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Maine Homeowners Insurance

Maine Homeowners Insurance helps the residents protect their houses as well as personal belongings in times of crisis. Though the law of the state does not require you to buy a homeowners policy, it becomes a necessity when your house is on mortgage. It is customary for a mortgage lender in Maine to ask for the purchase of a homeowners insurance policy before releasing money to a borrower. In addition to the protection you get for your home and personal property, such policies also help you pay for a liability or a lawsuit resulted on account of your negligence.

Homeowners Insurance Policy

While buying a homeowners insurance policy in Maine, you must ensure that it covers completely and comprehensively to pay in full the total replacement cost of the damaged property. The amount of money you would require to rebuild your home or repair damages using materials of similar quality and kind is called the replacement cost. While calculating the replacement cost of a house or property, its depreciation value is not taken into account. Most insurers insist homeowners to buy an insurance policy for at least 80 percent of the replacement cost. Some may even require you to insure for 100 percent of the cost.

Homeowners Insurance Coverage Amount

If your home is not insured for the minimum percentage of the replacement cost as required by your home insurance company, you may end up gaining less coverage for your property. For example, if a home has a replacement cost of $50,000 and it is insured for $30,000, you will have to pay a part of the loss from your own pocket. This is because your home is insured for less than 80 percent of its replacement value, and the company is liable to pay only 75 percent of the total loss in case of a disaster. Thus, it is important for you to seek for the full coverage of your home, personal property and other liabilities.

There are certain factors that govern the cost of a Maine homeowner insurance product. Some of these are mentioned below:
  • Type of Construction: you may have to pay more for a wood frame house than a brick-built house.
  • Age and Condition of House: You may need to pay less for a new or modernized home than an older one.
  • Local Fire Protection: The quality of the fire department and its distance from your home may also become a factor in determining the Maine Homeowners Insurance Rates.
  • Amount of Coverage: The price of your insurance product is also determined by the amount of coverage.
  • Deductible Amount: the more the deductible amount, the less the cost of insurance.
  • Discounts: There is a variety of discounts that your company might offer to you depending upon a number of factors, such as the quality of home security system.
You need to talk to many homeowners insurance agents in order to find the best policy that suits you well to your typical household requirements. There are some sites that offer you a platform to compare homeowners insurance rates and choose the one that satisfies you the most.
Insure Me
They understand you better than others and help you with products that ensure maximum coverage at the most reasonable price. Find here three main forms of coverage that include Basic, Broad and Special.
Miles F. Carpenter Co., Inc.
Find here all kinds of Maine home Owners insurance. They have specialization in a broad spectrum of insurance products and provide assistance for insurance requirements other than home and personal property.
All Choice Insurance
Find here low cost solution to all your insurance requirements pertaining to home and homeowners in Maine. Get here instant homeowners insurance quotes.

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