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Ideas for saving on your Maine Homeowners’ Insurance

Category: Blog

Anyone wanting to save on their Maine homeowners insurance costs needs to understand what factors determine costs, and what can be done to reduce premiums. Here are some things to consider when purchasing or updating your homeowner’s insurance.

Building materials

What your home is made of can play a big part in calculating your homeowner’s insurance premiums. You might find that wood-framed structures cost more to insure because they are highly flammable, whereas steel-framed buildings can cost less because they are less likely to catch alight. The way a home can stand up against extreme weather can also be a consideration in the calculation of your premiums. This might be something to think about if you are building a home or doing renovations or extensions.
Think about how much it might cost to repair or replace your home if it is damaged. The cost of construction materials can fluctuate significantly, so if you want to be sure that you’re covered for damages without too many out-of-pocket expenses, you should get replacement coverage, because it generally pays for repairs at today’s prices.

Discounts

Don’t be shy about asking what discounts you could be eligible for. There are multiple policy discounts offered by some insurers. Installing a security system and fire alarm and having a no-claims history may also help to earn you a discount on your Maine homeowners insurance.
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