Reducing Insurance Costs with 3D Concrete Printing
Insurance premiums are increasing worldwide. This surge can be attributed to the rising risk and impact of natural disasters, as well as higher construction costs. Fortunately, smart construction solutions offer a remedy. You can reduce insurance costs with 3D printing through more affordable construction and disaster-resistant homes. Find out how to reduce your home insurance costs with 3D printing here!
How Rising Insurance Costs Impact Homeowners
In recent years, homeowners around the world have been facing rising insurance costs. In 2024, home insurance rates are also increasing internationally. But why are home insurance premiums going up? Two main factors have been identified by CoreLogic, a leading provider of property insights through innovative tools to evaluate increasing risks and home insurance. Natural disasters and construction costs are the first and third most pertinent factors affecting home insurance, with related costs increasing by 53% compared to the last decade and 44% since the pandemic, respectively. These, among other catalysts, have led to a surge in insurance rates worldwide. Taking the U.S. as an example, the median annual home insurance premium increased by 33% between 2020 and 2023. This spike is felt by homeowners. Increasing insurance costs directly impact the ability of future homeowners to fulfill their dream of owning a home. But how can we reduce these increasing home insurance rates? To answer this question, we must first look at the cause.
The Role of Natural Disasters in Increasing Insurance Premiums
Your home is insured against risks from natural disasters, like hurricanes, floods, and earthquakes. However, with a changing climate comes an increased risk of extreme weather events – both higher frequencies and more intense impacts. And with this increasing risk, your insurance coverage will rise as well. This decade, losses due to natural disasters have increased by 53% compared to the last ten years. Particularly in high-risk areas, this disaster severity is expected to rise even more. While rising home insurance premiums in disaster-prone areas are inevitable, it is possible to mitigate the increase to a degree. Disaster-proof, resilient construction methods can protect your home against severe weather events, thus reducing the insurance rate. This way, home insurance premiums for disaster-resistant homes are significantly lower than for those built with traditional methods.
Effect of Rising Construction Costs on Home Insurance
The third factor affecting home insurance costs is construction costs. The higher the construction costs to replace parts of your home, the higher the premium you will pay for insurance. In just a few years, since the pandemic, related construction costs have increased by as much as 44%. This effect explains a considerable portion of the rise in home insurance costs. As with premiums related to natural disasters, more resilient building techniques can lower your chances of needing to replace or rebuild elements of your home. But in this regard, affordable construction solutions can also play a key role. If the expected construction costs in the event of activated coverage are lower, your premium will also be lower. Therefore, the use of affordable construction methods can help in reducing the ever-increasing insurance costs.
How 3D Concrete Printing Lowers Insurance Costs: Reducing Disaster Risks and Construction Costs
As mentioned earlier, smart construction solutions can play a role in insurance premiums. One such method for reducing home insurance costs is 3D concrete printing. The technology can deliver both hurricane-resistant homes and affordable construction. By building homes more affordably and resiliently, your 3D concrete printed home insurance costs can be significantly lower than those for traditionally built homes. With disaster-proof construction, 3D concrete printing allows for insurance savings on premiums paid for natural disasters. The affordable construction method also decreases your construction costs in the event of coverage activation, bringing down your insurance costs once again. Disaster-proof, affordable construction allows you to reduce home insurance with 3D printing. Both through extreme weather protection and lower construction costs, 3D printing can mitigate rising insurance costs. Not only does the technology make your home safer, but it also lets you enjoy lower insurance costs!
3D Printed Homes and Insurance Benefits for Florida Homeowners
According to the National Bureau of Economic Research (NBER), Florida, in particular, is experiencing among the largest surges in home insurance premiums. This is partly due to the intense housing boom originating from the pandemic. At the same time, however, 3D printed homes in Florida are becoming more prevalent. Therefore, insurance savings through 3D printed houses in Florida are increasingly achievable. As with other parts of the world, Florida’s 3D printed homes typically have lower insurance premiums compared to traditionally built homes, allowing you to reduce your Florida home insurance with 3D printing. While the technology can be applied virtually anywhere, and 3D printing reduces insurance costs globally, the steep rise in premiums and the accessibility of the technique make 3D printing especially attractive for future Florida homeowners. Reach out to us today and learn how you can reduce your insurance costs with 3D printing!
FAQs
- Are 3D printed houses safe?Yes, 3D printed houses are safe. Generally, they are safer than traditionally constructed homes. 3D printed houses meet and exceed virtually all building codes, and offer protection against natural disasters like hurricanes and earthquakes. They also offer improved fire-resistance. 3D printed houses offer the safety you and your family deserve.
- How strong are 3D printed houses?3D printed houses are exceptionally strong. Our 3D printed homes use our single-purpose CyBe Mortar, which is specifically developed for 3D concrete printing. This material is durable and offers outstanding structural strength. 3D printed houses printed with CyBe Mortar can even withstand earthquakes and hurricanes.