Toro Steel Buildings
Future Steel Buildings
BBB rating of A+

Speak to a Building Specialist 1-877-870-8676 Go To Our French Site

  • EN
    • FR
  • Building Types
    • Garages
    • Workshops
    • Storage
    • Roofing Systems
    • Container Covers
    • Carports
    • Commercial
    • Agricultural
    • Aviation
    • Recreational Buildings
    • Marijuana
    • Package Savings
  • Clearance Buildings
  • Special Projects
    • Architects, Engineers & General Contractors
    • Enterprise Customers
    • Global Operations
  • Options & Finishes
    • Arch Style
      • Insulation
      • Man Doors
      • Sliding Doors
      • Overhead Doors
      • Foundation
      • Turbine Vents
      • Skylights
    • Straight Wall
      • Insulation
      • Wall Accessories
      • Roof Accessories
      • Trims & Flashings
      • Color My Building
      • Straightwall Structural Terms
  • Resources
    • Brochures
    • Blog
    • Frequently Asked Questions
    • Arch Style vs Straight Wall
    • Straightwall Structural Terms
    • Video Library
  • About
    • Contact Us
    • Our Advantage
    • Testimonials
    • Warranty
    • Go Green
    • True Pricing
  • Get a Quote
Home Steel Buildings Why Insuring a Steel Building Costs Less

Why Insuring a Steel Building Costs Less

17
Aug
insurance for metal buildingsMetal Building Insurance

Typically, insurance premiums for steel buildings are consistently lower than those for other structures made of traditional materials such as wood or brick. Let’s take a closer look at why that is.

Factors That Determine Insurance Premiums

When insurance companies are deciding their rates for building insurance, there are several things they consider. These things help to determine the risk for damages to the structure. If the chances for damage are determined to be low, then the premiums will also be low. The factors that influence your risk are:

  • Age – How old the building is.
  • Area – The size of the lot, quality of land, and local real estate market.
  • Business Use – If the building is used as a business, and if so, whether chemicals or machines are used.
  • Damage Potential – The likelihood of damaging natural conditions in the area.
  • Materials and Structure – The strength and damage resistance of the materials and building system.
  • Occupancy – How many people live or work at this building regularly.
  • Safety Features – The addition of smoke alarms, sprinklers, emergency exits and more.
  • Size – How big the structure is.

The Impact of Building Classifications

There are six building classifications that a structure can fall into. Each classification impacts the insurance rates for that building.

  • Classification 1: Frame – Wood and composite structures fall into this category. They are more prone to collapsing or burning, and insurance premiums are the highest of all classifications.
  • Classification 2: Jointed Masonry – These structures use concrete as well as wood. This results in a higher fire-resistance and stronger structure, leading to approximately 5% lower premiums than classification one buildings.
  • Classification 3: Noncombustible – Buildings in this classification feature outer walls made of noncombustible materials. Pre-engineered low-rise steel buildings will often fall into this classification. Insurance discounts can be up to 30% lower than those in classification two. Adding fire safety measures like sprinklers and alarms can help to reduce insurance rates further.
  • Classification 4: Masonry Noncombustible – This classification contains buildings where the outer wall is made of concrete or brick. Large commercial and industrial buildings often featuring multiple levels are in this classification. Insurance costs can be lower than buildings in classification three, but there is also a higher initial construction cost.
  • Classification 5: Modified Fire-Resistive – These are multi-floored structures that often are used by many people, such as office buildings, high rise buildings and shopping centers. The building’s construction adds additional fireproofing materials and methods and can have lower insurance rates than those in classifications 1-4.
  • Classification 6: Fire-Resistive – Similar to classification five, but with more fire-prevention material and building methods. They often cost the most to build and have insurance rates slightly higher than those in classification five.

Why Metal Building Insurance Is Lower

An insurance premium is primarily based on the cost of needing to replace a structure in addition to other factors. If your structure is more resistant to damage, the risk for the insurance company is less, lowering your rates. If your building is also economical to build, it has a lower cost to replace, further reducing your premiums.

A steel building is structurally stable, fire-resistant and resistant to mold and pests. This helps to lower the premiums. Additionally, because a steel structure often costs less to build than one made from traditional materials, the cost to replace it is less, helping to reduce insurance rates even further.

Contact Us to Learn About the Additional Benefits of Steel Buildings

Building with steel is a smart choice regardless of the type of structure you’re looking to create. It is durable, eco-friendly, economical, long-lasting and versatile, allowing you to construct anything you need. In addition, every steel building sold by Toro comes with a 40-year rust-free warranty. For more information, please contact us at 1-877-870-8676 or submit an online request for a free quote.

WSI Comandix

QUESTIONS?

OUR BUILDING EXPERTS ARE HERE TO HELP

1-877-870-8676
FREE QUOTE
SHOP NOW

Categories

  • Agriculture
  • Blog
  • Container Cover
  • Garage Kits
  • Guide
  • Insulation
  • Metal Buildings
  • News
  • Quonset
  • Steel Buildings
  • Storage Buildings
  • Straight Wall
  • Warehouses
  • Workshop Buildings

Recent Posts

  • Building a Sports Facility Using a Commercial Metal Building
  • How to Build a Metal Storage Shed
  • How to Enhance the Look of Your Garage Shop
  • The Ultimate Guide to Building a Steel Shop
  • How to Save Money on Your Steel Workshop Building

Archives

Tags

Agricultural Building, Agricultural Steel Buildings, Aircraft Hangars, Clearance Buildings, commercial building, Commercial Buildings, Commercial Steel Buildings, commercial structure, Farm Buildings, garage, garage kit, metal building, metal buildings, Metal Garage, metal garage kits, Metal Garages, metal storage building, Metal Storage Sheds, Metal Workshop, Metal Workshop Building, Pre-Engineered Steel Buildings, Prefab Buildings, prefab garage kits, prefab metal building, Prefab metal buildings, prefabricated steel building, Prefabricated Steel Kit, Prefab Steel Buildings, Steel Agricultural Storage, Steel Building, Steel Building Insulation, steel building kit, Steel Building Kits, Steel Buildings, steel buildings for sale, Steel Farm Buildings, steel garage, steel garage building, Steel Garage Kits, steel garages, Steel Siding, steel storage buildings, storage building, storage buildings, storage sheds

QUESTIONS?

OUR BUILDING EXPERTS ARE HERE TO HELP

1-877-870-8676
FREE QUOTE
Questions?
Call Us Toll Free

1-877-870-8676

GET A QUOTE

Follow Us

  • facebook
  • linkedin
  • instagram
  • youtube
  • EN
  • FR

Building Types

  • Garages
  • Workshops
  • Storage
  • Roofing Systems
  • Container Covers
  • Carports
  • Commercial
  • Agricultural
  • Aviation
  • Recreational Buildings
  • Marijuana
  • Package Savings

Legal

  • Privacy Policy
  • Warranty
  • Sitemap

Contact

  • Get a Quote
  • Clearance Buildings
  • Contact Us

Company

  • About Toro
  • Our Advantage
  • Testimonials
  • Go Green
  • True Pricing

Resources

  • Read Our Blog
  • Brochures
  • FAQ
  • Manuals

Arch Style

  • Insulation
  • Man Doors
  • Sliding Doors
  • Overhead Doors
  • Foundation
  • Turbine Vents
  • Skylights

Straight Wall

  • Insulation
  • Wall Accessories
  • Roof Accessories
  • Trims & Flashings
  • Color My Building

Copyright © 2023 - TORO Steel Buildings

Website by WSI Comandix

×
×

logo

If you would prefer to speak to a French Building Specialist, please click through to our French language site.

Si vous préféré de communique en Français, SVP Cliquez ici a notre site Français.

Go to French site Aller au site français

loading

Please wait while you are redirected to the right page...

Please share your location to continue.

Check our help guide for more info.

share your location