As a homeowner in Maine you have a number of options for Maine home insurance policies. The most suitable one for you depends on the type and age of your home and the amount of coverage you require, in light of the risks to your property.
HO-2: This policy offers basic coverage for protection against 16 perils.
HO-3: This is the most common policy which provides coverage for all perils except those that are specifically excluded.
HO-8: This coverage is designed for the older home and usually pays cash value rather than replacement cost.
HO-4: A policy for those renting a home, this provides coverage for the tenants’ personal possessions
HO-6: Condo/Co-op coverage is tailored to the special needs of condo owners.
Earthquake and flood damage coverage are not included in most home insurance and therefore require separate policies to be purchased. Generally speaking home insurance offers the following protections:
- Coverage for the rebuilding or repair of your house and other attached structures if destroyed or damaged by an event covered by the policy;
- Coverage for the repair or replacement of other structures such as fences, sheds and garages;
- Compensation for the loss or destruction of possessions in circumstances covered by the policy;
- A ‘loss of use’ feature designed to pay the cost of additional living expenses in the event of disaster when you may have to live elsewhere while repairs or rebuilding work is done;
- Liability coverage which offers financial protection in the case of injury to persons visiting the insured property.
The important thing in buying Maine home insurance is to understand your insurance and be aware of the types of coverage not included. It’s also important to be aware of policy limits that may apply to areas of coverage or categories of items.