Insurance companies calculate home insurance costs based not just on the value of your property, but also on the chances that something bad will happen to it. The more likely it is that a disaster or other damaging event can impact your house and property, the more expensive your home insurance policy will be.
We call these potential disasters "risks” or “exposures.” Let’s take a look at how risky Maine is compared to the rest of the country.
The burglary rate in Maine is lower than the national average. Of course some areas are safer than others, but the risk exists everywhere.
You will want to be sure to protect your property by keeping doors and windows securely locked, keeping all entryways unobstructed and well-lit, and putting lights on timers when you are out of town.
- Average number of burglaries per 1,000 homes in Maine: 3.01
- Average number of burglaries per 1,000 homes in the U.S.: 3.76
Installing a burglar alarm or other security device in your home can sometimes earn you discounts on your home insurance costs. Talk to a local independent agent to learn more about this and other ways you might be able to save money.
Severe weather events, including storms, blizzards, and hurricanes, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Number of federally declared disasters in Maine since 1953: 62
- Most common cause of disasters in the state: Severe storms, floods, and heavy snows
- Average number of tornados per year in ME: 2.0
- Amount paid in home insurance claims in ME in 2019: $131,123,000
It is important to be aware that although floods pose a real risk in Maine, flood damage is not covered by homeowners insurance.
Fortunately, a local independent agent can help you supplement your home coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP). Flood insurance takes 30 days to go into effect, so do not wait until heavy rains are imminent to purchase your policy.
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Maine, the average home value is a bit higher than the national average.
- Average home value in Maine: $191,200
- Average home value in the US: $188,900
Comparing homeowners insurance rates from a few different insurance companies helps you be certain you are getting your coverage at the most competitive price.