Home insurance

[lucca]

Over last few years I have been "persuaded" to take out insurance on several individual bits e.g. gas supply pipe, electrical probs, underground water supply etc. The cost isn't huge i.e. approx �5 weekly - but is it a waste of money? Does anyone else have this? (I do have standard buildings and contents insurance - this is extra). Opinions please!

[bednobs]

i suppose its not a waste of money if you have to use it!

[Jenga]

I pay for British Gas boiler maintenance plan and that is about �17.99 a month. I have used them a few times i.e two boiler breakdowns and leaking radiator and they do a yearly service. I had to have parts replaced each time my boiler broke down and more or less get my money's worth.

I have been offered pipe insurance by my water board but never took that out. I did only enter into a boiler maintenance plan when I bought a house and the boiler kept tripping.

[buildersmate]

OK, ask yourself this - when was the last time you heard about a gas leak in your street, in your neighbourhood? town? Indeed can you remember it ever happening?
The fact is that statistically there is avery low probability of it happening, which is why the premium is so low (though not as low as it could be - utilities make millions from these policies. Ditto water.
Electricity? well the cabling to your meter box is the utilities to sort out anyway, so there is really no point in having cover for that (if that is what it is).
Now, if I lived in a really old house and in an area known for subsidence or heave, I might just think �60 pa was worth it. Otherwise, no way.

[pond50]

it is not �60 per year but over �250 it seems a bit much ask your neighbours if they have it it is just a way for the utility companies to get more money out of us seems a waste a money to me as most problems are out in the street and not on our own property

[Ethel]

I have a credit card with a high limit that I keep for such emergencies. I haven't had one yet, so it's cheaper than paying �5 or �18 or even one penny a month.

I have house and car insurance with very large excess - it makes the insurance so much cheaper that I have saved that excess in around 4 years worth of premiums. That excess is in a savings account earning interest.

My theory being that I have to have insurance but the probability is I won't claim.

[lucca]

Thank u all for your speedy comments. I am just about to save myself some money (I hope!)