Owning a home is a major investment and major investments should be protected. Luckily, home insurance protects our home, and our belongings inside of it, against unforeseen damage and emergencies but comes at a cost.
A variety of circumstances can result in the price of your home insurance increasing and Accurate Home Inspections has highlighted several below.
Although home insurance is a necessity that protects your home if an emergency occurs, it is important to know what factors can increase the price of your home insurance.
Age and Quality of Your Roof
As a result of constant weather conditions, your roof is one part of your home that inevitably experiences a tremendous amount of wear and tear. Depending on the age and the overall quality of your roof, your insurance rate will often increase if the roof is outdated or neglected. The material of your roof also matters. For instance, metal tiles outlast asphalt shingle roofing, and your insurance company can increase cost based on that factor as well.
Type of Electrical Wiring
Many older homes come with older electrical wiring which can come at a high cost to insure. For instance, aluminum wiring is considered hazardous, if not dealt with properly, because it increases the chance of a house fire thus increasing the cost of your home insurance. If your electrical wiring is updated and includes a breaker system, your home insurance will likely cost less. Although updating your electrical wiring can be expensive it can increase the overall value of the home.
Types of Plumbing Pipes
If your plumbing system is outdated or higher risk, your home could be highly susceptible to serious issues such as water damage. Older piping materials, such as steel or Polybutylene (Poly-B), are more likely to experience leaks. Many insurance companies prefer copper or plastic (PEX) plumbing pipes to reduce the risk of damage. However, replacing outdated or problematic piping is an expensive project that most people can’t afford. Although you’ll pay a higher insurance premium for older piping, if it is functioning well, it is more affordable to keep it.
Consider Your Siding
Your home’s siding is the first thing that protects your home from extreme weather conditions. However, certain types of siding are considered more reliable than others. For example, vinyl siding is highly susceptible to hail damage while brick veneer is more fire resistant. It is important to keep in mind that the type of siding your home has will affect the cost of your home insurance and to consider this when making a change.
With your home being the valuable investment that it is, it is important to make sure your home is structurally and technically solid before making the investment. Accurate Home Inspections provides detailed home inspections in Calgary, Alberta with in-depth assessments of small details and major systems within your home.
