I will have a 4 Story Building, and there was a lot invested into this building. The building would be completely gutted, and renovated with new everything. This will be my only home, and if there were to be a fire, it could cripple me if I should need to gut and renovate again. With that said, home insurance will be essential for my needs. With home insurance, if the worst should happen, I will receive the money needed to renovate minus my deductible.
I will expect the insurance to be low. My building will have several safety and security measures that would lower the cost of insurance. For example, I might get a deduction for having a snow melt system on my sidewalk. No one is going to slip and fall since no ice will form on the sidewalk. This will be a significant safety feature. There is no gas line which will also go a long way in reducing insurance premiums. Keep in mind that there will be other features – all intended to lower the insurance premiums.