Homeownership has been on the rise; 2022 statistics show the highest rates since 2011. Homeowners insurance is an important part of protecting your home and property. For most families, the home is your biggest investment; at Cole Harrison, we want you to have peace of mind that it’s protected. This article will discuss the importance of homeowners insurance and why it is necessary.
What Is Homeowners Insurance?
Homeowners insurance is a type of property insurance that covers damage to your home and personal belongings due to specific events, such as fire, theft, or vandalism. It also provides liability coverage if someone is injured on your property or you are sued for damages caused by you or a family member. In addition, homeowners insurance typically includes coverage for the structure of your home, personal belongings, additional living expenses if you need to relocate temporarily due to a covered loss, and liability protection.
Is Homeowners Insurance Required in Maine?
Unlike auto insurance, the state of Maine does not require residents to have homeowners insurance. However, most major mortgage lenders do. The advantage of having homeowners insurance is to protect owners from potential losses due to natural disasters or other events that could cause damage to their homes or property. Without adequate coverage, homeowners could be left with significant financial losses if their homes were damaged or destroyed by a covered event. Additionally, many lenders require borrowers to have adequate homeowners insurance before they approve a loan to purchase a home.
What Does Homeowners Insurance Cover?
Homeowners’ insurance coverage will vary by policy. However, most basic guidelines cover damage caused by fire, windstorms, hail, lightning strikes, theft, vandalism, and other similar events that could cause damage to your home or personal belongings. It also provides liability protection if someone is injured on your property or you are sued for damages caused by you or a family member. Additionally, most policies include coverage for additional living expenses if you need to relocate temporarily due to a covered loss.
When making decisions concerning home insurance, it’s best to work with a professional who can answer your questions, inform you of your options and educate you on the specifics of your policy. The experts at Cole Harrison have an excellent reputation for putting their clients first. When you work with us, we’ll take the time to get to know you and your insurance needs. We take pride in doing things right, and we love working in our local communities and providing peace of mind to our clients.
In conclusion, it is important for all homeowners in Maine to have adequate homeowners insurance coverage to protect themselves from potential financial losses due to natural disasters and other events that could cause damage to their homes or personal belongings.
No one wants to think about the possibility of home loss. Still, in a natural disaster, accident, or weather event, we want to ensure your family has the coverage they need to have adequate shelter. If you want to know more about home insurance or have questions about your current policy, contact us today. One of our skilled agents would love to work with you to ensure you have the coverage you need; click here to request a quote. To better meet your needs, we have three offices (Kennebunk, Carrabassett Valley, Kittery) to serve families and businesses across Maine.