When you’re a Winnipeg homeowner, you want to save money on a variety of expenses, including utilities, maintenance and even home insurance. One question we often hear is: “If I replace my old furnace with a new one, will my home insurance go down?”
The short answer is not directly, but it can help. Installing a new furnace in Winnipeg won’t automatically reduce your insurance premium. However, it can make your home safer and more efficient, which insurance providers may reward for a lower overall risk.
At Lynn’s Plumbing, Heating & Cooling, we help Winnipeggers upgrade their systems for comfort, energy savings and peace of mind. In some cases, those upgrades can also make your home less risky in the eyes of insurance companies.
How Home Insurance Rates Are Determined
Home insurance companies look at several factors when calculating your rate. In most cases, it comes down to risk. If your home has higher potential for damage, fire or system failure, your premium will be higher.
The following factors make a difference in pricing:
- The age and condition of your home’s systems (including heating).
- The materials used in your home construction.
- Location-related risks like flooding or fire zones.
- Past claims and maintenance history.
An older furnace that hasn’t had regular furnace services can significantly increase your home’s risk of carbon monoxide leaks, gas leaks, and fire hazards.
Can a New Furnace Lower Your Insurance?
Unfortunately, upgrading to a new furnace doesn’t guarantee an insurance discount. However, it can impact your home’s overall safety rating. Insurance companies like to see homeowners are proactive about maintenance and safety improvements.
Here’s how a new furnace can help:
- Improved Safety: Newer models have more advanced safety features, which can reduce the risk of fires or carbon monoxide leaks.
- Code Compliance: Modern furnaces meet updated building and safety codes, which gives insurers confidence your home is up to standard.
- Lower Risk=Better Rates: Some insurance companies may offer small discounts for home improvements that reduce risk, which can include installing a high-efficiency or sealed combustion furnace.
If your furnace is over 15 years old, an upgrade can improve comfort and efficiency, while strengthening your home’s insurance profile. At Lynn’s we install systems that meet modern safety codes and deliver dependable performance all winter long.
Other Benefits of a New Furnace
Even if your insurance doesn’t change, a new furnace comes with plenty of financial advantages. Consider the following:
- Energy Efficiency: Modern furnaces use less fuel to produce the same amount of heat, lowering monthly bills.
- Fewer Repairs: With updated technology, you’ll face fewer mid-winter breakdowns.
- Consistent Comfort: Even heat distribution and quieter operation can make a noticeable difference in daily life.
- Home Value: Having a new, high-efficiency will help you boost your property’s resale appeal.
When you think about energy savings and reduced repair costs, a new furnace starts paying for itself over time, even before you factor in potential insurance benefits.
Ways to Save Money on Home Insurance After Upgrading Your Furnace
Installing a new furnace is a great first step towards home savings. However, you can save even more by taking a few extra measures:
- Notify your insurance provider after the upgrade and provide installation documentation.
- Keeping maintenance records for regular professional furnace service demonstrates proactive home care.
- Ask about available discounts for energy-efficient or safety-focused upgrades.
- Bundle improvements like adding smoke or carbon monoxide detectors to further reduce risk.
Our team of certified plumbers in Winnipeg make sure every new furnace installation meets current safety and efficiency standards. This will help y\\\\\\\\\\ou feel confident that your home will be protected inside and out.
When to Replace Your Furnace
When should you replace your furnace? There are signs:
- It’s 15-20 years old and showing signs of wear.
- It requires frequent or extensive furnace repairs.
- You notice uneven heating or rising energy bills.
- Your insurance company has flagged it as outdated or unsafe.
Upgrading to a new, energy-efficient furnace keeps you comfortable and it reduces your home’s long-term risks.
Upgrade for Safety, Comfort and Peace of Mind
Does a new furnace lower home insurance? Your answer is not directly. However, it can reduce your risk level and boost your home’s safety value and insurers value this. At Lynn’s Plumbing, Heating & Cooling, we help you choose the right furnace for your home and budget. If you save money on home insurance in the process, that’s a bonus!
Need a new furnace? Contact us today to schedule a consultation!
