Maine Landlord Insurance Quotes

Maine landlord insurance quotes online are a fast, easy, and free way for you to get the best policy for your needs at the lowest price. Whether you own investment property in Augusta, Bangor, Brunswick, Lewiston, Portland, Waterville, or a smaller town in Maine, landlord insurance needs to be a top priority.

Getting an online landlord insurance quote only takes two or three minutes. Spending a few minutes to get price comparisons now could save you hundreds of dollars this year alone from your premiums. When you use our Maine landlord insurance quote form, we automatically search the policies from two hundred insurance companies so you can get the best plans at the lowest possible cost.

Who Should Investigate Getting Maine Landlord Insurance

Maine is a state where property owners are notoriously under-insured or have gaps in their coverage. Maine rental property is usually a great investment, because you can find renters to pay your mortgage and still walk away with a profit – and at the same time watch the value of your property increase over time.

But there are risks. Water damage is the most common insurance claim, due to hard winters that bring burst pipes and leaking roofs. Flooding from coastal storms, ice melt, and spring rains also causes a lot of property damage. But because flooding is not usually covered by property insurance by default, many people aren’t covered and may not even know that they have such a major gap in their insurance coverage.

According to Maine’s State Planning Office, up to 75 percent of properties in floodplains do not have adequate insurance to cover damage caused by flooding.

Then there are accidents caused by human error, like fires. Make sure you have the right landlord insurance policy to cover you in case of damage or even total loss of your rental properties. Use our form to get a free quote, and we can show you the best Maine landlord insurance policies at the best prices, so you will not only get the kind of coverage you need, but also save money!

Maine Landlord Insurance Can Save You from More than Property Damage

In addition to property damage, investment property insurance can also cover your own contents in the building, lost rental income, liability, legal fees, and accidental damage. These are important considerations when getting a Maine landlord insurance quote.

While your tenants should have renter’s insurance to cover their own items, you might think about getting content insurance to cover your own property, as these items aren’t included in policies that cover damage or destruction of the building only. Insuring your contents is only important if you provide furniture, or appliances like ovens, stoves, refrigerators, and washers and dryers.

Lost rental income is another aspect of your business that you could insure with an add-on. If your renters have to move out for some reason, like your building is too damaged for them to continue living there, you can file an insurance claim for this loss so you can continue to pay your bills while you make repairs or rebuild.

Liability coverage and legal fees are two more aspects of a Maine landlord insurance policy to consider. If someone slips on an icy sidewalk and is hurt, and you as the property owner are found liable, this could be very expensive for you, and legal fees could really add up. Make sure you have adequate coverage so these expenses wouldn’t come out of your personal assets.

One more optional factor to consider when getting Maine landlord insurance quotes is accidental damage. If, for example, your tenant causes more damage to your unit than their damage deposit and you are unable to get restitution, insurance can cover the rest.

More about Flooding and Maine Landlord Insurance Quotes

As mentioned before, damage caused by flooding can be a major gap in insurance coverage, and we highly recommend you add it to your policy when you are requesting free Maine landlord insurance quotes. Many property owners believe that they are covered in the case of flooding, when in fact they are not.

Maybe if you own rental properties in the mountains near Mt. Katahdin, away from bodies of water with good drainage, you could rule out flood protection. But most landlords, especially those who own properties in floodplains, should add it. Better to spend a little extra now than need it later and not have it. Keep in mind it usually takes 30 days for flood insurance to kick in, so make sure you are prepared well ahead of spring, when flood risk is highest.

How Much Insurance Do Landlords Really Need in Maine?

It can be tempting when getting Maine landlord insurance policy quotes to choose a policy with a higher deductible so that you would have lower premium payments. Depending on your financial situation, this could be a real mistake.

Should something happen to your property that costs more than you have as cash on hand, you may need to dig into your retirement simply to meet the deductible. So make sure that the amount you choose as a deductible is an amount you have easily accessible at all times. Other landlords try to save money on their insurance by understating the value of the property.

Consider this: if your property is completely destroyed by fire or an act of nature, your insurance policy will pay you only what you have it insured for, and no more. So make sure your policy covers how much it would cost to rebuild your property at today’s construction prices, which are only going to get higher as costs for transportation, natural resources, and labor rise.

Get the Best Deal by Using Our Maine Landlord Insurance Quotes Form Now!

Use our form to get Maine landlord insurance quotes for your property, free and with no obligation. There’s no reason to put it off saving money – and 95% of people who use the form save up to hundreds of dollars or more. You can, too.

 

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