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What type of insurance do you need?
On average, homeowners in America pay $1,211 a year for their home insurance coverage. However, in Maine, the average annual premium is significantly lower at just $843 a year.
Homeowners insurance coverage is vitally important because your house is an investment, and hazards like severe weather, accidental fires, and property crimes in this state can cause expensive losses to homeowners who are not insured.
Your home insurance gives you peace of mind knowing that your finances are protected if a disaster strikes in your neighborhood.
Whether you are dealing with losses due to an accidental fire, a severe weather event, or a rash of burglaries, you can be sure that you are covered when you have a suitable Maine homeowners insurance policy backing you up.
We can’t be 100% certain, but last year, insurance companies paid out more than $131 million in home insurance claims in Maine alone. That's a lot of unfortunate events happening to homeowners in the Badger State!
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.
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.
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.
Comparing homeowners insurance rates from a few different insurance companies helps you be certain you are getting your coverage at the most competitive price.
There is no such thing as an insurance company the can be considered “best” for everyone. While one homeowner may get the best coverage and price from one company, their neighbor may find that a competing provider offers the best value.
That is why independent agents compare policies and rates from multiple top-rated insurance companies as they search for the policy that is most suitable to meet your coverage and budgetary needs.
Yes! There are currently 165 independent insurance agencies in Maine who are ready to help.
Contact an insurance agent near you to discover the many benefits of working with one of these experienced insurance professionals.
National average burglary rate 4.69 per 1,000 homes
National average home value $188,900
National average home insurance cost $1,173 year
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