Maine Condo Insurance

How to Find the Best Condo Insurance in Maine

Experts break down Maine condominium insurance costs, coverages, companies, and more.

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Whether you are an executive living in a condo near your work or a retiree enjoying views of Casco Bay from the balcony of your luxury condominium, if you own a condo in the Pine Tree State, you can benefit from the protections of a good condo insurance policy.

Independent agents in Maine are available to help you find the best coverage for your condominium. These agents are free to work with multiple condo insurance companies so they can shop around to find the coverage you want at a great price. Talk to an independent insurance agent near you to learn more.

Is Condo Insurance Required in Maine?

Condominium owners are not required by law to carry condo insurance. However, if you are still paying on a mortgage or a home equity loan, your lender will require you to have this coverage until your loan is paid in full.

As a condominium owner, you will also be required to pay monthly HOA fees to your homeowners association (HOA). A portion of these fees goes toward the purchase of a master insurance policy, which also provides coverage.

What Is the Difference between Condo Insurance and an HOA Master Insurance Policy?

As a condominium owner, your home is protected by two different policies: your condo insurance and your HOA master policy. These policies each work in different ways.

  • Condo insurance: This is something you need to purchase yourself. It is optional once you own your condo in full. This specialized homeowners insurance provides walls-in coverage for your condo, as well as personal liability coverage and displacement coverage.
  • HOA master policy: This is something that is purchased by your homeowners association. You are required to contribute toward its costs through your HOA fees. This insurance provides coverage for the structure of your condo’s building as well as property and liability coverage for common areas like lobbies, clubhouses, fitness centers, and other amenities.

Your ideal condo insurance policy will perfectly complement your HOA master policy so that you have all the coverage you need.

How Much Does Condo Insurance Cost in Maine?

Condo insurance is far more affordable than homeowners insurance. This is because it does not need to include coverage for the structure of your building or its common areas.

Let’s compare the average cost of homeowners insurance with the average cost of condo insurance in Maine:

  • Maine average homeowners insurance cost: $882 a year
  • Maine average condo insurance cost: $330 a year

As you can see, the average cost of condo insurance in this state is less than half the average cost of home insurance. Your actual price for coverage will be based on factors like:

  • The size of your condo
  • The crime rate and common weather hazards where your condo is located
  • The security offered by your condo community
  • The estimated value of your personal property
  • The amount of personal liability coverage you are purchasing
  • Your claims history and credit score

If you bundle your condo insurance with another policy like car insurance or boat insurance, you can frequently earn valuable discounts on all of your bundled policies.

Why Compare Customized Condo Insurance Quotes in Maine?

The method used to compute condo insurance rates is different for every insurance company. That is why if you contact a few competing insurers to get a quote, it is likely that each will come back with a different price. Sometimes, these differences can be significant.

When you take the time to compare a few customized quotes before choosing a policy, you can be certain that you are getting your coverage at a competitive price. Independent insurance agents in Maine make comparison shopping easy.

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What Does Condo Insurance Cover in Maine?

Condo insurance can cover your personal property and protect your finances with three different types of coverage.

  • Contents insurance: This covers your personal belongings if they are lost or damaged by a covered event like:
    • Burglary or vandalism
    • Fires
    • Severe weather including storms, tornadoes, hurricanes, high winds, heavy snow, ice accumulation, freezing temperatures, and hail.
  • Loss of use insurance: This covers your additional living expenses if damage caused by a covered event leaves your condo uninhabitable. Until it is safe to return home, this insurance can cover:
    • The cost of staying in a hotel or rental home
    • Moving and storage costs
    • Pet boarding fees
    • Additional mileage if you must travel further to get to work
    • Other related expenses
  • Condo liability insurance: This covers your liabilities if you or someone in your household unintentionally cause another person to suffer injuries, property damage, financial loss, or other harm. It can cover costs related to:
    • Legal counsel and defense
    • Court costs
    • Mediation costs
    • Settlements
    • Judgements

Be aware that condo insurance does not cover against flood damage. If your condo is on the ground level and you live in an area that is prone to flooding, you may want to consider supplementing your condo insurance with a flood insurance policy. Affordable contents-only coverage is available through the National Flood Insurance Program (NFIP).

Also, if you want to have even more liability coverage than your condo insurance can provide, you may want to purchase an umbrella insurance policy. This is an affordable way to boost all of your personal liability coverage.

Who Are the Best Condo Insurance Companies in Maine?

The best condo insurance companies in Maine are the ones that have a solid reputation for coverage, reliability, responsive customer service, and competitive rates.

Local independent agents have teamed up with area’s top condo insurance providers so you can be sure that any policies your agent recommends to you are offered by insurance providers you can count on.

How Can a Local Independent Agent Help Me Find the Best Condo Insurance Policy?

Because they live and work in your community, independent agents understand the hazards you face as a property owner in Maine. These agents can shop around to find a policy that includes all the coverage you need for your condo at a very competitive price.

Find an independent insurance agent near you and set up an obligation-free consultation. Your agent can answer your insurance-related questions and can provide you with a selection of customized condo insurance quotes that you can review and discuss together.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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