Homeowners Insurance in Biddeford, ME
Experts break down home insurance costs, coverages, companies, and more for property owners in Biddeford, Maine.
The historic city of Biddeford, Maine is home to more than 22,000 people. Whether you are a life-long resident or a newcomer to this coastal New England city, if you own your house, a good homeowners insurance policy can protect the investment you have made in it.
Local independent agents are available to help you find the best and most affordable coverage for your Biddeford home. When you are ready to start comparing a variety of customized homeowners insurance quotes, contact an independent insurance agent near you to get more information.
What Is Homeowners Insurance, and Is It Required in Biddeford, ME?
Homeowners insurance is a personal insurance policy designed to cover loss or damage to your house and property and shield you from financial losses related to liability lawsuits.
Although home insurance is not required by law, your lender will want you to carry it if you owe a balance on a mortgage or a home equity loan. Whether or not you are required to have it, homeowners insurance is beneficial, since it protects one of the most expensive assets you own.
How Much Does Homeowners Insurance Cost in Biddeford, ME?
Overall, homeowners insurance rates in Maine, and in Biddeford specifically, are significantly lower than the national average.
- National average yearly premium: $1,211
- Maine average yearly premium: $882
- Biddeford average yearly premium: $907
Of course, an average rate can only give you a general idea of how much a policy will cost you. Homeowners insurance companies base their premiums on factors like:
- The type of home you are insuring (e.g., single-family detached home, multi-family home, investment rental property, vacation house, etc.)
- Your home's age, rebuild value, and size in square feet
- The estimated value of your personal property
- Your insurance claims history and credit score
- Whether you are bundling your coverage with other policies like car insurance or boat insurance
You can expect that every insurance company you contact for quotes will offer you coverage at a different price. Comparing customized quotes from a few competing insurance providers lets you choose the policy that provides the coverage you want at the most competitive rate.
Independent insurance agents in Biddeford make comparison shopping easy by contacting reputable insurance companies on your behalf.
What Does Homeowners Insurance Cover in Biddeford, ME?
Homeowners insurance protects your property and finances in three ways:
- By covering your house and personal property
- By covering costs related to displacement
- By covering against personal liability lawsuits
Each of these main coverage types is explained in greater detail below.
How Does Homeowners Insurance Cover Your Biddeford Home and Personal Property?
Your homeowners insurance is designed to cover the cost of repairing, rebuilding, or replacing your house and property if they are lost or damaged by a covered event. Some of the covered risks that may affect property owners in Biddeford include:
- Fires: Your policy can protect against accidental fires as well as fires caused by outside forces like lightning strikes. It pays for damage to your house and property due to flames, smoke, and firefighting efforts.
- Property crimes: Your policy can cover the cost of repairing or replacing property that has been lost or damaged by burglars, vandals, and arsonists.
- Falling objects: Your policy can cover repair costs if your house or property is damaged by falling objects like hailstones and tree branches.
- Water damage: Your policy can cover water damage caused by burst or leaky pipes, damaged roofs or windows, and accidents in the home, such as if a fish tank falls to the floor. However, it will not cover water damage caused by floods.
- Severe weather events: Your policy can pay for damage caused by hazards like thunderstorms, windstorms, tropical storms, hurricanes, heavy snow, ice accumulation, and prolonged freezing temperatures.
You will want to be sure you have enough dwelling insurance to cover the cost of fully rebuilding your home and enough contents insurance to cover all of your personal property. That way, if a catastrophic event like a fire destroys your house, you will have the funds needed to pick up where you left off.
How Does Loss of Use Insurance Cover Homeowners in Biddeford, ME against Displacement?
Biddeford has a moderate risk for hurricane activity. This city has felt the effects of 22 hurricanes since 1930. Hurricanes and other severe storms can cause a lot of destruction, including downed power lines, uprooted trees, and damaged roofs.
If a disaster like a hurricane, windstorm, or structure fire severely damages your home and renders it unsafe for habitation, your homeowners insurance policy's loss of use coverage can come to the rescue.
Loss of use insurance is designed to cover your extra living expenses if you must obtain alternate accommodations because of damage caused by a covered event. While your house is being repaired, this coverage can pay for things like:
- A hotel, temporary rental unit, or other reasonable accommodations
- A meal allowance, if your accommodations do not include a kitchen
- Mileage reimbursement if you have to drive further to get to work
- Moving costs and storage fees
- Boarding fees for your pets
Loss of use insurance coverage can continue until it is safe to return to your primary residence or until you have built or purchased a new primary residence.
Why Do Homeowners in Biddeford, ME Need Personal Liability Coverage?
Everyone makes mistakes once in a while. Unfortunately, accidents, negligence, and errors in judgment sometimes cause other people to suffer financial losses, injuries, property damage, or other harm. This, in turn, can lead to expensive liability lawsuits.
Without coverage, liability lawsuits can grow very expensive and may lead to bankruptcy. That is why your homeowners insurance provides you with a significant amount of personal liability coverage as a standard part of its coverage.
Homeowners liability insurance covers expenses like legal defense fees, mediation costs, settlements, and judgments if you or someone in your household unintentionally cause another person to endure physical, emotional, or financial harm.
If you want to have even more liability coverage than your homeowners insurance can provide, you can also purchase an umbrella insurance policy. This secondary insurance offers an affordable way to significantly boost all of your personal liability coverage well beyond your primary policy's limits.
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What about Coverage against Flood Damage in Biddeford, ME?
According to FEMA, as little as one inch of rainwater in your home can cause as much as $25,000 in property damage. However, homeowners insurance does not cover water damage caused by floods.
Unfortunately, more than 1,000 homes in Biddeford have at least a 26% chance of sustaining significant flood damage over the next 30 years. This risk is of particular concern for homeowners who live along the coast.
You may therefore want to consider supplementing your home coverage with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), which FEMA administers.
At your request, a local independent agent can help you acquire coverage. Flood insurance takes 30 days to go into effect, so do not wait until severe storms and heavy rain are imminent to purchase a policy.
How High Is the Burglary Rate in Biddeford, ME?
The burglary rate in Maine is lower than the national rate. In Biddeford, the rate is higher than the state average but still lower than the national rate. Residents of the city report an average of around 85 burglaries a year.
- Number of burglaries per 1,000 people in the US: 3.76
- Number of burglaries per 1,000 people in Maine: 2.03
- Number of burglaries per 1,000 people in Biddeford: 2.46
It can be very stressful to be the victim of a property crime. However, it may give you some peace of mind to know that your homeowners insurance can compensate you for your losses. You will need a copy of a police report when you file your claim.
Burglar alarms can reduce your theft risk by making your home less attractive to burglars. In fact, many home insurance companies offer significant rate reductions to policyholders who have home security systems installed in their houses.
Learn more about this and other potential home insurance discounts by talking to a local independent agent.
Where Can I Find Cheap Homeowners Insurance Near Me?
When shopping rates on homeowners insurance, it is important to look at more than just the price. The cheapest policy is not always the best choice. Buying a cut-rate policy often requires you to make some sacrifices on quality.
- You are likely to be purchasing actual-value coverage for your property instead of replacement-cost coverage. This means that if you suffer a catastrophic loss, you may not have the funds necessary to replace everything you lost.
- You will probably be facing a very high deductible. This may make some claims not worth filing, and when you do file a claim, you are likely to need to dip into your savings to have sufficient funds to repair or replace your property.
- Policies at bargain-basement prices are often written by insurance companies that do not offer good customer service. It may take a long time for a claims adjuster to arrive at your house, and processing your claim can take even longer.
Independent insurance agents want to ensure that you have the coverage you need when you need it. They will take the time to find you an affordable policy that offers real value for your hard-earned money.
What Are the Best Homeowners Insurance Companies in Biddeford, ME?
The insurance companies that rate well above the rest are the ones that have a consistent history of providing their policyholders with responsive customer service, reliable coverage, rapid claims processing, and competitive rates.
Independent insurance agents in Biddeford have teamed up with some of the best homeowners insurance companies in Maine. When your agent presents you with a selection of policies and quotes to review, you can be confident that each comes from a trustworthy insurance provider.
How Can an Independent Agent Help Me Find the Best Home Insurance in Biddeford, ME?
Independent agents are available to help you with all your insurance coverage needs. You can turn to one of these experienced agents for answers to your questions, trustworthy advice, and help with finding the best and most affordable policies.
Arrange an obligation-free consultation with an independent insurance agent in the Biddeford area to learn more. You will soon discover how easy it can be to compare customized homeowners insurance quotes from multiple providers.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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