Whether you realize it or not, you could be paying more for your homeowner’s insurance policy because you have a wood burning stove in your home. All insurance companies are not created equal — while some will charge you a higher premium because of a wood burning stove inside your home, others will not.
If you own and use a wood burning stove to cook or heat with, or if you have intentions to purchase one, then it is important to speak with your insurance company about the potential for a higher premium. As a general rule, your premium will likely be raised somewhere between $50 to $100. Some may find this to be too much, but when you think about it, likely you’ll be saving money from the lower electricity and/or gas usage.
The reason for higher rates is logical. If you are using wood as your primary source of heat or for cooking on a regular basis, there is an increased risk of a fire that could potentially damage, if not destroy, your home.
In many cases, your insurance company won’t charge you extra if you can provide proof that the wood burning stove is up to code from an inspection, and that it was installed properly. Therefore, this may not be the smartest do-it-yourself project; it would be a safe bet to contact a licensed contractor who can install your wood burning stove.