Holy shit, you should really consider to get something more reputable. Thermal runaway protection is no small issue, and the lack thereof seems a design flaw. That said, i'm not sure the likes of Weller and other major brands have runaway protection, but i've yet to read or hear from red-hot tips on quality solder stations.
Point in case is: you will *never* be able to leave this puppy unattended, even for just minutes, even if you get it replaced.
Better spend a couple of bucks more, perhaps on a used brand name unit than to burn down your house. That's just scary. Good luck mate.