Boiler repair cost? fair or being robbed?

For the last several days I have noticed water stains on the cement floor in my basement around my boiler and water heater.

Today I contacted a plumber and he told me I needed to repair and change the pressure release valve, the pressure reducing valve, as these were both causing high pressure.
He also told me that I had a leak above my water heater because of the corrosion on one of the pipes entering the water heater.

He wants to charge me $550 for everything, does this all sound right and the cost fair? if I let this go will this grow into a huge problem?


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