A fireplace can be a toasty location to spend some time. Yet, even in the most well-managed location, it is a risk. An unattended fire can cause homes to catch on fire. When a fire occurs and gets out of control, it can quickly spread to the rest of the home. This will increase risks at your property. Home insurance prices may be higher if you have a fireplace. However, there are a few things to consider. You do not have to give up your fireplace just yet. Let's discuss this topic further.
Know the Risks
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 also will need to know if you use it. They might need to insure you against that additional risk.
What You Need to Know
Are you thinking about purchasing a fireplace for your home? Are you considering moving into a home that has one? There are a few key things to remember.
- The type of fireplace you have matters. Gas fireplaces may be less of a risk than wood-burning fireplaces.
- Maintain a log of when you have the fireplace professionally cleaned. This can help to reduce some of your risks as well.
- If you plan to have a fireplace installed, ensure a licensed professional does the job. Meet all local building codes related to the fireplace installation as well.
Taking these steps can help to minimize many of your risks. However, it is important to let your home insurance agent know if there is a fireplace on the property. Not doing so can be a risk itself. It may mean your home does not have coverage if a fire occurs. You will want to ensure this is not a risk you have to take.
Improving fireplace safety is important. 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. Fire safety and having a fire extinguisher on hand can help. Most home insurance policies will provide you with financial protection if a fire does occur.