IS IT A GOOD IDEA TO GET A PROTECTION PLAN FOR YOUR FURNACE?

The heating season is coming. If your furnace is aging, you might be getting a little anxious at the prospect. Unfortunately, there is always a chance that you might find yourself without heat: nothing can prevent the fan from suddenly malfunctioning or a key part of your furnace from breaking down.

As the heating season approaches, you will see more and more promotions offering different service contracts or protection plans for furnaces. Is it worth signing up now for the sake of peace of mind? Here are a few things to think about.

• The age of your furnace
The older it gets and the more it starts showing signs of wear and tear, the greater the risk of a major malfunction when your furnace is running at full capacity. If you are thinking of signing up for a protection plan, you may be best to do it soon: past a certain age, your furnace may no longer be eligible for certain protection plans, or the protection plan may not cover all of the risks.

• Your ability to cover unforeseen expenses
If your furnace recently needed repairs and you called to have it serviced, you may have noticed that the cost of labour and parts replacement can be rather hefty. Gazifère estimates that the average cost of a service call in 2015 was $350, parts and labour included. Depending on the furnace model, a control board costs around $600, and a fan motor is a little over $800. Unfortunately, in the middle of winter, it is usually very difficult to put off getting your furnace repaired!

• Regular appliance repairs
Regular maintenance will certainly extend the life of your furnace and make it more reliable and energy efficient. Since buying your furnace, have you been diligent about following the manufacturer’s recommendations for its annual and preventive maintenance? And if you are the new owner of the home, do you have a record of the furnace’s maintenance or repairs? It is difficult to assess its condition and the likelihood that it will make it through the winter without problems.

When you sign up for a protection plan, you pay a set monthly fee to let others worry about the risks and nasty surprises. In addition to the cost of labour and parts replacement, some plans include preventive maintenance programs. This option may be attractive, because in addition to ensuring that your furnace is reliable, it can make it more energy efficient, and in the long-term help extend its life.