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A fireplace can be a toasty location to spend some time. Yet, even in the most well-managed location, it is a risk. When a fire occurs and gets out of control, it can quickly spread to the rest of the home.
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?
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.
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?
Any policy related changes made on this site will not be effective until you receive confirmation. Even if your small son decides to play with matches under the box spring, for example, accidental fires will be covered by your home insurance policy. All fires are covered by home insurance, unless you have set fire to your house on purpose or the fire has happened as a direct result of your own negligence. Maintain a log of when you have the fireplace professionally cleaned. You should never leave a fire burning while you sleep or leave the area. Always extinguish fires properly before going to sleep to avoid any accidents from sparks or carbon monoxide.
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?
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.
The average do-it-yourself homeowner can cover their old tile fireplace surround with new tile in one to two days, depending on the size and scope of the project. Rehabbing your fireplace doesn’t have to mean a major construction project, though. It can be as simple as a fresh paint job on unfinished or previously painted brick.
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.
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.
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.
The best placement within the room is near an exterior wall so you can vent the pellet stove directly outside. The short answer is, gas fireplaces do not raise your insurance significantly. This should generally be interesting to see if you were adding a gas fireplace or any other type will increase the home value and by how much. A final consideration is the type of heat that you like to have in your home. The heat from a wood burning stove is like no other and not only warms a home with a long lasting heat, but the fire through the glass doors is pleasant to watch. These items are discussed thoroughly in the 2019 NFPA 211 Standard.
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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