Maine has faced numerous storms and flooding events in the past year, resulting in several disaster declarations and rising property insurance rates. Despite having lower premiums compared to other areas in the country, homeowners are still experiencing double-digit rate increases. To reduce insurance costs and protect their property, homeowners can take several steps.
One option is to speak with your insurance broker to explore more affordable alternatives and potential discounts such as bundling your home and auto insurance. Increasing your deductible can also help lower premiums. Checking for a water damage exclusion in your policy is crucial, as many standard policies do not cover flood-related damages. Buying flood insurance is recommended, especially in areas prone to flooding like along the Kennebec and Androscoggin rivers.
Good property maintenance is essential to prevent insurance claim denials, as damage caused by property defects, wear and tear, or mold may not be covered. Proactively removing hazards such as rotten trees can prevent losses during storms. It is also important to be aware of your policy’s coverage and exclusions, as some incidents like damage from waterborne materials may not be covered.
For more information on insurance options and coverage, homeowners can contact their broker or agent, or consult the Maine Bureau of Insurance. With natural disasters becoming more frequent and severe, it is crucial to take proactive steps to protect one’s home, family, and investment. By shopping around for coverage, reviewing policies, considering flood insurance, and maintaining your property, homeowners can save money and safeguard their homes against potential damages.
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Photo credit www.centralmaine.com
