Home insurance carriers typically charge higher premiums for homes with fireplaces because there’s an increased risk they’ll have to pay out a claim. How much your home insurance rate goes up mostly depends on the type of fireplace you own. Of course, pricing will vary from carrier to carrier.
Do fireplaces impact insurance rates?
Generally speaking, you will pay a higher homeowners insurance premium if you have a fireplace. That’s because a fireplace can pose a serious risk to your home and family.
Here are some of the risks posed by a fireplace:
Home Fires
Wood-burning fireplaces produce sparks that can ignite your flooring and other flammable items. Electric and gas fireplaces add a risk of an electrical fire.
Smoke Damage
Smoke from your fireplace can damage your walls and appliances, especially if the chimney is not properly maintained.
Carbon Monoxide
Wood-burning and gas fireplaces produce carbon monoxide, a serious health hazard. Make sure you’ve installed carbon monoxide detectors.
Standard homeowners insurance covers damage from fire and smoke, including accidental fires caused by chimney fires and fireplaces.
Types of fireplaces
There are three main types of fireplaces: wood-burning, gas-burning and electric.
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Wood-Burning
The most traditional type of fireplace is wood-burning. It usually features a wide opening, allowing you to see the wood burn. A freestanding wood stove is another kind of wood-burning fireplace. Your home insurance carrier may want to confirm that your wood stove has passed a safety check by an official inspector. -
Gas-Burning
Gas fireplaces are more efficient and easier to maintain than wood-burning fireplaces. They also produce less air pollution thanks to purifying filters. However, a gas leak from a gas-burning fireplace can cause carbon monoxide poisoning, or even an explosion if exposed to a spark. -
Electric
Electric fireplaces are essentially fireplaces without fire. Powered by electricity, they still produce enough heat to warm a room. They come in a variety of designs and flame intensities that can be changed with the push of a button. They’re also cool to the touch, which makes them ideal for families with children.
How does fireplace type affect my premium increase?
Typically, a wood-burning fireplace will increase your home insurance rate the most, as it is the most likely type to cause a fire. A gas-burning fireplace can also increase your rate, but not as much as a wood-burning fireplace. Finally, an electric fireplace probably won’t affect your rate at all.
Can I lower my premium with fire safety discounts?
Yes, many insurance carriers offer home insurance discounts if you install fire safety equipment in your home. Examples include smoke detectors, carbon monoxide alarms, sprinkler systems and smart home detection devices. Check with your carrier to see which discounts they offer.
Of course, fire safety equipment will also keep your family safe by minimizing your risk of a fire or carbon monoxide event. Some essential pieces of fire safety equipment include the following:
Smoke Detectors
Smoke alarms are essential in detecting fires to give you and your family an early warning. Make sure you have a working smoke alarm installed on every level of your home, as well as outside of any sleeping areas and inside every bedroom. Test your smoke alarms periodically and change the batteries at least once a year.
Carbon Monoxide Alarms
Carbon monoxide (CO) is an odorless, colorless and tasteless gas that is produced any time you use a fireplace. Inhaling too much can have devastating health effects. Like smoke detectors, CO alarms should be installed throughout your home, tested once a month and given fresh batteries at least once a year.
Residential Sprinkler System
A residential fire sprinkler system is a network of hidden pipes and heat-sensitive heads connected to your home’s water supply. It automatically suppresses fires by activating the head closest to the heat source.
Fire Extinguishers
If a fire starts in your home and you catch it in an early stage, you can use a fire extinguisher to put it out. Fire extinguishers should only be used on small fires. Keep fire extinguishers on every level of your home, as well as the garage.
Fireplace Screens
Both mesh and glass fireplace screens prevent shooting embers from escaping the fireplace and landing on combustible materials like carpet. Mesh screens let the heat flow from your fireplace naturally, while glass screens or doors tend to block the heat more.