What was your dream home growing up? An “American Dream” style home with a white picket fence and a nicely groomed yard in a safe subdivision? Maybe a Victorian style home that’s older than any of your family members, or maybe you’ve always wanted a house that’s so high tech you’re not sure how to open your front door. There are many styles of homes on the market, some more practical than others. But if you want a unique house, you should go for it! Keep in mind that the best time to shop for homeowners insurance is before you purchase your dream house. Your home insurance rate is determined by a few common elements. These include the rebuilding cost of your home, the materials that make up your home, the age of your home, fire protection in your area, the claims history in your area, your personal claims history, your pets, your coverage and your history with your insurance company. Does the style of your home impact your insurance rate? It can! Some homes are more difficult to insure.
These homes pose a greater risk due to flooding and potential flood damage. If your home is on the ocean it will be more likely to be hit by storms rolling in, and the risk of wind damage is increased. If your home is built on sandy beachfront soil this could spell trouble for you if you are also in an earthquake zone.
Do your grandparents tell you all about how things used to be “built to last”? This may be generally true, but the way homes are built has changed over time. Your home, depending on the age, may no longer comply with modern building codes. It may also contain building materials that, once considered safe, are now considered dangerous, such as lead paint or asbestos insulation. Replacement costs may be higher if you wish to use original materials to be used after a damage.
While your home may be an insurer’s dream in all other aspects, the fact that this is a vacation home might make it more difficult to insure. Because it won’t be occupied constantly, a small issue may go undetected for too long and develop into a very large issue. Vacation homes can also attract burglars, due to not being consistently lived in. Installing alarms will decrease this risk.
Not all insurance companies will cover log homes, or the insurance may be slightly more than a conventional stick frame home. Depending on what kind of roofing materials are used, whether your building materials are handcrafted or produced by a professional, and who constructed your home your insurance rate will vary.
“Dome Homes” are definitely unique, quite possibly the most “out there” house on this list. Because they are so unique, it can be difficult to determine the value of these properties. Due to their shape, code requirements are harder to follow and can be slightly more expensive. Insuring these homes is not impossible, so if you value owning a house with more than four sides go for it! Just be prepared to count the number of walls when asking for a home owners rate quote.
This post is not to deter you from living in your dream home, but just to raise awareness for potential problems you may encounter! No matter what kind of house you are looking to insure, Miller-Schuring Agency is willing to work with you to find the right kind of coverage for you (and for the best price, too!)