Maine Homeowner's Insurance
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Safeguard Your House with Maine Homeowner's Insurance
How to Protect Your Home
There are many forms of Maine homeowner's insurance, but the three main forms of coverage are Basic (HO-1), Broad (HO-2) and Special (HO-3):
A basic HO-1 policy protects your home and its contents against basic perils such as fire, smoke, glass breakage, defacement and theft.
A broad HO-2 policy is an extended version of HO-1. It protects your home from the same perils listed under an HO-1 policy, plus damage from structure collapse, falling objects and water discharge from home appliances.
A special HO-3 policy is the most common form of Maine homeowner's insurance, because it protects your home and its contents from "all" perils, with exceptions of flood and earthquake.
It is important to note that in addition to the perils listed under your policy, Maine homeowner's insurance also protects you from legal responsibility if someone is injured on your property.
After you have selected the form of Maine homeowner's insurance to best suit your needs, you will need to determine how much coverage you should purchase. Most policies will require you to carry upwards of 80, 90 or 100 percent of the total replacement cost of your home-the amount to rebuild the same structure in the event of a total loss.
If your policy does not require such coverage, you should still consider insuring your home for the replacement cost. This means if your home is damaged or destroyed, there is no deduction or depreciation taken away from the cost of rebuilding and replacing your home and its contents.
Saving Money on Maine Homeowner's Insurance
According to the Insurance Information Institute (I.I.I.), you can save money on Maine homeowner's insurance by doing the following:
Raise the deductible—the higher the deductible, the lower your premium will be. Just make sure you agree on a deductible you can afford.
Insure your home and car with the same company—some insurers will give a five to 15 percent discount to those who buy two or more policies from them.
Take extra precautions—adding a few smoke detectors to your home or an electronic burglar alarm may warrant a discount on Maine homeowner's insurance.
Shop around—use InsureMe's free referral service to compare up to five quotes at a time. Shopping around will help you select the right product for the right price.
Keeping your Policy in Tact
There is no grace period for your Maine homeowner's insurance. This means your bill is due on or before the date shown on your invoice—if it is not paid by or before that date, your policy may be cancelled.
Aside from nonpayment, your Maine homeowner's insurance may also be cancelled (after 90 days) for some of the following reasons:
- Conviction of crime which increases hazard in the home, such as arson and drug-related activities.
- Fraud or misrepresentation.
- Physical changes in the property resulting in the property becoming uninsurable.
- Presence of a trampoline on the property 30 days after the insured is told to remove it.
- Presence of a swimming pool which does not meet legal standards 30 days after receiving a warning.
- Loss due to a dog bite-unless the insured removes the dog after notice of cancellation.
If your policy is cancelled, it will be difficult to find coverage through other Maine homeowner's insurance companies. Therefore, it is best to be open with your Maine homeowner's insurance agent, and follow all guidelines set for the State of Maine.
Additional Information on Maine Homeowner's Insurance
For more on Maine homeowner's insurance, contact the Maine Bureau of Insurance at (800) 300-5000.
Defend Your Home with Maine Homeowner's Insurance.
Just enter your information to the right and receive up to five free quotes on Maine homeowner's insurance today!
