Your homeowners insurance premium is affected by your home and the materials that the home is made out of. Choosing the right materials is often a trade-off between how much you want your home to be worth when you sell it and how high you want your premium to be. If you're more concerned about your homeowners insurance, you should think about these points when constructing a new home or an addition to a home.
New Homes Cost Less to Insure
If you're building a new home, you will generally not have to spend as much money on homeowners insurance than an old home. The newer home will usually have been construed with modern building methods and will also be made from newer materials that will not have had time to deteriorate.
Some Materials Cost Less to Insure
When you are constructing a new home or a new addition to your home, one factor that might influence you is the cost to insure your home based on what it is made out of. Certain materials cost more to repair and that may carry more risk. A brick home costs more to repair, so a brick home is more expensive to insure.
Structures made out of cement or that are steel-framed do not cost as much to insure because they are less likely to burn down in a fire. Also, homes made out of superior materials, such as a home with a masonry exterior, will be less expensive to insure. Have your home thoroughly inspected to make sure that it has been constructed with high-quality materials. Also, make sure that you use sturdy, but inexpensive materials. Materials that are expensive will increase the cost of insuring your home.
Natural Disasters Play a Role in Your Homeowner's Insurance Policy
By living in an area that is prone to certain natural disasters, you might want to consider taking precautions. For example, framed homes are more resistant to earthquakes. Also, if you haven't even purchased your home yet, softer ground leads to lower homeowners insurance premiums than solid ground because soft ground better absorbs the earthquake.
Modular Homes are Both More and Less Expensive
Many aspiring homeowners are trying to reduce the cost of obtaining a new home by purchasing a modular home. Modular homes are in some ways more expensive to insure than conventional homes. However, modular homes are also worth less and the overall cost of the homeowners insurance policy is based on how much the home is worth.
Features That Can Cause Injuries Will Raise Your Homeowner's Insurance
Home additions that can potentially lead to injuries, such as a swimming pool, can increase the cost of one's homeowners insurance because homeowners insurance covers the cost of those who are on your property. Also, home additions can increase the value of your home and will therefore increase your premiums.
For more information on your home insurance, visit a professional like Combined Business Group.
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