Home Structure Type: Brick, Frame, Stone? Does It Matter?
When obtaining home insurance, provide detailed information to your insurance agent. You need to be sure the policy you purchase properly represents your home. Small mistakes can lead to big problems later on. At the end of the day, you must make sure your policy reflects the unique property.
For example, be clear on the type of structure you have. The type of material plays a role in determining how much risk is present. Insurers need to consider this factor to determine several things. This will help them learn if they can cover your home. It will also help determine how much a policy will cost.
What Costs More?
Think about risk here. Most people buy a home because they like it. They do not buy it because one type of structure costs less to insure. Nevertheless, insurers consider this factor. Here are a few key things impacting cost.
Can It Catch on Fire?
Some structures are more fire prone. A wood home, for example, might catch on fire if there is a lightning strike. It may be at a higher risk if there is a nearby fire as well. Stone homes do not face the same risk in the same way. If your home’s structure is brick, this is also less of a risk. Other home coverings, such as siding and stucco can influence flammability as well.
How Hard is it to Replace?
If your home is a total loss, such as after a fire, the home insurance company needs to cover the cost. This may include the cost to rebuild it. Some materials cost more to use. For example, a stone structure is likely going to be more costly to rebuild. A wood-frame home is generally less expensive. Insurers consider the availability of materials. They also consider the overall time factor and labor cost to rebuild the home. This can influence their costs to you.
What Are Area Risks?
Do you live in an area where earthquakes are likely? If so, a home capable of withstanding these events is helpful. The structure determines this. If you live in an area prone to hurricanes, wind-resistant structures are important. These types of features help reduce your costs.
Selecting the right home insurance means considering all risks impacting your home. You want your insurance policy to properly reflect your risks. This means paying close attention to the policy details. It also means knowing what to expect if there is a claim. If your policy is not accurate, your insurer may not pay the claim.