What is Homeowners Insurance?
Most people will never own an asset that’s worth more than their house and it’s important to protect something that’s so valuable. Homeowners insurance helps Maine residence who have a house to protect their home and it offers a few other protections as well.
Homeowners insurance is a form of personal insurance that’s designed to cover a house and more. In most cases, policies offer coverage for a house, the policyholder and the policyholder’s personal belongings. Family members who live with the policyholder usually also are covered. (Any given policy’s protections can vary depending on its terms and conditions.)
Who in Maine Needs a Home Insurance Policy?
Broadly speaking, most people who own a house in Maine ought to have a home insurance policy that covers their house. This includes both residents of the state and those who have a vacation property in the state.
When insuring a second home, a specialized homeowners policy that’s specifically designed for second homes might be appropriate. An insurance agent who specializes in this type of insurance can help with securing such a policy.
To not carry coverage on a home not only leaves the owner exposed to substantial and unnecessary risk, but it also may violate the terms of a mortgage. While there generally aren’t laws requiring homeowners insurance, mortgage agreements and home equity lines of credit commonly require insurance in their fine print.
What Coverages Do Home Insurance Policies Make Available?
A home policy might make any number of coverages available and the precise coverages that a policy offers can vary. There are, however, a few common coverages that the majority of policies offer:
● Dwelling Coverage, which normally insures a house itself
● Other Structures Coverage, which normally insures other permanent fixtures on a property
● Personal Property Coverage, which normally insures personal belongings
● Loss of Use Coverage, which normally insures the cost of alternative accommodations following a claim
● Personal Liability Coverage, which normally insures against a range of liability lawsuits
● Medical Payments Coverage, which normally insures against small claims whether you’re to blame or not
When insuring a vacation home that’s unoccupied for a prolonged duration, homeowners may also need vacant property coverage. Policies’ standard coverages frequently exclude claims if a home is vacant beyond a certain amount of time, but this coverage might extend protection to such claims.
How Can Residents Save on a Homeowners Policy?
The majority of insurance companies offer a number of ways to potentially save on a homeowners policy. Discounts for bundling policies together, installing security systems and paying in full are widely available, and there are many other discount programs that a given insurer might offer.
Additionally, homeowners can find the lowest rates on a homeowners policy that meets their needs by comparing policy options with an independent agent. An independent agent doesn’t work with just one insurer but can independently source quotes from multiple companies. This makes it easy to see which company offers the most robust yet affordable homeowners policy.
How Can Maine Residents Get Homeowners Insurance?
For help insuring a home in Maine, contact the Trusted Choice agents at Rousseau Insurance. Our agents have the expertise necessary to help you find a homeowners insurance policy that meets your needs.