Renters Insurance in Maine
Allen/Freeman/McDonnell Agency
Renters Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Renters policies and single-family homeowners policies have many points in common, but they also diverge at points.
Residents who lease an apartment, townhome or freestanding house as their primary residence
Personal Liability Coverage
Personal Property Coverage
Additional Living Expenses Coverage
What is renters insurance?
Maine residents who lease an apartment or house generallynot have to insure the property itself, but they usually still need insurance for their possessions and themselves. Renters insurance may provide the protections that residents with leases need.
Renters insurance is categorized as a particular type of homeowners insurance. Renters policies and single-family homeowners policies have many points in common, but they also diverge at points. One of the main differences is that renters policies normally don’t provide any protection for the building where a policyholder lives.
Who in Maine should purchase a renters policy?
Most people who lease a primary or secondary residence in Maine ought to at least consider a renters policy, and the vast majority probably should purchase one. This is often the most convenient way to insure possessions kept at a leased residence, and it’s also an easy way to get liability coverage when the coverage isn’t provided through a single-family homeowner’s policy.
The following are some situations where purchasing a renters policy likely makes sense:
- Residents who lease an apartment, townhome or freestanding house as their primary residence
- Out-of-state residents who lease a waterfront property for the summer months
- Out-of-state residents who are temporarily working in Maine, and get an apartment in the state
- College students who move out of the dorms, and into off-campus housing (which isn’t their parents’ home)
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What sorts of coverages are available through renters policies?
Renters policies usually break down the protections they offer through a few different distinct coverages. In most policies, these coverages work together so that the policyholder has both renters liability insurance and renters property insurance protections.
Some of the distinct coverages that are commonly offered include:
- Personal Liability Coverage: Generally cover common liability lawsuits filed against the policyholder (e.g. slip-and-fall accidents, dog bites, etc.)
- Personal Property Coverage: Generally cover possessions that the policyholder owns (e.g. furniture, clothing, electronics, etc.)
- Additional Living Expenses Coverage: Generally cover the cost of different lodging if a disaster renders the leased premises uninhabitable
Personal liability coverage is the primary form of renters liability insurance that these policies offer. In the event of a covered lawsuit, the coverage will often pay attorney fees, court fees and settlements (up to the coverage’s limit).
Do people renting a place for only a few weeks need a renters policy?
Short-term rentals, such as rentals for only a few weeks, typically don’t require a full-fledged renters policy. Coverage generally be available through a standard homeowners policy that’s already in place, or a short-term rental policy generally be purchased.
An insurance agent who specializes in this insurance can help determine whether a particular situation necessitates a full-fledged policy that provides both renters liability insurance and renters property insurance.
How can residents get renters insurance?
For help procuring renters insurance in Maine, contact the independent insurance agents at Allen/Freeman/McDonnell Agency. Our agents are well-versed in this insurance, and we’ll work closely with you to find a policy that offers solid protection in your specific situation. Because we’re independent, our agents can show you the best available policies regardless of what insurance company is offering them.
