You are currently viewing How Home Heating Can Affect Your Insurance Rates
  • Post last modified:October 5, 2020
  • Post category:Homeowners Insurance

[Updated on 3.12.2020] Now that temperatures have been below freezing, your home heating system is probably seeing some usage this time of year. Heating helps to keep your home at a comfortable temperature and prevents serious exposure to the cold.

However, did you know that your home heating system can actually affect your homeowners insurance rates?

The second leading cause of house fires in America is due to home heating, so it’s no wonder that this can have an effect on your insurance rates. Now, while a standard homeowners insurance policy will cover you if a house fire unfortunately occurs, your rates may reflect liabilities in your home that can cause a fire. Woodstoves, fireplaces, and even oil based heating systems can increase your risk, and may cause you to pay more on your insurance premiums.

How can you decrease your risk of a home fire this winter?

1. Upgrade your home heating system.

If you can afford it, look into an alternative heating system if you use oil to heat your home. Electric powered furnaces are much safer than their oil counterparts.

2. Have your chimneys cleaned.

Chimneys build up soot and other materials over the years if they’re not properly cleaned or maintained. If you’re planning to use a fireplace to keep warm, make sure it’s been properly inspected and cleaned beforehand to prevent a serious fire or accident.

3. Maintain your home heating system.

Your heating system, similar to your chimneys, also needs to maintained and cleaned. A malfunction in your heating system can cause a house fire when you least expect it, so be sure to have your heating system professionally cleaned and inspected before use!

How can you make sure you have the right coverage on your home?

First and foremost, always tell your insurance agent about any changes you plan to make to your home. If you’re planning to get a more efficient and safer home heating system, this can help you potentially save a bit of money in the long run. However, if you’re planning to add something like a fireplace or woodstove it may cause your insurance premiums to increase because you’ve added extra liability into your home. The best thing you can do before you build or change your heating system is to talk to your insurance agent because they can help you find the best coverage for the best price, we promise it!

For more tips about home heating, check out our blog on ways you can save on your heating bill by click the button below.

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