When you own a home in Malta, insuring it is the only way to protect your investment in the event that tragedy strikes. Home insurance is necessary to ensure the costs are fully covered in case of thefts, fires, floods, or other disasters — be it man-made or naturally occurring.
While you might have to pay a deductible, the insurance company will cover costs and restore your home to a functional and habitable state.
Home insurance in Malta can be complex. Many homeowners, especially expats and non-natives, may be unsure of where to look for home insurance or which companies offer the best policies.
If you want to pay fewer premiums while getting the most coverage, you’ll have to educate yourself about what to look for when it comes to insurance policies, and how to obtain a fair price.
Lucky for you, we’ve put together a guide that should cover everything you need to know about home insurance in Malta. Continue reading to learn about premium and basic coverage, what basic plans include, and the average insurance costs for different regions.
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The Average Costs for Basic and Premium Coverage
Fortunately, it’s easy to find home insurance policies in Malta that will protect your property and everything inside the building. Basic coverage can cost an average of 30 cents per day and is what many homeowners choose when their lender requires homeowners insurance.
Premium coverage is known to cost more and can be priced around 90 cents per day. Of course, the overall cost is dependent on the value and age of your home, and any other factors that will influence how much the insurance company will need to pay if damage occurs to your home.
The coverage that is included with your insurance policy also influences how much your premium will end up costing. Additional factors that influence the rate include:
- Where you live in Malta
- Your credit history
- Additional types of coverage
- The insurance provider you select
- Home security features
In most cases, you can have access to different types of discounts that are available with the policy that you select. Home insurance companies will give you a lower rate if you can take certain steps to improve the level of security on the property. This may include installing a security alarm system or adding surveillance cameras.
You can also obtain discounts if you hold another policy with the same insurance company and bundle them together. The deductible is another factor that significantly influences how much you’ll pay each year for home insurance.
It’s important to know that if you want to pay less for your deductible, you’ll spend more for your policy throughout the year. Similarly, a higher deductible can allow you to spend less on your policy.
What Does Home Insurance in Malta Cover?
In Malta, the average home insurance plan covers:
- Falling trees
- Impact caused by aircrafts, vehicles, or animals
- Smoke, fire, or explosions
- Water or oil leaks
- Theft or attempted theft
- Lightning, earthquakes, or thunderbolts
- Flooding or storm damage
- Civil commotion and malicious damage
- Damage to the collapse of television and radio aerials
You can have peace of mind knowing that almost all types of damage will be covered. Your policy will cover the costs to repair or replace fittings, fixtures, and your personal belongings.
Automatic extensions and optional covers are also available to ensure you can modify your home insurance coverage depending on your budget, the type of property you own, and where your home is located in Malta.
A wide level of protection is available to ensure both minor and extensive damage is covered when unforeseen events occur. Optional add-ons for your insurance policy that you can consider include:
- Legal expenses
- Fire extinguishing expenses
- Refrigerator/freezer contents
- Metered water and oil
- Fatal accidents
- Loss or damage to your keys and locks
- Trace and access
- Benefit for court attendance
- Prams and wheelchairs
- Damage to wedding or Christmas gifts
- Breakdowns of air-conditioning and energy saving equipment
Does Home Insurance Cover Injuries?
While the specifics of your policy will depend on your insurance provider, in general, home insurance does not cover the costs of any injuries that occur on your property when you have visitors or guests. In most cases, that falls under “Personal liability coverage.”
Personal liability insurance can cover medical bills if someone slips and falls, or if someone is working on your home and is involved in an accident.
Many homeowners choose to obtain this type of insurance to protect themselves if their property leads to an accident or fatality, which can cost thousands of dollars.
Is Insurance Mandatory?
If you buy a home in Malta, you won’t be legally required to insure it. However, most lenders require borrowers to obtain insurance policies for the property to prevent loss of value in case of accidental damage. Only those who own their property outright, and don’t have a home loan, can choose to forgo this expense.
Of course, not having home insurance can end up costing you far more in the long run. Keep in mind that if your home is uninsured, you’re on your own in case of an accident, fire, theft or any other serious damage.
It’s More Than Protection, It’s Peace of Mind
Obtaining home insurance doesn’t have to be a long, tedious and expensive process. Knowing how to navigate the industry will make it easier to know what type of policy to obtain, especially if it’s required by your lender.
You can have peace of mind knowing that you can continue to enjoy your home long-term and that any damage that occurs will be covered without paying for the costs out of pocket.
If you still have questions about ensuring your home, please don’t hesitate to contact me. I’ll be happy to help you through the process.
Additionally, if you’re in the market for other types of insurance, be sure to read our detailed guide to health insurance in Malta as well.