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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.
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.
Negotiating Your Home Insurance
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.
The best type of chimney for wood burning stoves is the double wall chimney. There are two walls of stainless steel and high-temperature insulation in between. Typically a double wall chimney has the highest heat rating, up to 2400 degrees F. Wood burning stoves, while being a great source of inexpensive heat, can be a cause of fires in homes. Since wood stoves are a possible fire hazard, insurance companies tend to take a closer look at a home with a solid fuel burning heat source.
Find the Best Homeowners 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.
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.
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.
Some fireplaces are safer than others
A wood-burning stove, like a conventional fireplace, requires a connection to a chimney to regulate heat and transport harmful gases out of the living space. Home insurance companies frequently offer fireplace insurance, but it is not typically included with a standard policy. Thus, when you are shopping for home insurance, you must tell your agent that you have a fireplace to get the most accurate quote and most effective coverage. To determine whether your current policy covers damages caused by a fireplace, look at your policy documents to see whether fireplaces are included or ask your insurance agent.
Never leave the room or house until a fire is entirely out. Do not store newspapers and other combustibles near your fireplace.
One of the leading causes of residential heating fires is unclean chimneys. NFPA recommends annual cleanings and inspections by a licensed professional, which average just $125. A well-maintained chimney lowers your chances of experiencing these health risks and better prepares it for your home insurance inspection. If your fireplace is in poor condition, that could make it more difficult to pass your inspection and obtain homeowners insurance. Let your Woodbridge home insurance agent know about the existence of a fireplace. You can also talk about the steps you take to minimize risks.
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.
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.
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.
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