Electric Fireplaces and Homeowner's Insurance Installing an electric fireplace can affect your insurance premiums. Insurance companies often consider electric fireplaces safer than traditional wood-burning ones. This perception can lead to lower rates since electric models pose less fire risk.
How do fireplaces affect insurance premiums? Adding a fireplace can impact your home insurance premiums. Wood-burning and gas fireplaces may increase premiums due to higher risks of fire and chimney damage. Electric fireplaces typically have less impact on insurance costs because they pose lower fire risks.
For many, the biggest drawback of an electric fireplace is its inability to replicate the authentic experience of a wood-burning fireplace. The distinct sound of crackling wood and the characteristic smell of burning logs are conspicuously absent in electric models.
Yes. A house with a fireplace will likely increase home insurance costs because having a fireplace correlates with a greater risk of fire.
An electric fireplace may emulate the look of flames, and can certainly provide radiant heat, but it doesn't generally give the same ambience as a gas fireplace, so if the house is otherwise reasonably well heated, such a replacement might lower resale value.
The concept of “modern flames” has become increasingly popular in contemporary interior design. High-end electric fireplaces are at the forefront of this trend, offering sleek, minimalist designs that complement modern architectural styles.
Wood-burning fireplaces hold a timeless charm and are appreciated by buyers who enjoy the traditional crackling sound and aroma of burning wood — especially during the holidays. Homes with well-maintained wood-burning fireplaces may see an increase in resale value, particularly in colder areas.
In short, having a fireplace can be cozy and inviting during the cold winter months, but they aren't a good option when saving money on your utility bills. It's more cost-effective to use your fireplace to enjoy on occasion, not as a supplemental heating source for your home.
Electric fireplaces may have lower heat outputs than other types of fireplaces. However, they can convert nearly all input energy to heat, making them highly energy efficient. They are also the best for small spaces and rooms to help cut out the chill, especially in winter.
Electric fireplaces typically have a lifespan of 10 to 20 years, primarily influenced by the unit's quality and how well it is maintained. High-quality electric fireplaces often use low wattage and can easily plug into a standard 120-volt household outlet for efficient operation.
Electric fireplaces are generally safe to leave on overnight, provided they have safety features like overheat protection.
Daily and Monthly
Some states have higher electricity prices making electric fireplaces expensive to use in those areas. Using the average price of $0.1319 per kWh and the typical wattage of electric fireplaces (1500 watts), you'll spend about $4.75 a day if you run your fireplace for 24 hours.
Electric car insurance costs between 18 and 30 percent more, on average, than insurance for gas-powered vehicles.
Unlike wood-burning fireplaces, there's no need for chimneys or venting systems, which further reduces expenses. Installing an electric fireplace can increase a home's resale value. Many buyers appreciate the added warmth and ambiance it provides.
Standard homeowners insurance covers damage from fire and smoke, including accidental fires caused by chimney fires and fireplaces. However, insurance carriers typically charge higher premiums for homes with fireplaces because they see an increased risk that they'll have to pay out a claim.
Several factors are behind the rising rates. Severe weather events continue to cause serious damage and costly insurance claims. The rising cost of building materials, supply chain issues and unfilled jobs are driving up the costs of home repairs.
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Primary Suite Addition
Adding a primary suite that includes a large primary bathroom and walk-in closet is not only a functional and smart choice for day-to-day living, it's a good investment. This type of addition brings, on average, a 63% return.
The most overvalued markets to purchase a home tend to be located in high-priced vacation home markets in Hawaii, in both coastal and inland California markets, Seattle and New York City, as well as still-competitive “Zoomtowns,” including Greeley and Fort Collins in Colorado and Boise, Idaho.