Maine Insurance All your Needs in One Place

If you own a house in Maine, you can benefit from the protections provided by a suitable homeowners insurance policy. In Maine, home insurance can:

• Cover your property: Dwelling insurance covers damage to the structure of your home, and contents insurance covers loss or damage to your personal property.  
• Cover against displacement: Loss of use insurance covers your extra living expenses if your home is left unsafe for habitation due to damage caused by a covered event.
• Cover against liability lawsuits: Homeowners liability insurance covers expenses related to personal liability lawsuits if you or a member is responsible for another person experiencing an injury, property damage, financial loss, or other harm.

A local independent insurance agent can help you determine how much insurance you need in each coverage category.

Vehicle owners in Maine need to carry car insurance. Your policy must meet or exceed the state’s minimum coverage requirements, which means it must include:

• Auto liability coverage: This pays for other people’s injuries or property damage if you are at fault for an accident. Your policy must provide, at a minimum:
  • Bodily injury liability coverage of $50,000 per person and $100,000 per accident
  • Property damage liability coverage of $25,000 per accident
• Medical payments insurance: This coverage works in conjunction with your medical insurance to help cover expenses if you or your passengers are injured in a collision, regardless of fault. Your policy must provide at least $2,000 in coverage.
• Uninsured motorist insurance: This covers medical expenses for you and your passengers if you are injured in a collision caused by an uninsured or underinsured motorist. Your policy must provide coverage of at least $50,000 per person and $100,000 per accident.

In addition to the coverage that is required by law, you can include several coverage options in your car insurance policy. Some of the options you are likely to see offered by insurance companies in Maine include collision insurance, comprehensive insurance, gap insurance, rental car reimbursement insurance, and towing and roadside assistance.

A local independent insurance agent can help you determine which types of optional coverage are a good fit for you.

Companies of all sizes can benefit from the protections of a business insurance policy. Depending on the size and type of business you own, you will either want to purchase a business owners policy (BOP) or a traditional business insurance policy package.

• Small, low-risk businesses that have fewer than 100 employees and less than $1 million in annual revenues can typically qualify for a BOP. These policies are the least expensive option, but only provide general liability insurance, commercial property insurance, and business interruption insurance with relatively low coverage limits.
• Medium- and large-sized companies and high-risk small businesses need to get their coverage through a business insurance policy package. Buying coverage this way lets business owners choose from a wide variety of liability, property, and other commercial insurance products so they can build a policy that is customized to meet their company’s specific coverage needs.

If you own a company in Maine, consult a local independent insurance agent for help obtaining the right coverage at the most competitive price.

If a worker is injured on the job or is diagnosed with occupational illnesses, their medical treatments, disability pay, and other related expenses can be covered by workers’ compensation insurance. In Maine, nearly all employers must carry this insurance coverage.

Workers’ compensation insurance policies may be purchased from a qualified commercial insurance provider or through the state-administered fund. With approval, some businesses can opt to self-insure.

Residents of Maine can purchase insurance products that are designed to protect against losses caused by many of the hazards they are likely to encounter. In Maine, common risks include:

• Severe weather: Damaging weather events that can impact property owners in this state include windstorms, thunderstorms, heavy snow, and prolonged freezing temperatures.
• Falling objects: Hazards like uprooted trees, fallen branches, and hailstones can damage property.
• Fires: Most insurance policies cover damage caused by flames, smoke, and firefighting efforts.
• Floods: Around 13% of properties in Maine are at risk for flood damage.
• Property crimes: Most policies cover losses related to burglary, vandalism, and arson.

Independent insurance agents live and work in your neighborhood, so they are aware of the risks you face as a property or business owner in your Maine city. Talk to an agent near you for help making sure that you are suitably covered against all potential hazards.

Flood damage is specifically excluded from the coverage offered by nearly all homeowners, renters, and business insurance policies. However, more than 75,000 properties in Maine have a significant risk of sustaining flood damage over the next thirty years.

Fortunately, if your home or business is among those at risk, you can purchase flood insurance. In participating cities, affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA.

If your property is located in a flood zone and you are still paying on a mortgage, your lender will require you to carry flood insurance. Otherwise, this coverage is optional. When deciding whether or not to purchase a policy, consider that the average compensation per flood claim in Maine is $13,600.

Although there are a few landlords and rental agencies who require their tenants to carry renters insurance, most do not.

Whether or not renters insurance is required, it is a good idea to have it. This insurance is designed to protect against financial losses related to property damage, theft, displacement, and liability lawsuits.

You may be surprised to find out that this versatile coverage is very affordable. In Maine, the average renters insurance policy costs just $149 a year. That is less than $15 a month for all the protections this insurance offers. Talk to a local independent agent to learn more about renters insurance.

Umbrella insurance, which is sometimes referred to as excess liability insurance, is a secondary insurance policy that can significantly boost the liability coverage you already have. Because umbrella insurance does not kick in unless your primary insurance coverage has been exhausted, these policies are typically very affordable.

Personal umbrella insurance policies are typically sold in million-dollar increments at a cost of about $200 to $300 a year for every million dollars in coverage purchased, and commercial umbrella insurance policies typically cost about $500 a year for every million dollars in coverage purchased.

If you are a resident of Maine who has a lot to lose, you may want to learn more about umbrella insurance by talking to a local independent insurance agent.

When you are shopping for any type of insurance, you are likely to have a lot of questions. These may include things like:

• How much insurance coverage do I need?
• Which Maine insurance company is best for me?
• How can I be certain I am getting my coverage at a competitive price?
• What do all these insurance terms mean?

A local independent agent can help you get answers to these and other questions you may have. These agents can save you time and money by helping you compare policies and prices from multiple insurance providers so you can choose the policy that offers the coverage you want at the most affordable price.

With more than 150 agencies located throughout the state of Maine, it should be easy to find an independent insurance agent near you.