Does the Type of Exterior Wall Construction Impact Home Insurance Costs?
What is your home made of? It may matter more than you think. The value of your home and the cost to build your home depends on the types of materials it features. This includes the exterior wall construction. When selecting a home insurance policy, your agent will want to know what type of structure you own. There are several reasons for this. In most cases, it can impact the cost you pay for your home. There are a few key things to keep in mind here.
What Is Your Home Made of Anyway?
Take a look at the exterior walls of your home. Are they brick? Perhaps you have a traditional vinyl sided home with a wood frame. You may also have another masonry option, such as stone. If you are unsure what is under your siding or exterior features, talk to your builder or a home appraiser. This is important to get right for the sake of your insurance policy.
Adding Value and Cost to Your Home
If you have a masonry type of home structure, this can add a significant amount of value to your home. It also means it will cost more to rebuild your home. A home with hand-laid brick, for example, costs more to build than a home with wood framing. As a result, you may need to have a larger amount of coverage from your insurance policy. Your agent will help you determine that value. It will often depend on local construction costs based on the type of exterior you have.
But, Some Materials Lower Your Risks, Too
Having a brick home or a stone home is sometimes ideal. It is unlikely this type of structure will suffer extreme damage in a fire. It may not suffer as much damage. This can help to lower some of the risk to your home insurer. On the other hand, a wood framed home is likely to burn faster. This increases risks, and costs might rise.
What is the right protection for you? The only thing important to know is that you have the right type of coverage on your home. Be sure the value of home insurance you have is enough to rebuild your home if lost. And, be sure your agent knows what type of material is present. This gives you peace of mind knowing your home has protection if the worst situation plays out for you.
FAQ’s About Does the Type of Exterior Wall Construction Impact Home Insurance Costs
What is exterior wall construction?
Exterior wall construction refers to the materials and methods used to build the outer walls of a home or building.
How does the type of exterior wall construction impact home insurance costs?
The type of exterior wall construction can impact home insurance costs because some materials are more prone to damage from weather, fire, and other hazards.
What are some common types of exterior wall construction?
Common types of exterior wall construction include wood frame, brick veneer, stucco, stone, and concrete block.
Which type of exterior wall construction is the most expensive to insure?
Generally, wood frame construction is the most expensive to insure because it is more prone to damage from fire and other hazards.
Which type of exterior wall construction is the least expensive to insure?
Brick veneer construction is typically the least expensive to insure because it is more resistant to fire and other hazards.
How can I find out what type of exterior wall construction my home has?
You can check your home inspection report or ask a professional contractor to inspect your home.
Can I change the type of exterior wall construction to lower my insurance costs?
It is possible to change the type of exterior wall construction, but it can be expensive and may not always result in lower insurance costs.
What other factors besides exterior wall construction can impact home insurance costs?
Other factors that can impact home insurance costs include location, age of the home, size of the home, and the homeowner’s claims history.
How can I lower my home insurance costs?
You can lower your home insurance costs by increasing your deductible, installing safety features like smoke detectors and security systems, and shopping around for the best rates.
Should I choose my exterior wall construction based solely on insurance costs?
No, you should choose your exterior wall construction based on a variety of factors including aesthetics, durability, and energy efficiency. Insurance costs should be considered, but should not be the only factor.