As you begin to think about adding a new structure to your property, you’re almost certainly wondering how this will affect your homeowner’s insurance rates. It’s true that whenever you construct any new building, your costs will increase as you extend coverage to another valuable asset on your property. And if your new structure is worth more than 10% of the current insurance value of your home, or you are financing your building and your lender is requiring a separate policy on it, you may be facing a substantial change in your premium costs.
But did you know that specific facts about your new structure’s fabrication and how you’re planning to use it will determine how much more money your insurance company will charge you to protect it? Where you live matters, as well, but the material your structure is made of is the first point your insurance company will consider in calculating your rates.
The good news is building a steel structure like those we offer here at Newmart Builders can keep your current insurance rates from going up very much at all, especially compared to the potential increase associated with a new wood structure. Steel buildings tend to be looked at more favorably by insurance companies versus wood-framed buildings and even those made of certain types of masonry (especially if they have a traditional wood roof or floors). There are several reasons why choosing steel for your new structure is a smart money move. Continue reading “Why Steel Buildings Will Save You Money on Insurance”