Home > Help Centre > Blog Will you be covered if your furnace breaks down or needs repair? Or will you be left out in the cold? According to Statistics Canada, furnaces are the most common type of heating system used by Canadian households – around 57% of people use them. Whether you are staying warm by the fireplace or keeping it simple with a furnace to heat your home, here’s what you need to know about your home insurance and furnace. It is doubtful that your provider will cover replacement or repairs for your furnace. If your house experiences any water damage, issues from electrical systems, or home theft, and the furnace is damaged you will likely be protected from paying for the replacement. As long as the peril is included in your policy, you’ll be covered. However, age and neglect of the equipment will not be included. They will likely not approve a home insurance claim related to maintenance or repairs to your furnace, even if they are caused by wear and tear or pests. Some companies offer equipment breakdown coverage, or you can get an extended warranty from the company you rent or buy your equipment from. It’s rare to find furnace insurance, but you will likely get a warranty for it. If you see furnace coverage, it is likely a maintenance contract from the company you are renting the furnace from. Generally, they charge you $15-$20 to maintain the equipment you rent for $30-$40 each month. Over time, you will likely spend more on this warranty than buying a new unit. For example, after 15 years you could pay around $9,000 for the warranty. A new furnace will cost approximately $5,000. You can either overpay someone else or keep an emergency fund for home repairs. The majority of homes in Canada have a forced-air furnace. These units use electricity or gas to heat the air. A fan will blow the heated air through a series of ducts throughout the house. Try a few of these tricks to fix the problem before you jump to the conclusion of your furnace is completely broken. There is a fine line between knowing when to call a technician or investing in a new unit. Depending on the age and issue, you may be better off upgrading. Nope – unless it is damaged by a covered peril in your home insurance. On average, a furnace can last 15 to 30 years, but only with proper maintenance and diligence with repairs. Be sure to follow the product manual and scheduled maintenance timeline.
A new furnace can cost anywhere between $3,000 and $10,000 to replace in Ontario. This cost includes removing the old unit and installing the new one and the furnace unit.
A new furnace can cost anywhere between $3,000 and $10,000 to replace in Ontario. This cost includes removing the old unit and installing the new one and the furnace unit.
Keep your furnace in top shape by performing yearly fall home maintenance – this will allow you to find any concerns before the temperatures drop. This can even help you save money on repairs since you won’t be in a rush to get them done. Is Your Home Furnace Covered Under Insurance?
Jan 25, 2022
Don’t be left out in the cold – what you need to know about insurance and your furnace
Does insurance over furnace replacement?
Will insurance cover maintenance or repairs to my home furnace?
Furnace insurance vs warranty
What is a forced air furnace?
What to do when your furnace stops working
When to upgrade your furnace
Furnace Insurance FAQs
A final word on furnaces and insurance
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