Insurance premiums hinge not only on your insurance company, but also on the components of your home that make it safe or unsafe. Wood burners, for example, can hike your insurance rates significantly thanks to a perceived risk by insurers. There are several types of wood burners that can cause your insurance premiums to rise, including wood burining fireplaces and the less common wood burning stoves.
Depending on your insurance company’s algorithms for determining rates, having a wood burner in your home may increase your rates by as much as $100 per year. In some cases, an insurer may even refuse to insure your home altogether unless you can provide proof that the wood burner meets safety standards, is up to code in your city and is properly installed.
Alternatives to Wood Burners
Instead of using a wood burning fireplace or stove, consider switching to a gas or electric variety. Gas fireplaces are easy to install and do not require firewood or a lot of time trying to get a fire started. Instead, gas fireplaces create warmth and ambiance with the flip of a switch, and they are more easily controlled than the wood burning varieties. Similarly, gas and electric ovens are more energy efficient than they have ever been, and they are considered much safer than wood burining ovens.
If you must keep your wood burner, consider shopping other insurance companies for more affordable rates. You may be able to find a lower premium for the same coverage from an alternate insurer.