The blaze reportedly erupted in Love's fourth floor bedroom in the late hours of Thursday evening, a Fire Department rep told The New York Times.
Love discovered the fire and alerted authorities, before attempting to quell the flames herself. As a result, she suffered minor burns on one of her hands.
Firefighters arrived soon after receiving a distress call, but by that time the flames had largely been extinguished.
The Hole singer's townhome suffered only minor ruin, with curtains and bed dressing sustaining burns.
While the incident is currently under investigation, authorities believe that the fire was sparked after one of Love's curtains came in contact with a lit candle.
An unnamed male associate of Love's was in the home at the time, but was apparently unharmed.
Love's band Hole released their fourth major label LP Nobody's Daughter in 2010. The album reached the top 20 on the US charts.
> Courtney Love: 'I turned down Topshop deal'
> Courtney Love 'sued for Twitter defamation'
Watch Hole's 'Doll Parts' music video below: