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Does a fireplace increase your home insurance?
We are planning to do several renovations on our home in the near future. One is installing a fireplace. Since our renovations will cost quite a bit, we’re trying to save where we can. Will a fireplace increase our home insurance?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Renovating your home is a lot of work but definitely worth it in the end. That said, adding a fireplace may increase your home insurance.
Since
home insurance policies cover fire damage
, your insurance company wants to ensure you’re doing everything possible to reduce the risk of injury or damage.By adding a fireplace, you are increasing your risk, making it more likely you could submit a claim in the future. Insurance is risk-based, so companies offset the potential claims by charging you more.
Even so, the amount your home insurance will increase also depends on the type of fireplace you’re installing. A gas fireplace is typically less risky than a wood-burning stove or fireplace, meaning your rate increase could be lower with one than the other.
To determine how much your rate will increase, you’ll want to reach out to your insurance company for a quote. Some companies require additional coverage for fireplaces, so it’s best to follow up with an agent before installation.
If you aren’t happy with the rate your insurance company is offering with your new fireplace, try using
Jerry
. Jerry gathers personalized quotes from top insurers to find you the best rates and coverage. They even help cancel your old policy once you’ve made your pick.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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