Do you really need central heating insurance?
A great idea from Boiler Service Centre here on alternatives to central heating insurance. The principle is pretty simple: don’t take out a policy and sock the money you save away in a high yield savings account somewhere. If things go wrong you will - hopefully - have a pool of emergency funds to draw on, and if all is well you get to keep (or spend!) the cash.
All well and good but things do go wrong, so Boiler Service Centre are right to point out this might not be for everyone. If your central heating system is old, cranky, or you simply can’t afford a big unexpected bill then this might not be for you. If you want to know you’re absolutely safe and exactly how much that is going to cost you each month you might want to get insurance after all.
But if your heating system is relatively new and in reasonable condition it might be worth the risk. Faults won’t develop on most modern systems until after 8-10 years of solid reliable service, and personally I feel you don’t need to worry about insurance/breakdown cover until the system has been running for at least five years (assuming no problems show up on your annual service).
