Table of Content
No matter how modern or new your fireplace or wood burning stove is, it will spark an increase in your home insurance because it increases the risk of a claim. The price increase depends on the insurer, the type of fireplace, and if it’s the main heating source of the property. Don't forget if you have cottage insurance you'll need to declare the fireplace. Insurance companies may require wood-burning stoves to be professionally installed and pass a safety check by an inspector.
You will want to ensure this is not a risk you have to take. Using a wood stove inside your garage is as safe as any other means of heating. However, like any other heat source, it must be monitored and never left unattended for longer than a few minutes. Placing a wood-burning stove in your garage can leave you with an uneasy feeling. A gas fireplace can cost on average $2,000 to over $8000 and the cost of installation would be around $4000.
Negotiating Your Home Insurance
For example, many insurers offer discounts if you safety proof your home with fire alarms, sprinklers, and smart home devices. Stay extra cozy this winter by adding a fireplace to your home. To learn more, contact our experts at Guelph Climate Care today. ThinkInsure Ltd. is a member of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide insurance and other products or services.
As much as a fireplace is important, make sure it is also appealing. A well-designed gas fireplace will be a deal maker for most home buyers. The worst is when a client finds an old fireplace that seems to get no maintenance at all. Insurance inspectors will check that your stove's connection to the chimney is clear, well-sealed and aligns with your local fire codes. Inspectors may also check the chimney itself for cleanliness and for a top cover before they sign off on your stove. Masonry or brick and mortar are what you will typically think of when you think “chimney”.
Find the Best Homeowners Insurance
If you are buying a property, it’s recommended to have title insurance to protect the ownership. Find out how it works and if it is mandatory in the province. No matter what type of insurance you have, knowing when you need an insurance binder is a crucial factor in the process. Here’s what you need to know about binders in insurance. At a minimum, you should have your fireplace inspected, and your chimney cleaned yearly. Before you go to sleep, make sure you use a poker to spread out any remaining embers to help them cool faster.
Additionally, installing smoke detectors on each level of your home and keeping at least one fire extinguisher in a central location can bring your premium down. Policygenius Inc. (“Policygenius”), a Delaware corporation with its principal place of business in New York, New York, is a licensed independent insurance broker. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.
Fireplace Safety
Having a fireplace does mean higher homeowners insurance premiums. Given the increased risk of a home fire, insurers see an increased risk that they’ll have to pay out a claim. An inspection may be required, but if your fireplace passes, it could lower your premiums. Pellet stoves heat compressed wood pieces or sawdust instead of logs.
Insurance providers will never cover issues that derive from average wear and tear. So, if you fail to regularly sweep your chimney or maintain your fireplace and damage arises as a result, your home insurance will not cover it. Even worse, this neglect may pose a fire risk in itself. Discover whether a fireplace is suitable for your household and how having a fireplace impacts home insurance.
Some fireplaces are safer than others
Additionally, wood-burning stoves are typically ineligible if they are the primary heat source in the home. A wood-burning stove will typically cause an increase in your cost for home insurance. Instead of increasing your premiums, companies could also impose a separate charge if you install a wood- or pellet-burning stove. Your insurance provider may only offer you insurance if your wood or pellet stove was professionally installed or if it meets local fire codes. If the insurer requires a licensed contractor to install the stove, expect to pay an extra fee for this service.
Although checking with your insurance provider is a smart move, having a wood-burning fireplace in your house most likely won’t impact your home insurance too much. For safer alternatives, check out Everything Fireplaces’ extensive online fireplace store for a wide variety of gas and electric options. To offset a potential bump in your rate, provide your insurer with proof the unit was installed correctly by a licensed professional and meets code requirements.
Colors to Paint a Brick Fireplace For a crisp, fresh look, white is an excellent choice. Delicate White (PPG1001-1) is a true white with no undertones. It pairs well with any paint color and will work in almost any space.
As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere. Yes – if you do not disclose your fireplace to your provider, they may cancel your coverage. If you have to submit a home insurance claim, they may deny you if the fireplace was not mentioned previously. If you are DIY-ing a fireplace, you may want to consider having a professional install it, so all requirements are met and you can be adequately protected. Some companies will also require an annual fireplace inspection to ensure your fireplace runs at its safest capability.
Even so, the amount your home insurance will increase also depends on the type of fireplace you’re installing. A gas fireplace is typically less risky than a wood-burning stove or fireplace, meaning your rate increase could be lower with one than the other. If your insurance provider does not require an inspection and your home burns down, your policy may not cover you if the fire was a result of your own workmanship. So if my insurance premium may be higher, is a wood burning stove still worth it?
You might see higher costs from wood stoves than from pellet types because wood-burning stoves cause far more residential fires. Home insurance rates are based on each insurance company’s assessment of the risk in your home, and fireplaces may increase your risk level. However, you may have to purchase special coverage in addition to a traditional policy. These types of stoves present a greater risk of causing a house fire, and homes that have them almost always cost more to insure. At Sonnet, we require you to disclose if you have one or more wood-burning or pellet stoves. This way, we’ll know how to get you back to good should an accidental fire happen in your home.
No comments:
Post a Comment