Posts Tagged ‘property insurance’
Does a Maine Homeowners Insurance Policy Cover Hurricane Damage?
Wednesday, August 24th, 2011
That may be the most popular insurance question of this week as Hurricane Irene curves its way toward the East Coast.
The Good News…
Most Maine homeowners insurance policies cover wind damage, wind-driven rain, damage to a home from falling trees, and other common types of hurricane damage.
BUT…
In the past 5 years, many insurers have introduced special deductibles for property located within a quarter-mile of the coast. Sometimes, the deductible applies only in the case of a hurricane, or other “named storm”. Other insurers’ policies have higher deductibles for all wind damage, even from a February nor’easter.
These deductibles are usually expressed as a “percentage deductible”. Common deductible percentages are anywhere from 1 to 3% of your property insurance amount. In other words, on a $250,000 home, a 2% wind deductible would be $5,000, and would apply to any wind damage.
You should check your own policy to find out what kind of deductible is on your homeowners, Maine renters insurance or Maine condo insurance policy, and how large that deductible is.
What About Other Hurricane Claims?
Standard homeowners policies do not cover damage from loss of power, such as food spoilage or basement water backup caused by a sump pump not working. Often, you can buy some power failure coverage.
Likewise, homeowners policies have little or no insurance coverage for fallen trees, unless they strike a structure or block a driveway. Some insurers sell endorsements that offer limited coverage for this.
Finally, flood damage is NOT covered by homeowners policies. You must buy NFIP Maine flood insurance to have flood coverage.
FMI
For more information about Maine hurricane insurance for homes, autos, condos, boats or other property, contact Noyes Hall & Allen Insurance at 207-799-5541. If you are already a client, and need to report a Maine insurance claim, visit our web site, or call the number above for instructions.
Tags: condo insurance., Home Insurance, hurricane damage, property insurance, renters insurance
Posted in Boat Insurance, Car Insurance, Condo Insurance, Current Affairs, Home Insurance, Homeowners Insurance, Personal Insurance, Renters Insurance, safety, Weather | No Comments »
Maine Homeowners – Thinking About a Pellet Stove?
Thursday, November 12th, 2009
Pellet stoves are hot. Over 50% of stoves bought in the U.S. in 2008 were pellet-fueled, according to the Pellet Fuels Institute.
Any kind of wood-burning appliance causes concern for fire insurance companies. Insurers are often slow to adapt to new technology, since they rely on experience statistics to help them set rates and underwriting guidelines. However, most insurers understand the popularity of these stoves, and are trying to accomodate home owners who use them.
Operated and maintained properly, well-built stoves can be a safe, economical way to heat your home. If you buy one, your insurance company will probably ask some questions about it. Here are some of the insurance company guidelines we’ve seen.
5 Keys to Making Your Pellet Stove Insurable
- Make sure your stove is UL listed. Many U.S. insurers will only insure American or Canadian built pellet stoves.
- Many companies will only insure top-fed stoves. Bottom and side-fed stoves are considered to be harder to consistently maintain. This may change with future designs and as more experience develops.
- Avoid an appliance that is capable of burning Standard PFI rated pellets. Some insurers will not accept them.
- Although manufacturers’ requirements may be more lenient, insurance companies tend to require the same heat shielding and fireproof hearth as they would for a standard wood stove.
- If your stove has a power exhaust vent, many companies require a 1 foot projection of the vent from any combustibles (e.g. siding) through an approved thimble. Because power exhaust vents require electricity, several insurers require a battery backup or generator to prevent a puff-back in a power outage.
It’s always smart to ask your agent or insurance company before installing a wood-burning appliance. If you have any questions, contact Noyes Hall & Allen Insurance .
Tags: chimney fires, fire insurance, heating with wood, homeowners insurance, pellet stove safety, property insurance, wood stove safety
Posted in Condo Insurance, Home Buying, Homeowners Insurance, Personal Insurance, Renters Insurance, safety, Trends | No Comments »
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@Bob_Hartwig good comments, but overwhelmed by article's context. Ins. agents must serve clients best we can in challenging environment.
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