You need hot water in your home, so when your home's hot water heater stops working, having it fixed is a priority. It is best to have the hot water heater replaced as soon as you realize something is wrong with it.
If you think your hot water heater is going out, contact a plumber to see what is going on. This should give you an idea of how long you have before the hot water heater will need to be replaced. Here are some points for you to consider that relate to the hot water heater replacement cost.
Water Heater and Installation
One of the biggest costs that you will have to deal with when you need your hot water heater replaced is the cost of the new water heater and the installation. It can cost anywhere from $700 to more than $2,000.
The water heater you choose will impact this cost. Tank water heaters usually cost less than a tankless model. If your home has a tank water heater and you want to convert to a tankless, you will have to have certain retrofitting done. The retrofitting will increase the cost that you have to pay.
Typically, larger tank water heaters will cost more than those with smaller tanks. It is important to look at your home's usage and get the right water heater instead of being tempted to save money by getting a water heater that is smaller than what you actually need.
Tankless models have varied costs that depend on the usage rating. Tankless water heaters that produce more hot water within a specific span are likely going to cost more than ones that produce a lesser amount.
The type of power that is used for the unit also has an impact on the cost. Generally, gas water heaters are more costly to purchase than electric models. The opposite is true when it comes to operating costs — gas models are usually less costly to operate than electric models.
Permit
You also have to consider the cost of getting the permit to change out the hot water heater. In almost all municipalities, you will need to get a permit. The cost of the permit varies depending on several factors, including the fee schedule in your area. Because this work requires a permit, there will be an inspection done when it is completed.
Water Damage
Let's say you don't replace the hot water heater soon enough and you end up with one that has burst. The water damage to the floor, walls, and other items will be costly to get cleaned up. You might have to repair or replace some items. This could mean that you have to hire someone who is familiar with water cleanup and damage control and someone else who can handle wall repair and floor repair.
If you have homeowner's insurance, your policy will likely cover some of the damage that occurred because of the hot water heater leak. You should contact the company to begin the claim and find out how you should handle the work that needs to be done. Being able to file a homeowner's insurance claim might help you to save some money.
Generally, a homeowner's insurance policy won't cover the cost of replacing the hot water heater because that is considered the source of the issue. You would have to cover that cost. It is important to contact your insurance agent to determine what coverage your policy has that might be able to save you some out-of-pocket cash.
Sources:
https://www.angieslist.com/articles/how-much-does-water-heater-installation-cost.htm
https://www.garlandtx.gov/services/dpc/bcptypes/heater.asp
https://www.allstate.com/tools-and-resources/home-insurance/water-damage.aspx
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