Builder’s risk and commercial property insurers recognize concrete buildings are less vulnerable to risk than wood-frame buildings, new survey data from National Ready Mixed Concrete Association (NRMCA) shows.
Researchers from Boston College found that quotes for commercial property coverage on concrete buildings were 14-65 percent less than quotes for wooden frame structures, and risk insurance quotes were 22-72 percent less, per Insurance Business.
“Concrete buildings cost less to insure because they’re not going to combust, and they’re less prone to degradation over the lifespan of the structure,” Kevin Lawlor, a spokesperson for the NRMCA-led Build with Strength coalition added. “It’s only logical insurance rates would reflect that durability.”