Home Insurance in Lowell, MA
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Purchase Home Insurance in Lowell, MA, To Protect Your Property
Positioned at the junction of the Concord and Merrimack rivers in Middlesex County and roughly 30 miles from Boston, Lowell, Massachusetts, is a historic city with diverse cultures and innovative creativity. The city boasts a healthy population of 114,804 residents. with the median age standing at 34.4 years.
With a relatively young population, the median income stands at $64,489 ” a 3.69% growth year over year. The median property value is $312,600, 1.28% higher than the national average. Property values increased by 9.61% year over year between 2020 and 2021.
The homeownership rate is healthy in Lowell, standing at 43.2%, just slightly lower than the national average. Considering the higher-than-average house cost, it makes sense for homeowners to invest in home insurance in Lowell, MA.
Purchasing home insurance is a likely requirement of most mortgage lenders, but it is also advisable for people who own their houses outright. VIU by HUB can help you assess several insurance providers simultaneously to narrow down your choices and find the best choice in your budget.
Secure Your Home Against Known Risks in Lowell, MA
Several factors contribute to the need for home insurance, but the most critical are climate and crime. Lowell, MA, has a humid continental climate, meaning it has four distinct seasons. Its winters are cold and long, and its summers are hot.
The city is also at extreme risk of flooding over the next 30 years. About 20% of all properties in Lowell, roughly 2,850 properties, face a 26% chance of severe flooding in the next three decades. Wind is also a significant risk to the city. The average maximum wind speeds currently facing the city are higher now than 30 years ago.
Beyond climate and weather-related threats, Lowell properties face threats from humans. The crime rate in Lowell is significantly higher than the national average, but at only 17 crimes per 1,000 residents. it is not among the most dangerous communities.
Still, the chances of becoming a victim of a violent or property crime are one in 59. In fact, the crime rate in Lowell is higher than 92% of the cities in Massachusetts. While the number is jarring, when you compare Lowell against similar-sized cities, its crime rate is lower than average.
That said, the chances of being a victim of a property crime in the city, including theft and vandalism, are one in 74, which is above average. The property crime rate is 14 per 1,000 residents.
Home insurance is necessary to protect your home and finances based on climate and crime risks alone. VIU by HUB has a tool that allows you to compare multiple insurance companies to find the best value and coverage.
Budget for Necessary Home Insurance in Lowell, MA
The average cost of home insurance in Lowell, MA, is $1,160 annually, or $97 monthly. The cost is significantly lower than the state and national averages. It is important to note that no homeowner should count on these rates. They are only average estimates.
The actual cost of home insurance depends on the history and credit of the individual and the property's value, location, and risks. Also, insurance premiums depend on the level of protection of coverage you want for your home. Most standard policies will cover typical perils like wind damage and personal property. However, homeowners may want to look into additional flood coverage with the climate risks facing the city.
Are you ready to find affordable home insurance in Lowell, MA? Check out VIU by HUB to compare policies.
This information is intended for general informational purposes only and is not intended to constitute legal advice.