This article is meant to help you understand the savings associated with metal building insurance. But, like most of our articles, it will end up being a testament to why building with steel ultimately saves you a great deal of money. And if there’s one place we’re all trying to save money, it’s on insurance costs. Insurance is in place to prevent us from shelling out hundreds of thousands of dollars in case of a disaster or emergency. And yet, we’re spending millions across the nation every year for our coverage.
The truth is that insurance costs are costly, and for a good reason. Natural disasters are on the rise, and property owners can no longer bank on the possibility that their buildings will be spared. If you’re building in more disaster-prone areas, like along the coastline, you need a building material that can do two critical things:
- Stand the test of time and natural elements, and
- Save you money on your insurance costs.
How does your building material affect your insurance costs?
Aside from choosing an area that is less prone to disasters, one of the factors you can control that affects your metal building insurance costs is building classification. Wood and composite structures, also known as Classification 1, burn, collapse, and fall victim to natural incidences more quickly than competitive materials. These structures are the most expensive per square foot to insure.
Prefabricated steel structures fall into Classification 3, where metal building insurance costs are generally about 30% less than buildings made with organic materials. Why is this?
- Steel is fire resistant, and commercial grade buildings can also be equipped with sprinkler systems for further protection from insurance companies’ most feared disaster.
- Clearspan steel frames have unbeatable strength against heavy winds, rain, and snowfall.
- The strength to weight ratio of steel is also resistant to structural damage from earthquakes.
- Steel is safer than wood in lightning storms.
- Steel repels mold, mildew, and pests that would generally chomp on wood.
What about insurance for construction with prefab steel building kits?
The assembly timeline for prefabricated metal buildings is considerably shorter than with any other material. In the insurance industry, this translates into lowered risk for worker injury. Fewer crew members working on a shorter timeline will mean that you could pay less in liability insurance.
That’s good news for contractors and for businesses who choose metal. If you’re entrusting a contractor with your prefab steel building kit, you may be able to use lowered insurance costs to negotiate your price.
For more information on Prefabricated Buildings, CLICK HERE or give us a call 888-783-3535.
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