Do you know what kind of siding is on your house? The type of siding can influence your homeowner insurance quote. People often apply for insurance online, or over the phone, and may forget to indicate if they have stucco siding. There’s a significant difference in the cost of siding materials. As a result, the cost can impact insurance quotes.
There are two possible outcomes when stucco isn’t listed on the initial insurance application. The underwriter may catch it, resulting in a significant increase in your quote. The second outcome may be that no one catches it. Then a few years later, a claim is submitted and the payout is less than what was expected and doesn’t cover the cost of repairs.
Stucco is a plaster type material which is applied over the wall. It’s a hard, durable surface which requires little maintenance over the years. An alternative to stucco is dryvit siding. Dryvit resembles stucco, however it’s a synthetic version of stucco and isn’t the same. There are benefits to using dryvit, but it’s not as hard of a surface as stucco. When dryvit siding is hit with something hard, such as a baseball or a tree branch, it will dent.
Bryan Smith of State Farm Insurance encourages people to meet with a local insurance agent to get the right information. The general rule in insurance is the harder the surface, the cheaper to insure. If you are building a new home, ask questions and know your options. One type of siding may cost more than another; however it may also lower your insurance rate and help with a re-sale in the future. If you are buying an existing home, make sure the insurance company knows what kind of siding you have.
Ask the right questions of your contractor and Realtor®. Know the materials your home is made of. If you are thinking about re-evaluating your insurance, contact Bryan Smith at State Farm (918) 481-7283
For more real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com