Not necessarily. The exterior of a home is an important factor when calculating a home’s replacement cost – what it would cost to rebuild the home of the same quality, using similar materials, in the event it were destroyed. Replacement cost, in turn, plays a large role in determining your premium.
But there are other important elements affecting the cost of your home insurance – for example, the size of your house and its contents. The bigger your house and the more you have in it, the more it will cost to replace everything.
For more details on what factors affect your home insurance premium, please refer to IBC’s All about Home Insurance brochure on the Resources page.
To find out more about what insurance companies look for when insuring your home, please refer to IBC’s Home Insurance page.