover.
Things to think about
The costs of boiler cover can vary from around £5 to £20 per month so it’s worth shopping around to find the best deals. Some insurers may not be willing to cover you if your boiler is older than seven years. There are various schemes to encourage you to replace an old boiler with a more energy efficient new boiler which cost less to run and reduce your carbon footprint.
Most of all, this is a low stress way to meet your obligations as a landlord. You have to make all reasonable efforts to provide a good environment for your tenants. Landlord insurance isn’t mandatory, but it will provide peace of mind, save you from call out charges and that can be worth the money alone.