When it comes to purchasing Maine home insurance, it’s important to know the factors that may determine or affect the cost of premiums. Some of these factors may be within your control, at least partially anyway, while others may not be at all. They include:
• The size of your home and the type of building it is in terms of features and building materials.
• The condition of the home’s wiring, plumbing, and heating systems.
• How close the property is to a fire station.
• Your “insurance score” – based on your credit history.
• Where you live – in a region with a higher than average crime-rate, home insurance is likely to cost more. In addition, the propensity of the region to natural disaster will most likely affect premiums. In parts of Maine, natural disaster risks include wildfire, flood, high winds, and winter weather. For a summary of the exact disaster risks of your location, go to the website of the Insurance Institute for Business and Home Safety (IBHS) and enter in your zip code where indicated.
• Deductibles – a higher deductible will generally mean lower premiums and vice-versa; if the risk of damage is low, you may want to consider raising the deductible.
You may be able to get a better deal on Maine home insurance by having one of our agents shop around for you, and by taking steps to lower your risk of experiencing damage. Keeping your home well maintained, and having excellent safety and security features, along with improving your credit score are all things that may help you to find lower-cost insurance!