Does a wood burning fireplace increase insurance? Fact Checked!

Table of Content

• How do you update an old brick fireplace?
• Is it worth it to install a wood stove?
• Does a wood burning fireplace increase insurance?
• Does installing a wood stove increase home insurance?
• Can I install a pellet stove in a garage?
• Is it Expensive to Remove a Fireplace?
• How much does a fireplace affect insurance?
• Homeowners insurance and pellet stoves

If your home has a thatched roof or has had a wood burning stove installed, then your insurance provider may have strict rules about maintaining the stove and chimney. Always read the small print in your policy documents to know where you stand. To determine how much your rate will increase, you’ll want to reach out to your insurance company for a quote. Some companies require additional coverage for fireplaces, so it’s best to follow up with an agent before installation.

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?

How do you update an old brick fireplace?

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.

They will not want to scare you away with intimidating questions and reams of paperwork. They should, on the other hand, give you a straight answer. Many homeowners wonder if they should get additional insurance to cover fire damage. Standard home insurance policies cover loss and damage caused by fire — up to your coverage limits. Typical exceptions include damage caused by a fire you intentionally start or by an act of war. If you have a home without a fireplace and plan to put one in, be sure to notify your insurance company.

Is it worth it to install a wood stove?

Fortunately, there are several steps you can take to reduce the amount of increase along with reducing the risk to your home. Your home insurance provider will probably send an inspector to your property after you inform the insurer about your wood-burning stove. If the insurer requires an inspection, it won't cover you until you've passed.

Most will want to do a worksheet before they provide information or any amount they intend to adjust the premium. 54% of real estate agents surveyed by Angie’s List said a gas burning fireplace increase home values most. Conversely, 58% of homeowners and homebuyers surveyed prefer a wood burning fireplace. Many people may wonder if they need to have supplemental coverage for fire damage—generally, the answer is no. Most of the time, homeowner’s insurance covers fire and smoke damage, including accidents involving wood-burning stoves and fireplaces. Gas-burning fireplaces pose less of a risk to your home and health — and generally cost less to insure — than wood-burning fireplaces.

Does a wood burning fireplace increase insurance?

If you live in a house without a chimney, you may be wondering whether it is possible to have a wood burning or pellet stove. Fortunately for many, the answer is a resounding yes! Luckily for those living in modern homes, you do not need a chimney to install a wood burning or pellet stove. Fireplaces are considered safe, especially when looking at gas fireplaces and electric fireplaces. As much as premiums may be affected, it mostly depends on the insurer.

The moment you remove a gas fireplace in such an area, it is expected that the home value will drop significantly. So, do not worry much about adding a fireplace to your home, as it will not have a significant change in your home insurance. The increase in your home value will not plateau with just one fireplace. A gas fireplace is generally cheaper to run compared to an electric fireplace. We recommend upgrading to the newer fireplace models that are tuned for energy efficiency. The last thing you need is to spend so much on keeping the gas fireplace running.

They even help cancel your old policy once you’ve made your pick. But with pellet stoves, you can install them in your basement or garage without having to worry about venting it through an existing roof – saving both money and time! The most common installation is the simple vertical installation with a cleanout tee for easy maintenance and cleaning of the venting. Pellet stoves often have smaller effects on home insurance premiums because they are much less likely to cause house fires than wood-burning models. A wood burning stove can be installed by a handy homeowner.

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.

Can I install a pellet stove in a garage?

This method is more cost-efficient, cleaner and doesn't cause jumping sparks. Because they burn cleaner fuel, pellet stoves don't create a large creosote buildup. Your pellet stove also does not need a chimney connection for ventilation. Any ongoing inspection that your provider requires for your pellet stove might be less rigorous than if you had a wood-burning stove. You may also need to provide certification that your wood or pellet stove model has been inspected for defects. Yes, it can and will typically run from 0% to5% depending on the company.

That's because wood-burning fireplaces are more likely to result in a fire than a gas-burning or electric fireplace. Keep in mind, although gas fireplaces are less of a risk, they can still increase your coverage costs up to 10% yearly. Modern fireplaces can lower your monthly heating bills by 20%-40%, so you could say it balances out. Always follow the manufacturer’s manual and suggested guidelines for inspections and care – your insurer may as for this proof when they cover you for a gas fireplace.

Home insurance costs aren't always increased by fireplaces, but they might be depending on the type of fireplace and the condition it is in. When calculating your home insurance rates, insurers consider how at risk you are of filing a claim. Because certain fireplaces are more likely to cause fires, you might see higher rates to offset that increase in risk. If your home has a built-in fireplace, your insurance premiums may be affected. Whether your rates will go up will depend on your insurer and the type of fireplace you own. If you have a wood-burning fireplace, for example, you may see higher insurance rates.