OK, when I finally get around to selling my wee little mobile home and buy a real house, I’ll naturally want to insure it. I’d also like a house with a fireplace, which I understand will cause higher insurance rates.
Somebody give me raw numbers here. Two houses in the same middle class neighborhood (minimal crime) in Springfield, Illinois. Both are 1200 square feet (not counting the basement) and have the same floor plan. Both have a full basement. Same number of bedrooms, bathrooms, etc. Both cost $97,500. Both are in the city limits, within 2 miles of a manned fire station, a good 10 miles from the nearest river or lake, and have good home security systems. Assume I have good credit and no previous claims. The only difference between the two houses is that House A has a fireplace and House B does not.
Minimal differences depending on the company and your relationship with them therein. We have our homeowners with the same people we have our Life insurance, car insurance etc…etc… And we have two fireplaces in our home, one in the living room and one in the master bedroom. Are they listed on the policies as actually being there…Yes. Does it affect our overall rate, yes…but we are talking an overall increase of such a negligable amount, it doesn’t really affect us.
My current house is more than twice the monetary value as the previous house, with additional extras such a full furnished basement instead of a concrete slab, attached instead of detached garage, sprinkler system instead of brown grass, and yes, fireplace instead of a big empty spot where a fireplace could go but didn’t. The premium increase from the old house to the new house was about 30%, rather than the expected “more than double plus all the dangerous stuff that I mentioned.”
The biggest difference that I can see is a better neighborhood, or at least a better location. That will more than anything affect the price of your insurance, probably.
Responsible Answer:
Ask this question directly of the insurance agent who will be writing your policy. Insurance companies do not necessarily all use the same criteria when setting rates for homeowner’s insurance (some may care that there is a fireplace because it is a hazard, others may care because it affects the value of the dwelling, others won’t care at all). State Regulations may also play a part in determining what features may/must/may not be observed with regard to setting rates. If the agent will not entertain your questions and “what ifs”, walk out and find another agent who will deal ethically with you.
And don’t confuse mortgage insurance or PMI with Homeowner’s insurance. VERY different monsters.
Irresponsible “anecdotal evidence” answer:
Fireplace doesn’t matter, the premium is based on:
Dwelling cost (how much you insure the house for)
Construction type (Wood Frame, Masonry, etc)
Fire Protection (how responseve can the local fire department be to your home)
Loss experience for the area you’re moving to (higher incidence of thefts? House fires? Lawsuits for trampolines, swimming pools & other attractive nuissances?)
Other junk like your deductible and different optional coverages wil have an effect as well, but in my experience, the fireplace doesn’t matter except inasmuch as it affects the dwelling COST (What’s it gonna take to replace the house in the event of a total loss?).
Good luck, congrats and all that “I’m happy for you” mush.
–Inigo Montoya
FORMERLY licensed to sell Fire Ins in WA & CO (I let it lapse–left the “distribution” end of the biz).
Gotta leave work right now. I’ll do up a quote for you in the morning. It’ll be based on NY rates unfortunately, but might still be helpful. In my experience, the insurance companies are much more forgiving of fireplaces than woodstoves
The homeowners insurance company we sell through most often charges a $25.00 surcharge for a woodburning appliance. I should have know this yesterday. I’m slacking off I guess. Seems like a small price to pay for a cozy fire on a cold day.