Owning a home in Maine means that you can expect to pay around $572 a year for home insurance. That figure includes the basic sections of your policy, dwelling, other structures, your belongings and the chance that you may not have use of some or all of the home if a named peril strikes. It is important you understand what these sections are and how they are affected by the perils that are common to homes in Maine.
The main structure on the property is usually the dwelling. It is the “home” portion of a home insurance policy. Any additional structures that are built so that they are irremovable from the dwelling, they are included in the dwelling coverage. This could be a garage that is built into the home, a glassed-in sunroom, or even an extra bedroom that was added after the main home was built.
Unless it is permanently connected to the dwelling, it is an “other” structure as far as your insurance policy is concerned. Other structures do not have to be residential buildings, or even constructions designed for human entry. A dog house is an “other” structure, and so is a greenhouse built near the rear of the property.
Everything you own on the property is your personal property. The dishes in your kitchen and your stereo equipment both fall into this category, along with your lawn mower, mechanical tools, and the batting cage you installed for your kids. Personal property can easily exceed the default limits of your policy, but you have the option of increasing the limits or purchasing a separate personal property policy to compensate for your policy’s shortcomings.
Loss of Use
If you cannot sleep in your bed because a storm caused a tree limb to break the window, staying in a hotel room can be reimbursed through the loss of use section of your home insurance policy. The same would be true if a broken pipe turned your all-electric kitchen into a shock hazard, or an electrical fire made it unsafe to use the home at all. Always save your receipts for things you have to buy or pay for due to being unable use some or all of the home, those receipts are important for proving to the insurance company that you are claiming expenses that are related to the damage, and to verify the amounts you had to spend.
Average Maine Homeowner Insurance Rates vs. US
Cheaper Maine Home Insurance
Since 5.54 out of every 1000 houses are robbed each year, taking steps to make your more secure can earn you discounts on your home insurance. You can also get cheaper insurance by performing regular maintenance, fencing in your pool and improving your personal credit score. All of these things, added together, can amount to a sizable discount on your house insurance, and your insurance company can suggest ways to make those premiums even lower.
The three best ways to make your home more secure and get insurance discounts are to install deadbolt locks on your entry doors, put up a fence around the property and have a professional alarm system installed. Insurance companies appreciate it when a customer takes steps to make the home safer and pass on the savings they get from such devices to their customers.
Reduce Insurance Risks
If you have a pool, you can get a discount on your home insurance by putting a fence around the pool area. Make sure to put a lockable gate in the fence, and let your insurance company know you have put the fence up. In some locations, insurance companies will not even consider writing a policy for a home with a pool that is not fenced in.
Credit Score and Insurance Risk
You don’t have to have the state average credit score of 702, but the higher your credit score is, the less you will have to pay in insurance premiums. Keep an eye on your credit score to make sure that you do not fall victim to identity theft, and contact the reporting credit agency right away if a problem is discovered.
Home Characteristics Affecting Maine Insurance Rates
The age, condition and value of the home are three important factors that insurance consider when writing a policy for homeowners insurance. In Maine the average age of home is 38 years, which indicates that maintenance should be performed regularly to prevent decay and disrepair. Your home may cost more or less than the state average home price of $177,500, and your premiums will be based in part of what your home value turns out to be.
Local Natural Disasters Maine Homeowners Should Consider Protecting Against
The natural perils that occur in Maine are also determining factors in what your insurance will cost. In some cases, you may need to buy coverage that is not part of a standard policy, or increase the limits on coverage that is. In other situations you may even be able to reduce the coverages you have to prevent overlaps in coverage.
Ranked at 20 out of 51, Maine could experience an earthquake, but they are extremely rare. You probably do not need to purchase special earthquake coverage because most of the damage from earthquakes falls into categories that are already covered, such as fires.
Maine residents filed 100 claims in 2009, a number that may appear small, but does not take into consideration the people who did have flood insurance to file a claim against. Because flood insurance is not included in a standard homeowner’s policy, many people mistakenly believe that they are exempt from flooding, only to discover that they need to buy the coverage after a disaster strikes.
Hail damage is a possibility in every state in the country, including Maine. Most homeowners, though, are already covered because hail is considered “wind damage” by most insurance companies. Before you breathe a sigh of relief, though, rad your policy carefully to make sure that hail has not been specifically excluded.
hurricanes can reach as far north as Maine, but only do so on very rare occasions. As the homeowner, though, you have to be just as concerned about the possibility of a rare occurrence as you are for common ones. After all, even a million to one odds ratio eventually comes up a direct hit.
Maine has a very low annual tornado claims filing record, with 6 tornadoes expected in an average year. Maine is near the bottom of the list of tornado-affected states, but it is not immune. As said earlier, even a long shot peril is one that a home owner needs to be concerned about because you are only insuring against a single hit, no matter how many strike the state where you live.
Around 74,749 wildfires spring up around the country each year, and some of them happen in Maine. In most cases, though, you are already protected under the fire protection of your home insurance package. To be sure, read through your policy or contact your insurance agent to make sure that wildfires have not been excluded from coverage.
Maine Homeowners Insurance Optional Coverages
Optional coverages might include increasing the limit on your personal property insurance. Since this portion of the policy only provides coverage for a few thousand dollars, most people discover the hard way that they needed to increase their limits before a major disaster strikes.
Important Contact Information
Maine Department of Insurance
#34 State House Station
Augusta, ME 04333-0034
Phone: (800) 300-5000
Home Insurance Guides for Nearby States
Maine Insurance Agents
Portland Home Insurance | Lewiston Home Insurance | Bangor Home Insurance | South Portland Home Insurance | Auburn Home Insurance | Biddeford Home Insurance | Falmouth Home Insurance | Topsham Home Insurance | Windham Home Insurance