Bangor Homeowners Insurance

Your Complete Guide to Bangor, ME, Homeowners Insurance

Local independent insurance agents can help you find the best and most affordable coverage.

Bangor Maine Homeowners Insurance

Your house in Bangor is one of the most expensive things you will buy in your lifetime. You will therefore want to be sure to protect this investment against hazards like fires, storms, and property crimes by purchasing a reliable and comprehensive homeowners insurance policy.

Local independent agents can help you find the best and most affordable coverage for your Bangor home. Contact an insurance agent near you to start comparing a selection of customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Bangor, ME?

The average cost of home insurance in Maine, and in Bangor specifically, is lower than the national average.

  • National average yearly premium: $1,211
  • Maine average yearly premium: $882
  • Bangor average yearly premium: $851

Of course, your actual homeowners insurance quotes are likely to be different from the average rates mentioned above. This is because costs are calculated on a case-by-case basis according to several different factors. These can include considerations like the following.

  • The age, size, and value of your home
  • The type of home you are insuring (e.g., single-family detached, townhouse, condo, manufactured home, vacation home, rental property, etc.)
  • The number of stories in your house and whether or not it has a basement
  • The materials used in the construction of your house and the age of your roof
  • The crime rate and weather risks in your ZIP code
  • Your claims history and credit score

Every insurance company has its own way of assessing risk and computing rates, so comparing a variety of quotes lets you to choose the policy that offers the coverage you need at the best price.

Independent insurance agents in Bangor make comparison shopping easy.

What Damage Is Covered by Bangor Home Insurance?

Home insurance policies are designed to cover your property against most of the hazards you are likely to face as a property owner in Bangor, Maine.

You can expect your home insurance policy to cover against risks ranging from severe weather events to property crimes. Dwelling insurance covers the structure of your house while contents insurance covers the personal property you keep inside it.

Catastrophic events in Maine

  • Number of federally declared disasters in Maine: 62
  • Most common causes of disasters in the state:  Severe storms, floods, and heavy snows
  • Average number of tornadoes per year in Maine:  2
  • Average amount of property damage per year in ME:  $131 million
  • 1 in 15 insured homes has a claim each year

Your home insurance can cover against damage caused by hazards like fire, theft, and severe weather events like electrical storms, windstorms, hail, heavy snows, freezing temperatures, and ice accumulation.

In January of 1998, Bangor was hard hit by what is now known as the Ice Storm of ‘98. Ice accumulation throughout much of Maine led to widespread power outages. Unable to heat their homes, many residents experienced water damage caused by frozen pipes. Additionally, homes and properties were damaged when the weight of the ice caused trees and branches to fall.

Fortunately, all of the hazards mentioned above are covered by most home insurance policies. Flood damage, on the other hand, is not.

What about Coverage against Floods?

Flood damage is specifically excluded from homeowners insurance coverage. To be protected against this risk, you will need to purchase a supplementary flood insurance policy through the National Flood Insurance Program (NFIP).

The worst flood on record in Bangor’s history occurred on Groundhog Day in 1976. A high tide coupled with strong southerly winds resulted in a storm surge in Penobscot Bay. This caused water levels to rise dramatically in the Penobscot River and, because the ground was already saturated from heavy rains, Bangor experienced major flooding throughout the city.

While floods of that magnitude do not happen frequently, even minor flooding can be a problem for area homeowners. According to FEMA, as little as one inch of rainwater in your house can cause up to $25,000 in property damage. That is why flood insurance can prove to be an invaluable investment.

A local insurance agent can help you obtain an affordable flood insurance policy. These policies take 30 days to go into effect, so do not wait until heavy rains are imminent to purchase your coverage.

Why Is Liability Insurance Important for Bangor Homeowners?

Expensive liability lawsuits can be filed against anyone. That is why your homeowners insurance also provides you with personal liability insurance.

Most insurance companies offer between $100,000 and $300,000 in homeowners liability insurance coverage. This insurance is designed to protect you by covering court costs, legal fees, and financial damages if you or a member of your household is unintentionally responsible for causing injuries, property damage, or financial losses to others.

Some examples of times that your homeowners liability coverage may protect you include the following.

  • If a guest in your home is badly injured in an accident that can be attributed to the negligence of upkeep on your part, such as if you failed to shovel the front walkway and someone slipped on ice.
  • If you accidentally cause serious injuries to someone while you are away from your home, such as while hitting the links at the Bangor Municipal Golf Course.
  • If your child leaves the gate open, and your dog gets loose and bites a neighbor. (Dog bites are the most common reason for homeowners liability claims.)
  • If you find yourself accused of libel or slander.

If you wish to have more liability insurance than your home policy can provide, an independent agent can also help you purchase umbrella insurance. This is an affordable way to significantly boost all of your liability coverage.

Does Bangor Homeowners Insurance Cover against Burglaries?

The burglary rate in Maine, and in Bangor specifically, is lower than the national rate. It was not always so. The burglary rate in this city has been steadily declining over the last ten years. Currently, residents of Bangor report about 100 burglaries a year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Maine: 2.03
  • Number of burglaries per 1,000 homes in Bangor: 2.80

You can reduce your risk of being targeted by burglars by taking precautions like keeping all of your home’s entryways securely locked, putting lights on timers when you are away, and using a home security system. Many insurance companies offer discounts to policyholders who have security cameras and alarm systems installed in their homes.

Unfortunately, nothing is foolproof against a determined burglar. It may therefore give you peace of mind to know that if your house is broken into, your homeowners insurance can reimburse you for your losses as well as for any damage the burglar may have caused.

If you own any particularly expensive items, like fine art or valuable collections, you may need to purchase special endorsements for this property to be fully covered. A local independent insurance agent can help you be sure that all of your personal belongings are properly insured.

Why Work with an Independent Insurance Agent in Bangor, ME?

The easiest way to find the best insurance for your Bangor home is by working with a local independent agent. These agents work for you, not for a particular insurance company. This means they are free to shop around in order to find you reliable coverage at the most competitive rate.

Find an independent insurance agent with an office in Bangor to get answers to all of your insurance-related questions. You will be able to start comparing customized homeowners insurance quotes in no time.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.city-data.com/city/Bangor-Maine.html
https://www.fema.gov/flood-insurance
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance