Closing Up for the Season: Four Coverage Conversations Worth Having
As another summer along the Saco Bay shoreline begins to wind down, familiar routines start to take shape.
Outdoor furniture is tucked away. Gardens are cleared. Furnace appointments are scheduled. Water lines are winterized. Whether it’s a family cottage in Ocean Park, a waterfront home in Biddeford Pool, or a seasonal property that has been part of your family for generations, preparing for winter becomes another part of living in coastal Maine.
Most homeowners have a checklist.
What doesn’t always make the list is whether their insurance still reflects the way the property is used today.
Homes change over time. So do the people who live in them. A house that was once a summer getaway may now welcome short-term guests. A cottage may have been renovated. A mortgage may have been paid off. Those milestones are worth celebrating. They are also good opportunities to revisit your coverage.
Rather than thinking about insurance only after a storm, here are four conversations worth having before you lock the door for the season.
1. Paying Off Your Mortgage Doesn’t Eliminate Flood Risk
One of the most common questions we hear is whether flood insurance is still necessary after a mortgage has been paid off.
The answer depends less on the loan and more on the property’s exposure.
A standard homeowners policy generally does not cover damage caused by rising water, coastal storm surge, or tidal flooding. Those risks are typically covered through a separate flood insurance policy.
The January coastal storms served as a reminder of how quickly conditions can change along Maine’s shoreline. For homeowners in areas like Ocean Park, Biddeford Pool, and other coastal neighborhoods, flood coverage remains an important conversation, even after a mortgage has been paid off.
Paying off a mortgage removes a lender’s requirement for flood insurance. It does not remove the possibility of flooding.
2. Seasonal Rentals Often Need More Than a Standard Homeowners Policy
Many coastal homes serve more than one purpose.
They may be a family retreat for part of the year and a short-term rental during the summer months.
That change in use can change the type of insurance that is appropriate.
Coverage for a home that is occasionally rented may differ from coverage designed for a property operating as a seasonal rental. Likewise, if the home sits unoccupied for an extended period after the rental season ends, certain policy conditions may apply depending on the carrier and policy.
The important question is not whether you have listed the property on Airbnb or VRBO.
It is whether your insurance reflects how your property is actually being used.
3. Not Every Coastal Home Should Be Insured the Same Way
Two neighboring homes can have very different insurance needs.
A historic Ocean Park cottage may benefit from reviewing whether its policy adequately reflects original materials, architectural details, and the cost of rebuilding. A newer custom home in Biddeford Pool may benefit from reviewing rebuilding limits to ensure they still reflect today’s labor and material costs.
Neither situation is unusual.
The important thing is making sure your policy reflects the home that is standing today, not the one that was insured years ago.
4. Winter Preparations Matter Beyond Home Maintenance
Frozen pipes remain one of the most common causes of winter property damage in Maine.
Many insurance policies include conditions related to protecting the home from freeze damage, such as maintaining adequate heat or properly winterizing plumbing before leaving for an extended period. Because those requirements vary by carrier and policy, it is worth understanding what applies to your home.
Simple steps, such as maintaining interior heat, shutting off water where appropriate, or using connected monitoring devices, can help protect both your home and the coverage designed to protect it.
A Good Time for a Conversation
Closing a home for the winter is something many Maine homeowners have done for years.
It is also one of the few times each year when you are already walking through the property, noticing what has changed, and thinking ahead to the next season.
That makes it a natural time to review your insurance as well.
No two coastal homes are exactly alike. A year-round waterfront residence, a historic seasonal cottage, and a summer rental all come with different considerations. That is why we do not begin with a policy. We begin with a conversation about how your property is used today. From there, we compare options across multiple insurance carriers to help ensure your coverage reflects your home, your goals, and the way you use the property.
If you are preparing your home for another Maine winter, we are available to walk through your current coverage, answer your questions, and help you determine whether any updates make sense.
Call 207.282.7568 and we’ll start the conversation.