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.
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 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: renters insurance is worth the cost.
Maine Rental Insurance Coverage
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.
Discounts to Help Save
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.
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.