It is a dream of every person to own a house and lead a peaceful and settled life but no one has the power to wave off the possibility of unforeseen incidents. An accident can happen at any time in your life in which your house may get so much affected that you have to rebuild it in order to make it safe for human living. Fortunately, there are dozens of insurance companies in the market that offer you different insurance plans that you could select according to your own requirements.
The companies that provide you with a home insurance building plan do not do it according to the market value of your house ,in fact they make the estimate of your home insurance building according to the costs of rebuilding you house in case of severe damage to the building. There are many factors the insurance companies bring into consideration before setting the rate of premium and the coverage they offer. The following are some aspects that you should take care of in order to lower down the rates of the premium that you are bound to pay each month.
There are certain types of wiring that are considered hazardous for the safety of your home buildings. The insurance companies charge higher rate of premium in case the wiring used in the construction of your house is of low quality and involves high risk. Knob and tube wiring is considered as the lowest quality of wiring ever used in the construction of the houses, as this type of wiring was used before the 1950’s.
In today’s modern era the best alternative for Knob and tube wiring is the cooper wiring as it is the standard wiring used in modern construction. It is the most popular type of wiring for all kinds of buildings.
If you own an old house in which the plumbing used is very old and worm out or it is lead plumbing of galvanized material it is not considered safe for your home. As this type of plumbing usually consists of steel pipes that are likely to be covered with zinc over the years. This type of plumbing was done in the construction style of 1950- 1960. If your house has a plumbing system that was installed in 1960’s then you might have to pay highest premium.
The best alternative materials that most of the insurance and modern constructions companies approve are copper, PVC, PEX, PB or any other plastic material as almost all types of plastic material can resist low and high temperatures and even show resistance to different types of chemicals used in plumbing. Using all these materials in your house may save you a fortune as you will have to pay low rate of premium.
Most of the houses build in the western countries require a basic structure or frame according to which the building is raised. The latest acceptable frame material that is used in old buildings of houses is the wood. The insurance companies charge heavy amount as premium for the houses in which wood is used for frames as it is very likely to catch fire and puts your house at greater risk. The wood is used for small houses.
The best alternative material used for the basic structure of the house is concrete and brick. It does not only help in minimizing the rates of premium, it even makes a structure very strong and sturdy and fire proof too. This material is used for the structure of multi-story buildings.