Home Insurance in Portland, ME
If you ever experience a fire or other event that damages your home and its contents, home insurance in Portland can cover your costs to repair or replace.
Portland is the largest city in Maine with a population of over 68,000. Nicknamed the Forest City, Portland has much to offer anyone who's in town, including a vibrant food scene, a stunning waterfront and a downtown that is easy to walk around. When you're here, you have access to over 20,000 works of art at the Portland Museum of Art. If you're into folklore and mysterious subjects such as The Loch Ness monster and Bigfoot, the International Cryptozoology Museum is a must-see.
The cost of living in Portland exceeds the national average in several key indices, including transportation, food and housing. Housing costs are 25% higher than the average of the United States. The median property value here is over $341,000, over five times the median household income of approximately $66,000. Most people don't have five times their annual salary available to spend if their house is destroyed in a fire. Even if you did, home insurance in Portland would protect your finances from such a financial burden.
There's no law requiring home insurance in Portland; however, mortgage companies usually require it from borrowers. Having a policy is still a good idea when you consider some of the local risks to your residence. Portland experiences very cold winters. The accumulation of snow and ice can cause significant structural damage to your home. Also, Portland has many homes that were built before 1978. Older houses are often more expensive to insure due to older fixtures and outdated building materials, such as lead-based paint.
Your insurance policy generally covers your dwelling, the contents of your home, other structures on your property and expenses associated with the loss of use of your home. Your policy will also cover personal liability regarding claims for guests accidentally injured while on your property. It's also important to know which events or perils are covered by your plan:
Most homeowners' policies do not cover earthquakes and flooding. You'll need to purchase separate plans. VIU by HUB helps you know what coverages are available and their corresponding quotes to help you find the right plan for your home.
Portlanders can expect to pay around $1,035 to protect their home annually, on average. This is a little more than the state average but well below the national average of $1,820. What you pay will depend on factors that vary amongst policyholders and properties:
