Wood-burning fireplaces and stoves represent an elevated risk to your house, which may result in higher insurance rates or difficulties acquiring coverage. The amount of any potential extra will be determined by the type and quality of fireplace in your property.
Is homeowners insurance higher with a fireplace?
14 February 2019. In a Canadian winter, there are few things cozier than cuddling up with a cup of tea next to a crackling fireplace or woodburning stove. However, it should come as no surprise that having one in your home will raise your home insurance premiums. The quantity depends on the sort of stove or fireplace you have and whether it is your primary source of heat. In order to insure your home, your insurance company may request an inspection. If you’re constructing a fireplace or woodburning stove, notify your insurer right away, or your insurance coverage may be canceled if you file a claim.
How your heating, electricity, and stove affect your insurance rates
Your insurance premiums are governed by your insurer’s perception of risk, and some heating and electricity concerns can influence your price.
- Because oil heating is more dangerous than gas or electric heating, it is more expensive to insure. It can be a fire and environmental danger.
- If your house’s electricity flow is less than 100 amps, you’re more likely to have a fire.
- Wood stoves increase the risk of fire, and older models are a common source of carbon monoxide poisoning and fires, especially if not fitted properly.
- Gas stoves and fireplaces are not as harmful as wood stoves and fireplaces, but they will have a moderate impact on your insurance. They must be installed correctly and may require inspection.
- Your insurance is also affected by your proximity to a fire hydrant and a fire station.
Fire used for heating
Heating and cooking are the leading causes of household fires, with heating fires accounting for 36% of all domestic fires. Home insurance covers fire, but you must notify your insurer if you have or plan to install a woodstove or fireplace in your home. You’re also in charge of normal maintenance, including having your chimney cleaned on a regular basis. If you can’t prove that you do this, your claim, if you need to make one, may be refused.
What it means for your rates
Depending on the insurance carrier you have, a woodburning stove or fireplace might raise your home insurance cost by 10% or $100 per year. You can keep it down by having a bigger deductible and making sure you aren’t paying for features you don’t require.
Do gas fireplaces increase insurance?
Maintaining your fireplace and having it evaluated to ensure it is physically sound will help to reduce the chances of fireplace-related hazards. Here are a few things to remember to keep your home safe and your fireplace in good working order:
Some fireplaces are safer than others
Wood-burning stoves are thought to be the cause of nearly 4,000 fires in the United States each year, according to the US Fire Administration. According to the US Consumer Product Safety Commission, wood-burning stoves are also responsible for 150 deaths each year due to carbon monoxide poisoning. Gas-burning fireplaces are safer for your house and health than wood-burning fireplaces, and they usually cost less to insure. Electric fireplaces, on the other hand, which are essentially fireplaces without the fire, may have no effect on your home insurance rates.
You should clean your fireplace at least once a year
The US Fire Administration also suggests that you have your fireplace inspected and cleaned once a year by a registered technician. A fireplace or chimney in need of repair can cause a variety of problems, including:
Cracks in your chimney that could allow birds or rodents to enter and build a nest
Creosote, or unburned fuel, can accumulate and create health problems such as eye irritation and seizures, as well as causing your chimney to catch fire.
Chimney swifts, small cigar-shaped birds that dwell in smoky areas, may leave droppings in your chimney that can cause lung infections if breathed.
A well-maintained chimney reduces your chances of developing these health problems and makes it easier to pass your home insurance examination. It may be more difficult to pass your inspection and receive homeowners insurance if your fireplace is in bad condition.
How much value does a fireplace add?
According to the National Association of Real Estate Appraisers, adding a fireplace to a home can boost its resale value by 6-12 percent.
Will a wood burning stove raise my insurance?
If you have a wood-burning or pellet stove, your insurance premiums will almost certainly rise, although the increase will be minor. It’s likely that your insurance will classify your wood stove as a space heater or other type of heating appliance. If this is the case, a wood stove may not raise your insurance rates.
Is gas or electric heat cheaper to insure?
In general, you will receive a discount on electricity or natural gas when it comes to home insurance. There will be an additional charge for the oil. Many house insurance companies will flatly refuse to cover you if you use wood as your major source of heat.
Are wood stoves legal in BC?
Starting in 2020, the region’s draft laws would make it illegal to burn wood at home during the summer months. Wood-burning equipment will be required to be registered and fulfill contemporary emission requirements by 2022. All unregistered appliances will be prohibited from burning wood by 2025.
How do I know if my fireplace is zero clearance?
The presence of black metal, either exposed on the face or inside the firebox, is the most evident method to identify a zero clearance fireplace (Fig. #6). Some fireplace manufacturers are doing a better job of concealing the metal and creating masonry-like fireplaces (Fig. #7). Prefabricated fireplaces usually always have cast refractory material imitation brick panels lining the inside of the fireplace (Fig. #8). They’ll also have a spherical metal damper and flue (Fig. #9) that you can see if you look up into the fireplace. The flue is normally 8″ to 10″ in diameter, but it can be larger in exceptional cases. The outside chimney (or chase) is usually coated in stucco or siding (Fig. #10), but brick or stone veneer can also be used. A metal cap will also be present, which may or may not be covered by a shroud (Fig. #10).
Can I have a wood stove in my garage?
Wood stoves must be put on a fireproof surface, which is best suited to a concrete garage slab. To add an attractive detail or more definition to the wood stove installation, a single layer of bricks, concrete pavers, or ceramic tile can be added.
What is masonry fireplace?
Masonry fireplaces and chimneys are built on-site from stone or brick and mortar and are part of the structural design of the home. These fireplaces and chimneys are usually erected at the same time as the house.
Does a fireplace add value to a home 2021?
Is a fireplace going to increase the value of your home? According to the National Association of Realtors, a fireplace can increase the value of your property by up to $12,000.