Does your home insurance policy cover your fireplace and the additional risk it brings to your home? While fires started by fireplaces are rare, you certainly don’t want to give your insurance company a reason to deny your claim in the event you do have an accident. So, you should add your fireplace to your home insurance policy. Here’s what you need to know about that process and how best to complete it.
Adding Your Fireplace to Your Home Insurance Policy
Ideally, you’d reach out to your insurance company before you have your new fireplace installed so that you can have coverage the moment the fireplace is installed. If you’ve already had your new fireplace installed, it’s best to update your insurance company right away. If your fireplace causes any damage in your home before you do, you may be responsible for covering all of the damage, even if it is severe. Homeowners sometimes avoid telling their insurance company to save some money, but that’s very dangerous.
It’s true that insurance companies may increase your premiums in response to this additional coverage. Or, they may ask you to purchase a different policy that covers fireplaces, which could cost less. It all depends on the specific policies you are looking at.
You’ll quickly discover that the location of the fireplace also affects the insurance premiums that you will pay.
Your insurance company will require that you get a Wood Energy Transfer Technology (WETT) certified professional to install your wood fireplace and that the unit gets WETT certified itself. WETT certification requires several safety precautions that reduce the risk of a fire in your home, so it’s something you’d want even if the insurance company wasn’t asking for it.
In the certification process, your fireplace installer will make sure that your floor is protected, appliances are the right distance from the fireplace, and that the chimney and flue meet specific safety requirements. Not only do these precautions protect your home from fire and protect you from the harmful chemicals that unsafe fireplaces can release into your home.
What Affects Your Home Insurance Rates?
A fireplace isn’t the only thing that affects your home insurance rates. Any type of home heating you have, including a furnace, boiler, heat pump, gas fireplace, or pellet stove, will all change your home insurance and its rates. Your HVAC professional can help you assess which kind of heating method is best, and your insurance company can tell you how your choice may affect your coverage and your insurance rate.
Adding a fireplace to your home should be a breeze. At least, that’s what we think at Stamford Fireplaces. Reach out to us today to get a beautiful, cozy fireplace inside or outside your home.