Whether you are a newlywed renting a house in Bangor or a student leasing an apartment near the University of Maine in Orono, you can benefit from carrying a good renters insurance policy. Unfortunately, many renters in Maine don’t come to realize the value of having this coverage until it is too late.
If you are among the many tenants in the Pine Tree State, a local independent agent can help you find the right policy. These agents are free to work with the best renters insurance companies in Maine to find the coverage you want at the most competitive price. Find an independent insurance agent near you to get started.
Is Renters Insurance Required in Maine?
Renters insurance is not required by law, but sometimes landlords will require their tenants to carry it.
In a state where the average monthly rent is $853, and 39.8% of tenants spend more than 30% of their income on rent and utilities, it is understandable why many people feel that this optional coverage is something they can ignore or put off looking into until later.
However, renters insurance can not only save you from large financial losses if a disaster strikes, it is also surprisingly affordable.
How Much Does Renters Insurance Cost in Maine?
The average renters insurance policy in Maine costs just $149. That is less than $13 a month, a very small price to pay for a whole lot of coverage. Here are some factors that can make your actual cost higher or lower than this average amount.
- The type of home you are renting
- The crime rate and weather risks where your home is located
- The amount of property coverage you need
- Your method of making payments
- The size of your deductible
By comparing quotes from a few competing insurance companies, you can be certain that the policy you choose is offered at a good price. Independent agents make comparison shopping easy.
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What Does Maine Renters Insurance Cover?
Renters insurance is designed to cover you against most of the hazards you are likely to face as a renter in Maine. Your policy can protect you in three ways:
- Property coverage: This is referred to as “contents insurance.” It can cover the cost to repair or replace your belongings if they are lost or damaged by a covered event. Covered hazards include:
- Property crimes
- Severe weather, like thunderstorms, nor’easters, windstorms, and blizzards
- Liability coverage: This is referred to as “renters liability insurance.” It can provide you with a significant amount of coverage if you accidentally cause someone else to experience injuries, property damage, or financial harm. It can cover things like:
- Court costs
- Legal fees
- Mediation costs
- Displacement coverage: This is referred to as “loss of use insurance.” It can provide coverage if you must seek alternate housing due to your home being rendered unsafe for habitation by a covered event. It can pay for things like:
- Hotel or temporary home rental costs
- Moving costs and storage fees
- Meals, if your accommodations do not have a kitchen
- Extra mileage if you must drive further to get to work
- Pet boarding, if needed
When you are deciding how much property coverage to include in your policy, be sure to consider all your belongings, including furniture, clothing, jewelry, and electronics, and estimate how much it might cost you to fully replace everything if you were to experience a total loss.
What Is Not Covered by Maine Renters Insurance?
As with any type of insurance, renters insurance has some limitations. You should not expect your policy to cover against these risks.
- Flood damage: If you are renting an apartment on the second floor or higher, you probably do not need to worry about flood damage. However, if you are renting a house or a ground floor unit, you may want to also purchase a flood insurance policy.
- Remediation of bugs and pests: If your rental home is infested with bed bugs, cockroaches, rodents, or other pests, you will need to contact your landlord for maintenance. This is not something you should expect your renters insurance to pay for.
- Your roommate’s property: If you rent an apartment with a friend and you carry a policy but your friend does not, your policy will only cover your own belongings unless your friend is listed on your policy.
- Your vehicle: If your car is damaged or broken into while parked at your apartment building, you will need to go through your car insurance policy for coverage. However, items stolen out of your car may be covered by your renters insurance policy.
It is always a good idea to be informed about what your policy does and does not cover before you make a purchase.
How Can an Independent Agent in Maine Help Me Find the Best Policy?
When you are looking for a good renters insurance policy, a local independent agent can help. These agents can answer your insurance-related questions and can shop around to find the coverage you want at the most competitive price. Best of all, talking to an independent agent is free.
Arrange a consultation with an independent insurance agent near you to get more information and to start comparing customized insurance quotes from some of the best renters insurance companies in Maine.
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