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Pre-engineered steel buildings are preferred for a variety of reasons. First, they are incredibly durable. In other words, you never have to worry about severe weather, natural disasters, long-term damage, or costly yearly repairs.

Even further, they are energy efficient. Steel buildings have metal roofs, which reflect the heat in the summer and insulate in the winter. It is also effortless to properly insulate your building, saving you money on energy bills and lessening your impact on the environment.

Another added benefit of choosing a prefabricated steel building is lower insurance costs. Because your building is durable, insurance worries less about damage over time. They are also fire-resistant, which lowers insurance premiums because there is no risk of losing your building in a wildfire or accident.

At Titan Steel Structures, we can help you lower your insurance rates even further with customizations like fire-resistant coating, higher-quality insulation, and rust-proof material to lessen the risk of water damage. Our expert engineers will work with you to create a building that makes your insurance company feel comfortable offering lower rates.

Is Insurance Cheaper for a Steel Building?

Metal building insurance tends to be cheaper than traditional building materials like wood. First, steel buildings can withstand high winds, heavy snow loads, and extreme weather conditions. As a result, your insurance company does not have to worry about covering extensive damage from a natural disaster.

Steel buildings are also built out of noncombustible or slow-burning materials. Because of this, your insurance does not need to add on expensive premiums for fire damage. This is especially beneficial if you live in an area that experiences wildfires often.

Most buildings need about $3000 of coverage for termite infestations each year, as exterior walls, floors, and roofs can become damaged. When you have a steel building, you never have to worry about termites because metal is an inorganic material that they cannot eat. As a result, your insurance will be lower than if you chose a wooden building.

You can also add extra protection to your steel building to lower the overall cost of insurance. For example, having multiple smoke alarms, using fire-resistant paint coatings, and specialized insulation can decrease insurance premiums.

Factors that Influence the Cost of Insurance

Building a new structure can be expensive. You have to worry about the cost of hiring engineers to create blueprints, securing materials, and hiring labor to erect the building. The last thing you want to worry about is a high insurance premium.

Thankfully, steel building costs are lower overall when compared to other materials. They also offer decreased insurance prices because of their durability and longevity.

Several factors can influence the cost of property insurance, including:

Location

One of the key factors that plays a role in the cost of your insurance is the location of your building. Some cities and states have higher insurance costs due to the type of weather that area experiences. For example, Florida might have higher insurance rates because of hurricanes while California deals with wildfires.

Thankfully, steel buildings can withstand up to 170 mph winds during hurricanes. They are also fire-resistant. These reasons make steel buildings preferable when you are considering the cost of insurance.

Construction

You also have to consider the construction of the building itself when estimating insurance costs. Wooden buildings are prone to long-term damage from things like mold, mildew, and termites. If you choose steel, you do not have to worry about any of these issues, which lowers your insurance premium.

Coverage

The type of insurance coverage you choose also plays a role. There will be multiple levels of coverage, each costing a different amount.

Standard insurance usually covers damage from fire, winds, lightning, and other natural disasters. If you want additional coverage for things like theft or property damage, you might be looking at a price increase.

Age of the Building

Lastly, the age of a building will impact the cost of your property insurance. If you are trying to insure an older building, the cost will be higher because there is more risk involved for the insurance company.

If you choose to build a new prefabricated steel building, your insurance will be lower. This is because your building will be brand new and come with less risk of damage than an older structure.

Get Connected to a Leader in the Steel Building Industry

If you are considering creating a new metal building, you’ve come to the right place. Titan Steel Structures has years of experience in the steel building industry. We also use the highest quality of steel material, making our buildings the most durable and long-lasting in the business.

Our expert engineers can help you design your building from the foundation to the exterior aesthetics. If you want specific customizations, we can help you create the building you envision. Additionally, we will create an estimate on the metal building cost to help you plan your budget accordingly.

Contact us today for more information on the price of insurance for pre-engineered steel buildings.