Will Insurance Cover a House With a Fireplace? SF Gate
Table of Content
- Where is the best place to put a pellet stove?
- How Will Your Fireplace Increase Your Home Insurance?
- What are the insurance requirements for wood-burning stoves?
- What happens if you do not disclose your fireplace?
- Does home insurance cover damage to a fireplace?
- Extra coverage is an option, but you probably don’t need it
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.
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”.
Where is the best place to put a pellet stove?
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.
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.
How Will Your Fireplace Increase Your Home Insurance?
Her work has also appeared in Business Insider, Money, HerMoney, PayScale, and The Muse. Also, how the removal process is done can affect the home value. Some might not use the right methods leaving an eyesore of a sight to see each time you get into the room. It always has to be done right to make the buyer feel like there was no fireplace in the first place. Anyone who has worked as an estate agent, interior designer, or evaluator will tell you this is a good amount. This can be a nice addition to your commission when you finally manage to sell the house.
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.
What are the insurance requirements for wood-burning stoves?
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.
All chimneys may collect creosote, a highly combustible residue that can be removed by yearly professional cleanings. Some insurance companies even require that you have the fireplace professionally installed as a condition of coverage. Does a wood-burning stove increase home insurance premiums? Your premiums will likely increase if you have a wood-burning or pellet stove, but the increase is usually insignificant.
They do work well but do not provide as much protection from heat as the double wall chimney. The triple wall chimney uses the air space in the middle as the insulation from the heat going up the chimney. Do you have a heat resistant surface on the wall behind the wood burning stove? Chimney fires are one of the leading causes of fire damage to homes in Ireland. Your buildings insurance policy will normally cover these, but check the policy wording to make sure.
And if you’re purchasing a home with an existing fireplace, ask the homeowner for details or records on the installation. Owning a fireplace can lead to higher insurance rates — no matter the time of year. Kara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance.
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.
The average cost for stone fireplace installation around the nation is between $3,000 and $5,000, with authentic masonry fireplaces hitting upwards of $10,000. However, every single fireplace is unique, and there are many considerations to evaluate when assessing the cost. Separate fire coverage is available through specialized Dwelling Fire insurance policies, which protect you against fire, smoke, wind and other limited perils . Coverage varies by policy, so be sure to discuss details with your insurer. But while you’re mimicking scenes from your favorite holiday movie, your fireplace can pose a safety risk to your home and your family. And that risk could be driving up your insurance rates.
Why is home insurance more expensive if you have a fireplace? It may be slightly more expensive because of the risk present. According to the Chimney Safety Institute of America, there were 361,500 residential fireplace-related fires in the United States in 2014. This is more than those brought on by heating and cooling equipment, cooking equipment, or electrical fires. As a result, insurance companies will need to know if you have a fireplace. They might need to insure you against that additional risk.
Depending on the work you want to do on your fireplace, this project can range between $400 and $2,000. You should hire a professional chimney inspector at least once each year. They’ll check for cracks, build-up, and other potential problems. Generally, you should have your chimney cleaned annually, but the inspector should let you know if further servicing is necessary. It's estimated that over 4,000 fires are caused each year by wood-burning stoves, according to The United States Fire Administration. Stephanie Nieves is a former editor and insurance expert at Policygenius, where she covered home and auto insurance.
The flue liner can crack and leak under stress of extreme heat or if water damages it. I recommend a professional cleaning and inspection annually at a minimum. Know the brand and model of the stove you intend to install. Have the type and rating of the chimney that will be installed. Always refer to your insurance policy for information about your coverage, including limits, deductibles, and exclusions. In case of discrepancy, the insurance contract prevails over general information available on this site.
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