The state of Maine has a few different types of homeowner’s insurance that can be chosen. All three types of coverage will protect you if someone is injured on your property. However, the other items they cover can vary greatly. If you are looking for home insurance in Maine, here is what you need to know.
Basic HO-1
This policy will protect your home from basic problems that arise such as a fire, smoke damage, broken windows, theft and vandalism. However, more severe structural problems may not be covered so this policy should be chosen with great care.
Broad HO-2
This type of policy expands on the protections offered with a HO-1. It also provides coverage should the structure actually collapse and will protect homeowners from falling objects that cause damage. Water that leaks out of home appliances, such as a dishwasher or washing machine, would also be covered.
Special HO-3
This is the most extensive protection that is available in the state. It protects homeowners from any damage that could happen to the home unless it is caused by earthquake or flood.
Full Replacement Cost
Some states allow companies to insure the depreciated value of items. This means that the insurance company will only pay out the actual value of a lost or destroyed item, not what it will cost to replace it. Most insurance companies in Maine offer full replacement coverage, so you can get back on your feet again more easily. However, you should check the fine print of your policy to be sure which replacement value yours uses.
Fire and Snow
There are tow big concerns in Maine. The first is the damage that can be done to homes by the heavy snows that fall in wintertime. The second is the concern over wildfires that occur from time to time in the dry summer months. To ensure that your home is protected, talk to your insurance agent. Ask if your home is covered in the event of ice dam and choose a minimum of HO-2 or HO-3 insurance for protection in the event that heavy snow should cause damage to your roof.
When insuring your home, check your levels and be sure that they are high enough. Make a list of the assets in your home that you would want to have replaced and be sure that the levels will cover them. Talk to your agent to confirm if the electronics you own are covered. If they are not, you might consider getting a rider for them. Finally, it is recommended to photograph the interior and exterior of your home so you can have an actual and complete listing of the home’s condition and items that are inside it.
