Malden Homeowners Insurance

Your Complete Guide to Malden, MA Homeowners Insurance

(Let an independent insurance agent help you find the best policy.)

The Boston suburb of Malden, MA is home to about 60,000 people. Many are attracted to this small city because of its low crime rate, great schools, and ethnic diversity. If you have purchased a house in Malden, a suitable homeowners insurance policy can protect your investment.

When you are shopping for the best coverage for your Malden home, an independent insurance agent can help. Find an insurance agent with an office near you to learn more and to start comparing a selection of customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost is Malden, MA?

On average, homeowners in Massachusetts pay more for home insurance than property owners throughout much of the county. And in Malden, rates tend to be even higher. Comparison shopping can potentially save you hundreds of dollars a year.

Let’s look at a rate comparison:

  • National average yearly premium: $1,173
  • Massachusetts average yearly premium: $1,379
  • Malden, MA yearly premium average: $1,426

Of course, because home insurance rates are calculated on a case-by-case basis , your actual cost may be higher or lower than these average rates. Insurance companies base their prices on a number of factors such as:

  • The age, size, and value of your home
  • The number of stories your house has and whether it includes a basement
  • The type of house you are insuring (e.g., single-family detached home, condo, manufactured home, etc.)
  • The crime rate and weather risks in your ZIP code
  • Your claims history and credit score
  • Whether you are bundling your coverage with other policies like car insurance or life insurance

Each insurance company has its own way of calculating rates, so it's a good idea to request quotes from a few different providers before making a selection. That way, you can be sure that you're not paying too much for your coverage. Independent agents make comparison shopping easy.

What Kinds of Damage Does Malden Homeowners Insurance Cover?

There are a number of ways that your Malden home may sustain damage. Hazards such as residential fires, hurricanes, severe storms, strong winds, freezing temperatures, and heavy snows can all have an impact on homes in this area.  

Catastrophic Events in Massachusetts

  • Number of federally declared disasters in Massachusetts: 54
  • Most common reasons for disasters in MA: severe storms and hurricanes
  • Average number of tornadoes per year in Massachusetts: 1.4
  • Average amount of property damage per year in MA: $808 million
  • 1 in 15 insured homes has a claim each year.

Your homeowners insurance policy is designed to provide coverage against most of the hazards you are likely to face as a property owner in in this city.

A local insurance agent can help you review your dwelling and contents coverage limits so you can be sure that they are high enough to enable you to fully rebuild or replace damaged property following a catastrophic event.

A Word about Flood Damage in Malden, MA

When hurricanes and major storms bring heavy rains to the area, the ground can become saturated and drainage systems can be overwhelmed. When this happens, flash flooding may occur. According to FEMA, as little as one inch of water in your home can cause up to $25,000 in damage.

Unfortunately, flood damage is not covered by homeowners insurance, even if it is the direct result of a covered hurricane. For this, you will need a separate flood insurance policy.

Flood insurance takes 30 days to go into effect, so don't wait until heavy rains are imminent. Talk to your local insurance agent to learn how flood insurance can provide you with the full protection you need for your Malden home.

Why Do Malden Homeowners Need Liability Protection?

People make mistakes and accidents happen. Sometimes, these accidents or errors in judgement lead to third-party injuries or damage. If you are to blame, you'll be expected to pay for the resultant costs.

Depending on the severity of the damage, this can get very expensive. That's why homeowners insurance also provides you with liability coverage. This homeowners liability insurance is designed to cover court costs, legal defense fees, and financial damages if you are held liable for a covered event.

Examples of times that this insurance can provide coverage include:

  • If someone is seriously injured while on your property and it can be blamed on negligence of upkeep or is otherwise deemed your fault
  • If you accidentally injure someone while you are away from home, such as while playing softball with friends at Pine Banks Park
  • If your pets or children cause injuries or property damage to others
  • If you are accused of libel or slander, a risk that has grown in the age of social media

Talk to a local independent insurance agent to learn more about the many ways that the liability coverage included in your Malden home insurance policy can protect you.

What Is the Burglary Rate in Malden?

The burglary rate in Massachusetts is lower than the national average, and in Malden, the risk is even lower. That's not to say that the risk doesn't exist in Malden. Residents of this city report around 100 burglaries a year.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Massachusetts: 2.82
  • Number of burglaries per 1,000 homes in Malden: 1.57

While the risk of a burglary in this city is relatively low, you may gain some peace of mind by knowing that if your house is broken into, your homeowners insurance can reimburse you for your losses as well as for any damage the burglar may have caused.

If you own any particularly valuable possessions, you may need to add special endorsements or riders to your homeowners insurance policy in order for them to be fully covered. A local independent insurance agent can help you be sure that all of your most precious property is properly insured.

What about Insurance for Second Homes and Vacation Homes?

Maybe you own a weekend cabin that you visit when you want to get away from it all. Or perhaps you own a second home nearby that you rent out to young families. 

Whatever your reasons, if you own more than one home, there are additional factors that insurance companies will consider when calculating quotes for coverage.

  • Vacation homes that are left unoccupied and unattended for long periods typically have a higher risk of sustaining property damage. These houses may therefore need to be covered by vacant home insurance when they are not being used.
  • Rental properties have higher property damage and liability risks than houses that are occupied by their owners. If you have tenant-occupied properties, these homes will need to be covered by landlord insurance.

An independent insurance agent can help you find the right coverage to make sure that your residential properties are sufficiently covered.

Why Work with an Independent Insurance Agent in Malden, MA?

Independent insurance agents live and work in your community so they understand the risks you face as a homeowner in Malden. These agents make it easy to find the best home coverage available because they contact insurance companies on your behalf and do the comparison shopping for you.

Find an insurance agent in or near Malden to schedule a one-on-one consultation and get more information.

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com
https://www.fema.gov/data-visualization-disaster-declarations-states-and-counties