If you own a wood-burning stove, you should know that. 65% of wood stoves are older, inefficient devices. So, what does that mean for your home insurance? Explore the impact of wood-burning stoves on home insurance rates, whether homeowners insurance covers wood stoves, insurance requirements for wood-burning stoves, and how wood stoves compare to pellet stoves in terms of insurance. Also, we’ll discuss how wood stoves can affect homeowners insurance rates and provide tips to mitigate potential increases.
Does homeowners insurance cover wood stoves?
Home insurance generally covers fireplaces and wood-burning stoves. However, insurance companies may have specific requirements to ensure the proper installation and safety of wood stoves. This verification process may involve submitting a photo of the wood stove or having an inspector visit your home to ensure compliance with safety standards. While wood stoves do not automatically disqualify you from coverage, they can impact your insurance rates due to the increased risks associated with their use.
What insurance companies may want to know
Insurance companies may want to know details about the stove to properly insure a home with a wood stove. They may ask for information such as the stove’s make and model, as well as its connection to the chimney. Insurers may also inquire about the presence of fireguards or other safety features. These details help insurance companies assess the potential risks associated with the wood stove and determine appropriate coverage and rates.
Insurance requirements for wood-burning stoves
Requirements for insuring a home with a wood-burning stove may vary depending on the provider. Typical requirements may include professional installation that meets local fire codes, documentation proving compliance with installation specifications, and a maintenance schedule for the stove. The insurance company may also want to ensure the presence of a separate flue for the stove.
Insurance providers may require a maintenance schedule for your wood-burning stove. This schedule ensures that the stove is regularly cleaned and inspected to prevent potential hazards. Make sure to keep records of these maintenance activities, as the insurance company may request them during policy renewal or in the event of a claim.
Wood stoves vs. pellet stoves for insurance purposes
Insurance companies may have different standards for wood stoves versus pellet stoves. Wood stoves require more maintenance and produce more soot, which can increase the risk of fire. Insurance inspectors may pay closer attention to the chimney and require more rigorous inspections for wood stoves.
On the other hand, pellet stoves burn cleaner and have lower risks of creosote buildup. They may not require a chimney connection for ventilation, and inspections for pellet stoves may be less rigorous than those for wood stoves.
How wood stoves affect home insurance rates
Insurance companies consider wood stoves to be a higher risk due to the increased possibility of fire. As a result, your insurance rates may be higher than homes without wood stoves. Several factors come into play when determining the impact on insurance rates. First, your home’s location, size, and construction can influence the risk assessment. Older homes may face higher rates due to outdated wiring or other potential fire hazards. The type and age of the wood stove also play a role, with older or less efficient models potentially leading to higher premiums.
Wood-burning stoves can impact your home insurance. While they are not automatically excluded from coverage, insurance companies may require verification of proper installation and compliance with safety standards. Notify your insurance provider before installing a wood stove in your home to understand the specific requirements for coverage.
