If you install a wood burner or wood stove in your home, your homeowners insurance policy may need to be updated to comply with state insurance regulations. Laws vary from state to state, and it would be terrible to assume that your present homeowners insurance policy covers damages caused by fire that was a result of a wood burner. Insurance companies have a valid reason for charging extra when it comes to wood stoves since more than a quarter of home fires are started by such devices annually. And any time extra risk is involved, insurance rates are almost certain to go up as well.
For homeowners who enjoy the extra warmth and character of a wood stove, add-on policies may be available from your current insurance provider. This shouldn't change your existing policy, but allow you to operate your stove with complete confidence that any damage caused by it is covered. Be sure to make sure that your policy is firmly in place before you start using your stove since you never know when a fire will occur. If you're buying a home with a wood stove or wood burner, talk with your insurance agent to see which inspections must be done to ensure that it is working and has been properly maintained.
Since every insurance company is different, some will require more documentation about your home's addition than others. Once you decide that you'll install a wood stove, contact your insurance provider to find out what requirements they have. Some simply require you to inform them while others will require proof of certification from the installer and may even send someone to come check to ensure that all building codes are complied with. Many homeowners find that their premiums do increase by a modest amount, but that they're still saving a considerable amount of money over using fuel to heat their home.
The key takeaway is to contact your insurance provider, or shop for a new one, before you actually follow through with your purchase. You may find that insurance companies prefer one brand or style of stove over another, or will give you a discount for using a preferred vendor. For more information about how wood burners and wood burning stoves will change your home's insurance coverage, contact your local insurance agent today. They will be happy to sit down and discuss your home's wood burner and how having it affects your protection coverage. It's far better to change your policy and have peace of mind knowing that your home is covered, than to find out that the policy has been made invalid through a minor error.
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