Maine Landlord Insurance

Experts break down Maine landlord insurance costs, coverage, companies and more.

Ann Herro, Insurance Expert Written by Ann Herro
Ann Herro, Insurance Expert
Written by Ann Herro

Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

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Over 1.3 million people live in Maine, with around 30% living in rental homes. If you own a rental property in Maine, it may be a side gig that provides extra income, or it could be your full-time business.

Whether you own one rental home or multiple large apartment complexes, you need to ensure that all of your rental properties have protection against disasters, bad weather, fire, or theft that could be financially disastrous. You also need to protect your assets if you are sued for negligence.

Landlord insurance is the best way to protect your investment in a Maine rental property. A local independent insurance agent can help you get quotes from multiple insurance companies in Maine, so you can find the policy that best meets your needs and budget.

What Is Landlord Insurance?

Landlord insurance is similar to homeowners insurance in that it protects your property in the event of a fire, storm damage, or other covered perils. The difference is that landlord insurance is written to specifically protect landlords in their unique situation, such as protecting the building but not the personal property of the tenants, as well as covering loss of rental income and the increased liability risks that landlords face.

How Much Does Landlord Insurance Cost in Maine?

Owning a rental property can sometimes be riskier than owning a private dwelling. For that reason, landlord insurance generally costs about 25% more than a standard homeowners policy.

But the cost of landlord insurance can vary considerably based on your unique property and set of risk factors. Certainly, a single rental homeowner won’t pay the same for landlord insurance as a multi-family apartment complex owner. What’s more, insurance companies calculate the relative risk to your properties and what to charge you for landlord insurance based on things like:

  • The location, crime rate, and weather risks for your property
  • The age, size, condition, and construction of the building
  • The number of rental units
  • Whether your complex has a swimming pool or other high-risk attributes

You may be able to save on your landlord insurance premiums if your buildings have fire sprinklers, burglar alarms, gated access, or other security systems installed in the complex and the rental units.

Your best bet is to work with an independent insurance agent who can get quotes from multiple insurance companies in Maine. You can compare costs and coverage and choose the landlord insurance policy that offers the best fit for your budget.

What Does Landlord Insurance Cover in Maine?

Landlord insurance policies in Maine provide several types of coverage:

  • Property insurance: Covers the building itself (dwelling coverage) and any other structures (other structures coverage) such as a garage or shed for any physical damage caused by fire, lightning, wind, hail, ice, snow, or other covered perils. It also offers coverage for any personal property you may have on the property (e.g., maintenance equipment, appliances, etc.), but it will not cover your tenants’ possessions.
  • Landlord liability coverage: Protects you if someone is injured on your property or if you are responsible for damaging someone else’s property (e.g., a tenant’s or visitor’s property). Landlord liability insurance covers the costs of any medical treatment or property repairs required. If you're sued, it also covers legal costs (e.g., attorney fees, court costs, and financial settlements or judgments).
  • Loss of rental income or fair rental value coverage: Covers your lost rental income for a specified period if a fire, a storm, or some other covered peril damages your rental property, forcing your tenants to move out while you make repairs.

Other types of optional coverage may be available on your policy, as well.


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Can a Landlord Require Renters Insurance in Maine?

Maine state law does not require your tenants to purchase renters insurance, nor does it require you to purchase landlord insurance.

Many landlords, however, require tenants to purchase renters insurance in order to avoid disputes arising from damage to the renters' belongings, as well as any disputes over liability claims or lawsuits.

If you want to require your tenants to have renters insurance, it must be spelled out as part of the lease agreement, with specific tenant responsibilities and the consequences of not providing proof of insurance made clear.

Does Landlord Insurance Cover Tenant Damage in Maine?

Landlord insurance does not cover your tenants’ personal property. What’s more, damage to your building that is caused by tenants is not always covered by your landlord insurance. Here’s how landlord insurance in Maine responds to two different types of tenant damage:

  • Sudden and accidental damage: Typically, landlord insurance will cover sudden and accidental damage caused by a tenant. If a tenant accidentally causes a kitchen fire, any damage to walls, countertops, cabinets, and other covered parts of the building should be covered by your landlord insurance. Damage to your tenants’ furniture, cookware, and so on, will be covered by their renters insurance, if they have it.
  • Intentional damage: Standard landlord insurance policies can’t protect you if your tenant punches in a wall, kicks in a door, or otherwise intentionally damages some part of a unit. You may, however, be able to purchase additional vandalism coverage that covers some kinds of intentional damage to your building.

When you purchase landlord insurance in Maine, be sure that you understand exactly what is and isn't covered. You may also be able to purchase certain types of optional coverage that fill in some of the gaps.

Who Are the Best Landlord Insurance Companies in Maine?

Local independent insurance agents make comparison shopping for landlord insurance easy. They can obtain quotes from the best landlord insurance companies in Maine, and ensure that you’re getting your policy at a competitive price.

Why Shop Landlord Insurance with a Maine Independent Insurance Agent?

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice. 

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.

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