When bad things happen, like fire from a neighbor’s apartment causes smoke damage in your home, having your home burglarized, or if a friend or family member gets hurt at your apartment, having renters insurance will often help mitigate these expenses. Learn the facts about how it can benefit you.
What is the average renters insurance cost in Maine?
There’s no doubt about it, rental insurance in Maine is a great deal. In fact, most people in the U.S. pay about $185 per year for rental insurance, but the average cost of renters insurance policy in Maine costs just $149. That’s 20% less than the national average.
When you take into consideration how much you’d spend replacing just a few of your belongings, it’s easy to see why getting renters insurance is a smart decision. If you work a minimum wage job, it’ll only take you 20 hours to pay for an entire year’s worth of protection. The numbers confirm it: it is worth the cost of renters insurance.
What does Maine’s rental insurance cover?
On average, a burglary occurs once every 15 seconds in America. There were 7,461 burglaries in Maine in 2012 alone. While we hope you’re never the victim of a break-in, renters insurance can help prevent financial stress. That’s because it can cover the cost of replacing your stolen or lost personal property often at full retail price. Rental insurance can also provide protection if your valuables are damaged by a fire, storm, or other covered event. Plus, most policies include a liability component that helps cover you if you’re sued by someone who gets hurt at your rental. You should consider purchasing more than the minimum liability coverage to ensure you have personal property coverage. A more extensive policy could help with things such as replacement cost, water damage, and possibly even medical expenses.
Are there any discounts to help me save on my renters insurance policy?
An insurance company will determine your renters insurance premium depending on your address, claims history, current policies, and a slew of other variables. You can knock some of the cost off your premiums by qualifying for available discounts.
- Multi-Policy: Bundle auto or another insurance plan with renters insurance and save.
- No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
- Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices.
- Higher Deductibles: Agreeing to a higher deductible can lower your renters insurance premium. But be careful, make sure the deductible is something you can afford if you need to make a claim.
What are some Maine renters insurance facts?
About 28% of Maine residents rent. On average, they pay $869 per month for a two-bedroom apartment, but a year’s worth of insurance only costs $149. Here’s the bottom line: rental insurance is protection you can’t afford to go without.
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!