01 Apr House Insurance & Brick Homes: What Matters
If you’re a homeowner or want to be, you’re probably asking yourself what affects your homeowner’s insurance premium. Generally, every property will receive a unique premium rate based on the posed potential risks. Every insurance company will have its own rates, too.
What Affects A Home Owners Insurance Property?
The Chances Of A Claim Occurring
Your homeowner’s policy will be affected by the likelihood of you claiming in the future. If your home sits on a flood plain, your cost of insurance will be higher.
The Total Cost of Reconstruction
f your house is large, built on a cliff, and is made from weak building material, the cost of your homeowner’s insurance policy will rise. The building material, in many cases, will be greatly affected by the building.
Your Previous Insurance Claims History
The insurance company will take into account whether or not you have a history of claiming for house insurance. They probably take this into consideration when determining the overall risk.
House Insurance: Why Building With Brick Matters
Building with brick may dictate the overall replacement cost of the building, but when it comes to the likelihood of a claim occurring, brick certainly has a low risk. Of course, if you bought a home with previous damage from flooding, then your property’s credit score could be affected.
Because bricks can withstand and avoid more structural damage than other building materials, and needs less maintenance, too. Bricks are renowned for their strength when it comes to freak events like storms. Fires are also less likely to take the whole building down, whereas wood would probably need to be replaced.
Building with brick comes with lower risk when it comes to rebuilding, but has a higher replacement cost. Homeowner’s insurance cover is usually affected by three main things: The total cost of replacing the building, previous (home) insurance claims, and the likelihood of a house insurance claim occurring.