From coastal vistas, small-town living and dense forests, living in Maine is a great way to stay in touch with the land. Living in rugged terrain can pose challenges – areas closer to the ocean are susceptible to flooding and severe weather patterns. It may be more expensive for you to purchase insurance in some parts of the state because of this risk. However, even houses neighboring each other can vary greatly in insurance policy cost, regardless of risk or age. You should look at the state as a whole and try to find the best balance between what you want and what you need.
Comparing Maine Home Insurance Rates
The amount that you pay is up to you when buying home insurance in Maine since you determine how much your home is insured for. Once you set a coverage limit for your home, other aspects of your coverage are locked in place based on a certain percentage. The actuary bases the percentage entirely on the limit that you choose. It's not as confusing as one may think, but it's still good to get a second opinion.
Also, keep in mind that you might pay more for the exact same coverage depending on the insurance company you decide to go through. This is why all homeowners should shop around for coverage.
It's crucial to take the advice of an independent agent who also provides a close home-replacement estimate. It's easy to wind up paying far too much for home insurance, especially if you assume that your home is about to fall apart, or that there are a number of natural disasters that could take place in a relatively safe area. As with any big-ticket item, never rush the process.
What Your Maine Home Insurance Will Cover
As previously discussed, home insurance in Maine typically covers many incidents.
The following aspects of coverage typically come standard in this state:
- Other structures (garage, shack, etc.)
- Coverage for other living arrangements during repair to your home
- Personal property (clothing, electronics, and any other possessions)
- Medical payments (as long as they're unrelated to a lawsuit)
Though some coastal cities have the potential to endure flooding, this is not covered by basic Maine home insurance. Though the threat of flooding is very minimal in most areas of the state, you should consider purchasing separate flood insurance through the National flood Insurance Program if you feel that a flood could damage your home.
Frequently Asked Questions About Maine Home Insurance
1. Are you covered in the event of theft, fire, or windstorm damage?
These incidents are considered "covered perils" and vary by policy. Discuss these types of scenarios with your insurance agent and ensure anything you need covered is in the contract before signing off on anything.
2. How much should you choose for the deductible?
This is always a tricky question, and there's no real right or wrong answer. Basically, if you're deductible is very high, it means that you'd be willing to pay for most damage you receive out of your pocket. A high deductible means that your premiums will be lower, so if you think it's unlikely that your home will suffer damage, then by all means choose a high deductible. Otherwise, it may be worth it to pay a higher premium and not be strapped for cash at a tragic time.
3. Can you make changes to a policy once it's in effect?
You have the option to add an "endorsement" to your coverage. An endorsement covers you for what your basic insurance lacks. It might be wise to add an endorsement if you're in an area that's likely to be flooded. Business owners and farmers can also benefit from adding certain options to their Maine coverage. For instance, if you run a business from your home, your computers may be covered. Endorsements also cover you if you run a daycare from your home and toys or essentials suffer damage.
4. Are you required to let the insurance company inspect your home?
The company insuring your home is entitled to become familiar with the house it is insuring. Your insurer may cancel your policy if you do not make suggested changes in its "loss control recommendations."
How to Get Great Rates on Maine Home Insurance
Has it been a while since you shopped for homeowner’s insurance? Is so, loyalty doesn’t always pay because prices vary from insurer to insurer. Another company may offer you a much better deal. Looking for home or renter’s insurance quotes? insuranceQuotes.com can help you find the best homeowner’s or renter’s insurance policy at the best price. Every year, we match 15 million consumers to the nation’s biggest home insurance companies, including Allstate, State Farm and Farmers.
Maine Home Insurance Resources
Maine Bureau of Insurance
Licensing and coverage requirements for residents of Maine