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Portland, ME Homeowners Insurance
Portland is one of the best small cities to live in the U.S. No, seriously. It may be the lesser-known Portland, but not to be confused with the West Coast city, Portland, Maine, was the original. As the most populated city in Maine, Portland has become a hub for New England foodies and artists, which is probably why “shop local” isn’t just wording on signs hanging in the windows of Portland ’s small businesses—it’s a lifestyle. Whether you’re new to the Pine Tree State or you’re Forest City born and bred, you’ll love life in Portland. That is, if you can handle the snow.
Winter weather is just one of the complexities of life in this coastal city. Portland residents also face a higher cost of living than the state and national averages, flooding during all four seasons, and occasional—but often devastating—nor’easters. With the city’s long winters and serious storm potential, protecting your home and family is imperative.
Insurify is here to make sure you have the home insurance coverage you need at a cost you can’t beat. Use Insurify’s comparison tools to map out your coverage options and find the best home insurance company and policy for your needs.
Cheapest Home Insurance Companies in Portland
For homeowners in Portland, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Portland. The following are the best insurance rates from carriers that offer homeowners insurance in Portland.
|Cheapest Companies||Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
How to Find Cheap Home Insurance in Portland
The median home value in Portland is over $370,000 and is expected to increase by at least 11 percent over the next year. Needless to say, owning a home in Portland is going to be a long-term investment and probably one of the most expensive purchases you make in your life.
The best way to protect your home from Portland ’s coastal and winter risks is with homeowners insurance. Many mortgage lenders will require homeowners to insure their property, but home insurance is not required by law. Still, a homeowners policy will offset repair or replacement costs after natural disasters and vandalism. It can even help with your living expenses if your family has to leave your home while it’s being repaired. Most policies also include liability insurance so you don’t have to worry about medical bills or legal fees if someone is hurt on your property.
The amount of coverage you need is specific to your home and family, which is why every home insurance policy has different coverage options, deductibles, and exclusions.
Keep reading for a full guide on Portland home insurance.
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Cheapest Home Insurance in Portland by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2020, the average home insurance premium in Portland costs $1,179 annually, and the median home value is $371,021.
Maine homeowners insurance quotes are significantly cheaper than averages across the U.S. But it’s still important to compare insurance products with multiple homeowners insurance companies to make sure you’re getting the best homeowners insurance coverage, cost, and customer service.
Many insurance agencies offer free online quotes, so you can compare your rates with national insurance providers like State Farm, Allstate, USAA, and Liberty Mutual Insurance and even local agents like Clark Insurance or Coastal Insurance Group. You can even check J.D. Power to see the number of complaints and customer service ratings for any particular insurer before you decide on a policy.
|Average Home Cost in Portland The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Portland The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Average Annual Home Insurance Premium in Portland by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Portland for Home Insurance
Maine home insurance premiums are much lower than the national average, but home insurance rates across the state fluctuate based on ZIP code–specific variables like home values, natural disaster risk, and property crime rates. That’s why homeowners in Portland pay different rates than those in cities like Bangor or Lewiston.
But your annual homeowners premium will be based on your specific Portland neighborhood, even down to the street you live on, since homeowners on the peninsula have different insurance needs than those in Riverton or North Deering.
If you’re still searching for your Portland abode, check out the most and least expensive ZIP codes in Portland for home insurance.
Home Insurance Coverage Types in Portland
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Maine city level guides, check out these below.
The Importance of Portland Flood Insurance
Maine receives over 42 inches of rain per year, and the high precipitation rates paired with the state’s vast rivers, lakes, ponds, and coastal space mean that flooding can happen in any season. Portland is surrounded by water, and residential areas across the city, particularly Portland ’s coastal communities, are located in the Federal Emergency Management Agency’s designated flood zones.
Home insurance policies do not cover damage caused by floods, so you’ll need to purchase additional coverage to make sure your home is completely protected. FEMA’s National Flood Insurance Program provides flood coverage to homeowners in high-risk areas, so you can purchase flood insurance through your private insurance agent or find a policy through the NFIP. Homeowners in moderate and low-risk flood areas file 20 percent of FEMA’s flood insurance claims each year, so even if your home isn’t in a designated floodplain, purchasing a flood insurance policy keeps you protected from the unexpected.
Staying Safe Through Winter Storms
When buying a home in Portland, you should expect to endure long, cold winters. Chances are, your home insurance covers damages caused by the weight of snow and ice, but you’ll want to check your policy’s exclusions to know how to properly prepare for the winter season.
This year, a nor’easter hit Maine, bringing over a foot of snow and causing over 230,000 homeowners to lose power across the state. If your policy excludes wind and hail damage, you’ll want to purchase additional coverage before the next serious storm comes. Many insurers will allow policyholders to add a separate wind and hail deductible to their policy, which ensures you’ll be covered if strong winds or hail damage your home. Most wind deductibles are a percentage of your dwelling coverage, and your insurer will simply subtract your deductible from your reimbursement when you file a wind insurance claim. Talk to your insurance agent to learn about your wind and hail coverage options if you’re concerned about your policy’s protection.
How to Find the Cheapest Home Insurance in Portland
Portland is great for homeowners looking for the amenities of city life with the simplicity and beauty of nature all around. Don’t let your home insurance search stop you from enjoying all that Portland has to offer. Insurify’s comparison tools will help you find the perfect Portland home insurance policy in just a few minutes.
Frequently Asked Questions
No, since you don’t own your building, you are not responsible for repairing damages caused by natural disasters or vandalism; the landlord’s insurance policy covers this. Your renters insurance covers your personal belongings after natural disasters and theft, as well as liability coverage.
No, you’ll need to purchase separate water backup coverage to protect your home from damages caused by sewer backups. Most insurers offer water backup endorsements for fairly cheap, so you can easily add the coverage to your policy.
When it comes to your home insurance premiums, saving without cutting corners is key. Rather than increasing your deductible or skimping on coverage, consider installing a home security system or bundling your home and auto insurance. Every insurance company offers different discounts, so check with your provider to see what additional savings you may qualify for.
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