Who doesn’t love to cozy up to a nice warm fire on a snowy winter day? The idea of a wood stove in your home sounds great and there are a lot of benefits; a toasty warm room, roasting a few marshmallows, the smell of a good fire burning. However, many don’t consider how it will affect their home insurance. Before you decide to purchase one for your home, make sure you consider how it will change your home insurance premium.
When it comes to wood stoves, it shouldn’t be too surprising that it would cause your insurance premiums to increase. It doesn’t matter how old or new your wood stove is, the chance of a firing starting are much higher now that you are having a burning fire inside your home.
As with any insurance policy, every company charges a different premium, but you can be guaranteed that if you have a wood stove the company will be charging more. A few factors that go into deciding how much they will charge are, the type of fireplace/stove if it is your home’s main heating supply and whether it has had an inspection recently.
Before many insurance companies will even agree to offer coverage on your home they will require a Wood Energy Technology Transfer (WETT) Inspection to be completed on the wood stove.
What is a WETT Inspection?
It is when a certified inspector comes to your home to ensure that your wood stove was installed correctly, that it meets all current building codes, and that it is safe to use. They may also provide a list of recommendations on things to do annually to ensure you are following best practices and keeping your home safe.
Some of the most common safety issues that inspectors find are:
- The Chimney not having a cap on to prevent animals or debris from getting into your home
- A build-up of a soot or creosote
- Not having a class or mesh screen to prevent sparks from flying out into your home
- Not having a carbon monoxide or smoke detector installed
If you do install a wood stove or a home you just purchased has a wood stove, no need to worry! You can still get insurance, just make sure to mention it to your insurance broker so your policy has proper coverage. Want to make sure your home insurance is correct with regards to your wood stove? Contact one of our brokers, we have a wide range of companies that will offer coverage for your home insurance or cottage!