Maine Condo Insurance

Find the Best Condo Insurance Rates & Companies in Maine 

Whether you're an executive living in a condo near your work or a retiree enjoying views of Casco Bay from the balcony of your luxury condominium, you must protect your property. If you own a condo in Maine, you can benefit from the protections of a complete condo insurance policy. This coverage can reimburse you for lawsuits, guest injuries, property damage, and more.

Luckily, a Maine independent insurance agent can help you find all the condo insurance you need. These agents know the housing market and where to find the best condominium insurance in Maine. To begin with, though, here's a closer look at Maine condo insurance requirements, coverages, and more.

Best Condo Insurance Companies in Maine

You could get a condo insurance policy from many different carriers in Maine. However, if you want to find the best Maine condominium insurance, it's helpful to have a starting point. That's why we've included a few of our recommendations for top-rated condo insurance carriers in Maine. 

1. Encova: This carrier sells condo insurance and many other types of personal and business insurance. Encova has excellent ratings from AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting services.
2. Progressive: This carrier sells condo insurance and many other types of personal and business insurance. Progressive has an excellent rating from AM Best, offers multiple discounts, and provides 24/7/365 customer service.
3. Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers also has superior ratings from both the BBB and AM Best, offers numerous discounts, and is a longstanding carrier in the industry.

A Maine independent insurance agent can help you find the condo insurance you need from one of these outstanding carriers in your area.

What's the Difference Between HO3 and HO6 Condo Insurance?

You could protect your personal property with either an HO3 or an HO6 insurance policy. That said, HO3 policies are designed to cover traditional homes, including the structure of the building itself, in addition to its contents. 

HO6 policies are designed for condo owners and protect their personal property or contents, but not most aspects of the building's structure or foundation. A condo's structural elements are mostly covered by a homeowners association's master policy and are typically not the tenant's responsibility.

Is Condo Insurance Required in Maine?

Condominium owners are not required by law to carry condo insurance. However, if you pay for your condo via a mortgage or a home equity loan, your lender most likely requires you to have condo insurance. 

Further, as a condo owner, you're also required to pay monthly fees to your homeowners association (HOA). A portion of these fees goes toward the HOA's master insurance policy.

What Does Condo Insurance Cover in Maine?

Many condo insurance policies come with similar types of coverage at the basic level. You need coverage for your personal property, your liability, and additional living expenses should you be temporarily displaced from your home following a disaster. In Maine, condo insurance typically includes the following: 

• Liability insurance: This can reimburse you for the costs of third-party lawsuits over claims of bodily injury or personal property damage.
• Contents insurance: This can reimburse you for theft, vandalism, loss, damage, or destruction to your personal property caused by covered threats like fire damage and more.
• Loss of use insurance: This can pay for additional living expenses such as hotel rooms and takeout meals if you're forced to live somewhere else temporarily while your condo undergoes repairs due to fire damage or another covered disaster.

If you're unsure of which types of coverage you need to look for in a quality condo insurance policy in Maine, a local independent insurance agent can help.

What's Not Covered by Maine Condo Insurance?

Your condo insurance policy also comes with various exclusions that you may want to review before ever filing a claim. Understanding your policy's exclusions can help you anticipate if more coverage may be necessary. In Maine, condo insurance tends to exclude:

• Flood or earthquake damage to your personal property
• Routine maintenance expenses
• Damage caused by water or sewer backups
• Intentional or malicious acts against third parties
• Insect damage or infestation

You can ask your agent or carrier about adding endorsements to your condo insurance policy, such as to cover sewer backups or flood damage.

How Much Does Condo Insurance Cost in Maine?

Condo insurance is typically far more affordable than homeowners insurance because it doesn't need to include coverage for the structure of your building or its common areas. The current national average cost of condo insurance is $455 per year, but condo insurance in Maine averages just $305 per year. Your specific premiums will likely be based on factors such as:

• The size and age of your condo
• The crime rate and weather hazards in your location
• The security offered by your condo community
• The total value of your personal property
• Your personal claims history

If you bundle your condo insurance with another policy, like car insurance or boat insurance, through the same carrier, you can often earn sizable discounts on each type of coverage.

Save on Condo Insurance

Our independent agents shop around to find you the best coverage.

Request a quote

Popular Questions about Maine Condo Insurance