Maine Landlord Insurance
Get a complete analysis of Maine landlord insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Maine
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 your rental properties have protection against disasters, severe weather, fire, or theft that could be financially disastrous. You also need to protect your assets in case you get sued by a tenant or guest.
Luckily, an independent insurance agent in Maine can help you find the right landlord insurance. Your agent will ensure you get set up with a policy that includes the ideal amount of coverage for your unique rental properties. But first, here's a breakdown of Maine landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in Maine
You can buy landlord insurance from many different carriers in Maine. But when you want to find coverage of the highest quality at a great rate, it can be helpful to have a starting point. That's why we've included some of our top picks for the best landlord insurance companies in Maine.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has excellent financial strength, many discount options, and offers 24/7/365 customer service.
- REinsure Pro: This insurance company sells landlord insurance and many other forms of property insurance. REInsure Pro is highly rated by the BBB and offers a fast claims response time.
- Stillwater Insurance Group: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the Better Business Bureau (BBB), offers 24/7 claims reporting, and offers coverage nationwide.
A Maine independent insurance agent can help you shop and compare landlord insurance quotes from these outstanding insurers and others who offer coverage in your town.
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, such as by covering the building but not the personal property of the tenants. Landlord insurance also covers loss of rental income and the increased liability risks landlords face.
How Is Landlord Insurance Different from Home Insurance?
Landlord insurance also offers parts of business insurance, considering landlords generate a profit from renting out their property. Landlord policies also include protection for lost income during temporary business shutdowns due to covered perils like fire damage as well as other increased protection not included in home insurance. Further, landlord insurance compensates for the fact that tenant damage is more likely than homeowner damage to their own property.
Is Landlord Insurance Required in Maine?
Maine state law doesn't mandate landlord insurance. However, many landlords still choose to get this coverage. Without landlord insurance, you could have to pay potentially hefty costs out of your own pocket, such as after a tenant or guest lawsuit against you. Since your home insurance won't provide coverage for many incidents faced by landlords, having a landlord insurance policy can be well worth the cost.
What Landlord Insurance in Maine Can Cover
Landlord insurance is customizable in Maine, but there are certain common coverages you may want to consider getting. These include:
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures like decks and garages in case of damage or destruction by fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants.
- Loss of income coverage: This can reimburse you for lost income in case a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire.
- Liability insurance: This can reimburse you for expenses related to tenant or other third-party lawsuits for claims of bodily injury or personal property damage.
- Other structures coverage: This covers detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Premises medical protection coverage: This covers medical treatment expenses if one of your tenants gets injured in a covered event such as an accident while staying at your rental property.
- Optional coverage: Additional coverages are also available for landlords, such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
Your Maine independent insurance agent can help you design a landlord insurance policy in a way that makes the most sense.
What Landlord Insurance in Maine Will Not Cover
Landlord insurance comes with certain coverage exclusions that are important to be aware of. Often, these include the following:
- Damage or destruction to your personal property at the premises
- Earthquake damage
- Rental property wear and tear
- Flood damage
- Water or sewer backups
- Routine maintenance costs
Note, however, that often, you can get endorsements or add-ons for your landlord insurance policy to cover some or all of these incidents.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
Average Cost of Landlord Insurance in Maine
Landlord insurance in Maine costs an average of $1,131 per year. However, 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.
Also, 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 of your property
- The age, size, condition, and construction of the property
- The number of rental units you own
- Whether your complex has a swimming pool or other high-risk features
You may be able to save on your landlord insurance premiums by way of discounts if your buildings have fire sprinklers, burglar alarms, gated access, or other security systems installed in the complex and the rental units.
Popular Questions about Maine Landlord Insurance
You're not required by law to have landlord insurance in Maine. However, you may want coverage in case of a tenant or guest lawsuit or to help you financially recover after other common disasters like fires.
Yes, landlord insurance in Maine includes protection for tenant damage. These policies don't typically include damage to your personal property, though.
It costs about $1,131 annually to get landlord insurance in Maine. However, your exact location, the value of your rental property, and other factors can impact these costs.
We found that Progressive is the best landlord insurance company in Maine this year. Progressive's rates, coverage options, and discounts easily earned the carrier our top pick.
You're not required to cover your renters' property in Maine, and landlord insurance doesn't include this protection. That's why many landlords require their tenants to secure their own renters insurance.
Maine landlord insurance doesn't usually cover eviction expenses. However, you may be able to purchase an endorsement or separate coverage that includes this protection.
Maine independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Augusta or wherever you reside.
https://www.simplyinsurance.com/landlord-insurance-rates-by-state/