Homeowners Insurance in Maine
Allen/Freeman/McDonnell Agency
Homeowners Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
The term “homeowners insurance” aptly describes the protections that these personal insurance policies afford.
Most Maine residents that own a single-family house, condominium, duplex or mobile home should purchase home insurance. It also includes residents who have a summer home or ski house in the state.
Dwelling Coverage
Secondary Structures Coverage
Personal Property Coverage
What is homeowners insurance?
Most Maine residents will never purchase an asset more valuable than their house. Protecting their house is thus extremely important, and homeowners insurance often can do just that.
The term “homeowners insurance” aptly describes the protections that these personal insurance policies afford. The policies generally protect an insured house against multiple risks, and they often add protection for a policyholder and personal belongings, too.
What Maine residents should purchase home insurance?
Most Maine residents that own a single-family house, condominium, duplex or mobile home should purchase home insurance. It also includes residents who have a summer home or ski house in the state.
Although these various types of houses are different, they’re all normally insured through a type of home insurance. An insurance agent who specializes in home policies can ensure that a resident ends up with the right type of policy for their house.
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What protections do home insurance policies offer to homeowners?
The various protections that home insurance policies offer are made available through various coverages. Depending on the particulars of a policy, it may make coverages such as the following available:
- Dwelling Coverage: Generally cover the main house that’s being insured on a property
- Secondary Structures Coverage: Generally cover other structures that are on a property
- Personal Property Coverage: Generally cover personal belongings kept at a property
- Loss of Use Coverage: Generally cover expenses that arise if the dwelling becomes unlivable
- Vacant Property Coverage: Generally cover a dwelling that’s not inhabited for a prolonged period
- Personal Liability Coverage: Generally cover common liability lawsuits that are filed against the policyholder
For those who own a second home in Maine, vacant property coverage and secondary structures coverage are two especially important protections. The former is likely needed to ensure that the property is protected during the offseason. The latter may be necessary to insure a boathouse, dock, barn or other structure that’s not the house. Personal liability coverage often can be skipped in this situation, as it’s probably already provided by the home policy for a primary residence.
Is flooding included within a homeowners policy’s protections?
Flooding is a concern for many homes that are near water, including the ocean, lakes, rivers, streams or ponds. Flood insurance usually isn’t offered by a standard homeowners policy, though. Instead, it’s normally purchased through the National Flood Insurance program when the coverage is required.
What are “HO-” homeowners policies?
Insurance professionals frequently abbreviate different types of homeowners policies with a prefix of “HO-” plus a number. Policies with the same code should provide comparable protections. Some of the more widely used codes are:
- HO-1: Normally provides limited protections for a house
- HO-2: Normally provides slightly more protections for a house
- HO-5: Normally provides substantially more protections for a house
- HO-7: Normally provides protections for a mobile home
- HO-8: Normally provides protections for an older house
How can residents who have houses get homeowners insurance?
If you need help insuring a primary or secondary residence in Maine, contact the independent insurance agents at Allen/Freeman/McDonnell Agency. Our agents have helped many residents make sure their houses are well protected by homeowners insurance, and we’ll do the same for you.
