Posts Tagged ‘Maine home insurance’

7 Ways to Trim Insurance Costs This Month

Thursday, January 19th, 2012

Thanks to Maine’s rural nature, mature population, low crime rates and high percentage of insured drivers, buyers of Maine auto insurance and home insurance pay some of the lowest insurance rates in the U.S. Still, there are ways to reduce your insurance costs. Avoiding accidents, tickets and homeowners claims is an obvious one. Here are some others.

Shop Around

Insurance is a very competitive business, as evidenced by the volume of advertising in the media, mail and internet.  Every insurance company sets their own rates, and evaluates people differently. If you bought your policy directly from an insurance company (like Allstate, GEICO, State Farm, etc.), they only offer rates from their company. You’ll have to shop on your own.

Consult a Maine independent insurance agent who represents many companies; they will do the shopping for you. Many of them even have web sites where you can compare Maine  home and auto insurance quotes from multiple companies.

The Best Time to Shop for Insurance

Your home and car insurance rates depend greatly upon your insurance score. That score is based on most of the same information as your credit score. The higher your score, the lower your car and home insurance rates. To get the best price, shop for insurance when your score is good.

In general, your insurance score decreases when you:

  • Make a late payment on any type of loan or bill.
  • Use a higher percentage of your available credit
  • Apply for a loan or credit card (applying for insurance does NOT affect your score).

The time to get the best insurance rates is BEFORE refinancing or buying a home or car, and when your credit card balances are low.

Package Your Policies

Most insurers offer a significant discount for buying more than one policy from them. If you insure your property and your autos, you can often save $200 or more per year. The same goes for boats, snowmobiles, motorcycles or other types of insurance. Some insurers can even combine your billing, to simplify your bill-paying process, and reduce the clutter in your life.

Don’t Let Your Insurance Lapse

Every month, thousands of people get insurance cancellation notices due to non-payment of premium. This happens for reasons ranging from inattention to bills, to being on vacation, to simply not having the money.

If your insurance lapses, the insurance company may choose not to reinstate your coverage – especially if you’re a frequent slow payer. Few insurance companies will accept you after you have had a lapse in coverage – and they charge higher premiums to account for the additional risk. An easy way to save $250 per year or more: don’t let your policy cancel in the first place.

Communicate with Your Agent – Get the Discounts You Deserve

Your agent knows more about insurance discounts and rules than you do. They know which companies offer auto insurance discounts for driving few miles, owning a hybrid car, or a child being on the honor roll; discounts on home insurance for installing a generator or an alarm system; and which ones have best rates for young drivers. Some companies even offer a discount if you have your policy delivered electronically instead of by mail.

Certain life events affect your insurance, like sending a child off to college, inheriting a vehicle or property, and a child getting their driver’s license. By talking regularly with your agent, you will get advice on the best rate and coverage for your current situation.

Adjust Your Coverage

Pay attention to your deductibles and coverage. When you first bought your home, you may not have had the cash reserves to pay a $1,000 bill for damage. Perhaps now you do. Increasing your deductible from $500 to $1,000 can save hundreds of dollars a year.

Likewise, your auto policy may still have collision coverage on a vehicle with a very low book value. Your agent can help you estimate the savings by removing unneeded coverages or increasing deductibles.

Pay Bills Automatically

Most insurers now allow you to pay your insurance  in monthly installments by Electronic Funds Transfer (EFT). Many charge very little – or nothing – for this option. Compared to the traditional “get a bill, write a check” method, this could save you $60 per year per policy. It also assures that your insurance continues without lapse, and improves your “on time payment” record, which helps your credit and insurance scores.

If you live in Southern Maine, and have questions about your insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

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Posted in Car Insurance, Condo Insurance, Finance, Home Buying, Home Insurance, Homeowners Insurance, Insurance Discounts, Personal Insurance, Renters Insurance, Uncategorized | No Comments »

Is Your Maine Home in a Flood Zone?

Thursday, September 23rd, 2010

Recent changes proposed by FEMA have put flood insurance in Portland, Maine on the minds many. Every property is in a flood zone, and has the possibility of suffering flood damage. Some properties are in “special hazard zones”, which means that they are more susceptible to flood. Lenders usually require borrowers to buy flood insurance as a requirement of getting a mortgage for these properties.

If you’re wondering what flood zone your property is in, there is a free tool available at FreeFlood.net. It’s a database of the flood zones of 100 million U.S. addresses. Simply enter your address, and instantly see flood zone information, along with a “flood meter” reading.

Graphical Flood Zone Meter

If you’re buying a home or commercial property in Maine , this is a great tool to help you budget your property insurance costs. For more information about homeowners insurance, business insurance, or flood insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

Special thanks to Steve Anderson of Steve Anderson’s TechTips for introducing us to this useful tool. Steve’s blog is a great educational resource for Maine insurance agents like us.

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Posted in Business Insurance, Business Property Insurance, Home Buying, Homeowners Insurance, Personal Insurance, Weather | No Comments »

Is Your Fallen Tree Covered by Maine Homeowners Insurance?

Friday, February 26th, 2010

We’ve been very busy today with calls from clients who suffered damage in yesterday’s wild storm – and there’s more weather on the way this weekend. Most calls have concerned fallen tree limbs, which can be some of the trickiest claims to advise insureds about. Here’s why.

You have  3 possible sources of coverage for tree damage:

  • your homeowners property coverage;
  • your homeowners liability coverage;
  • and your car insurance.

There are also 3 types of financial loss:

  • The cost to cut up and haul away the limb;
  • The cost to repair damage to your property;
  • The cost to repair damage to your neighbor’s property caused by your tree.

You can see how this might get complicated pretty quickly. But there’s more. Consider this:

  • Most property policies pay for YOUR damage if the tree or limb damages your building or structure. They also pay to remove the offending tree or limb.
  • Most property policies do NOT pay to remove a tree or limb that doesn’t damage anything else. There are exceptions to this rule, depending on which company you’re insured with, and which optional coverages you bought.
  • Liability coverage pays for your “legal liability” for damage to someone else’s property. You have to be considered “negligent” for coverage to apply. Just because it was your tree that fell on your neighbor’s fence, that doesn’t mean you did anything wrong. Liability could depend on the condition of the tree before the storm, among other factors.

Put all of these factors together, and you can understand why there’s no quick answer to “am I (or my neighbor) covered when a tree falls in my yard”. Your best bet is to call your agent, and get their opinion of your unique situation.

4 Pieces of Advice
While every situation’s different, these should apply to most situations.

  • Take photos of the damage or the fallen tree or limb.
  • Take immediate steps to protect your property from additional damage.
  • Make arrangements to have the tree removed. No need to wait for an adjuster to see it.
  • Remember, there’s a difference between the law and being a good neighbor.

If you’re not legally responsible, and your liability doesn’t cover their damage, their homeowners policy will probably cover it. But, they’ll have to pay their property deductible. In the interest of maintaining good relations, you and your neighbor may want to talk about cost sharing.

Good luck weathering the storm!

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Posted in Homeowners Insurance, News, Personal Insurance, Weather | 4 Comments »

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good comments, but overwhelmed by article's context. Ins. agents must serve clients best we can in challenging environment.

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