Pellet Stoves and Homeowners Insurance

[Dr_Drum]

An insurance policy is a contract that spells out what will be paid in the event of a loss,

The only problem is that often only one party is really intended to understand this contract.

What I have not seen in all my years in the business is a legitimate homeowners claim that a comapny "tried" to deny based on a phony reason.

There not "phony reasons", just reasons the insured didn't know about. It's common knowledge people pay on policies for years thinking (or led to believe) they are covered when they aren't. Katrina ring a bell. Just like a good neighbor, State Farm is . . . nowhere to be found.

Mike -

 

[trogers]

An insurance policy is a contract that spells out what will be paid in the event of a loss,

The only problem is that often only one party is really intended to understand this contract.

What I have not seen in all my years in the business is a legitimate homeowners claim that a comapny "tried" to deny based on a phony reason.

There not "phony reasons", just reasons the insured didn't know about. It's common knowledge people pay on policies for years thinking (or led to believe) they are covered when they aren't. Katrina ring a bell. Just like a good neighbor, State Farm is . . . nowhere to be found.

Mike -

Mike, you make a good point about Katrina. Of course I agree that their were thousands of cases as a result of that loss in which the insurance companies tried to say it was flodd rather than wind, or vice versa. My point was, and still is, that in my experience I have not seen these types of issues when related to homeowner claims. Does it happen, of course. We also hear stories about such abuses in other industries such as banking and finance, but it doesn't mean that everybody in that industry acts that way. Also, I have found that it's very rare that homeowners even read their policy. Many policies have many exclusions, but the aveage homeowners policy is written to a 9th grade reading level, so I am sure that if they took the time, most people would understand the lanquage. If you are honest with your self, or if most people are honest about it, they would admit that they haven't read their policy past the declarations (1st) page.

My point was, and still is, it is best to tell your agent about the stove so that there can be no confusion if a claim occurs. If your agent screws up, or misrepresents that there is coverage, you can sue the agent under their Errors & Omitions policy. Yes, agents actually buy coverage for making mistakes. Honesty really is the best policy...

 

[trogers]

An insurance policy is a contract that spells out what will be paid in the event of a loss,

The only problem is that often only one party is really intended to understand this contract.

What I have not seen in all my years in the business is a legitimate homeowners claim that a comapny "tried" to deny based on a phony reason.

There not "phony reasons", just reasons the insured didn't know about. It's common knowledge people pay on policies for years thinking (or led to believe) they are covered when they aren't. Katrina ring a bell. Just like a good neighbor, State Farm is . . . nowhere to be found.

Mike -

By the way...Common Knowledge, just like Common Sense - is not all that common

 

[Dr_Drum]

By the way...Common Knowledge, just like Common Sense - is not all that common

Nicely said. :lol:
Mike -

Honesty really is the best policy...

I agree.
Mike -

 

[trogers]

By the way...Common Knowledge, just like Common Sense - is not all that common

Nicely said. :lol:
Mike -

Honesty really is the best policy...

I agree.
Mike -

I just PM'd you with a questoion about your Lopi. Any feed back would be great.

 

[Dr_Drum]

I just PM'd you with a questoion about your Lopi. Any feed back would be great.

No PM received, try again?
Mike -

 

[terryjd98]

I called my insurance agent before I bought my pellet stove and they said my rates would go up about $200.00 a year. Also they would not cover a wood stove at all. I am in Canada and did need to get a building permit, submit a drawing of stove placement showing clearences, windows ect. I am doing the install myself. Then need the fire chief to inspect the install and fire chief would give me a WETT certific. My insurance company is Wawanesa.

 

[SusieCT]

Hi all,

I'm looking for advice on any insurance company that insures pellet stoves in rental homes. If my tenant can't pay for their heat, guess what, they can't pay the rent either. I want to give my tenants alternative fuel options, but my agency doesn't want to help me find an insurance company that will cover this in a non-owner occupied home. Any thoughts?

(I personally think the pellet stove option is safer than a fireplace and I've never heard of a company that won't insure a fireplace in a rental home.)

Thanks for any ideas and suggestions.

 

[Scoop]

I wouldn't be giving a pellet stove to someone to play with if they can't afford a house. With all wood appliances there is a certain amount of skill, interest and dedication needed to keep it running safe and efficiently.

And on the practical side there are no savings at the moment in burning pellets compared to other heating fuels.