They say a man’s home is his castle, and in 2021 that castle has a range of services that might go wrong at any time.
Water comes into your home and leaves again through drains. You must heat the property during the winter months, and have electrics on all day, every day. With so much happening around the place, there is little surprise that sometimes these things go wrong.
There are suggestions that a homeowner in the UK should budget 1% of their property value each year for repairs and maintenance. With the Office for National Statistics revealing the average cost of a UK home is £256,000, that means £2,650 per year for those repairs and problems.
It might be a leaky pipe causing the issue, a faulty boiler or something drastic like a blocked drain pouring waste water into your home. Yes, you may have buildings cover for the fabric, and contents to protect whatever is damaged by the fault, but are you financially prepared to fix a faulty boiler? Are you in a position to pay £2,650 out, every year, for things that go wrong? If not, that is where home care cover comes in.
What is Home Care Cover?
Companies now provide specific policies for services tailored to your needs. The UK’s leading home assistance provider HomeServe’s insurance policies demonstrate how almost all essential services coming into your home can be covered, from plumbing and heating to your electrics. Often, these policies include benefits such as 24-hour callout or a boiler service, which bring further benefits for the homeowner.
How Much Do They Cost?
Much depends on the level of cover you require, but some policies will start for as little as a couple of pounds per month. The more cover you need, the higher the price rises, typically to around £25 per month for comprehensive cover that includes boiler, plumbing, drainage and electrics. That means a cost of anywhere from £24 per year up to £300, although these figures can vary slightly from provider to provider.
What Do They Include?
Aside from the benefits we have mentioned, policies usually have parts, labour and VAT covered within certain parameters. Repairs tend to be covered too, just as though you had sourced them yourself. The insurance company usually vet their professionals too, so it removes much of the worry around rogue builders or tradespeople coming into your home. Many have 24-hour support, 365 days a week, so if your boiler breaks down on a Sunday evening at 10pm, you can still get someone on the phone to help solve the issue.
Are They Worth It?
Insurance of this type will be of differing value to people depending on their property. If you live in a new build, with a new boiler and plumbing, then there may not be value in comprehensive cover. Problems do occur in all types of property, but a boiler’s life is thought to be around 15 years, and more problems occur in the latter part of the cycle. Electrics tend to be reliable, but general heating can break down at any time. If you are in a newer property, consider which services might be more susceptible than others.
If you live in an older property, with dated plumbing, electrics and the like, then these policies are much more relevant in their fullest state. Old boilers are a big risk, and they do tend to break down during use, so typically at times when you need hot water and warm rooms. The older your property, the more likely you will be to need a full, comprehensive policy to cover you in the event of a major problem.