Maine Home and Auto Insurance Rates – June 2024 Update

Posted on by Bob O'Brien

Maine home and auto insurance rates are rising faster than the national average in 2024. Although Maine rates are still among the lowest in the USA, Portland Maine area insurance buyers saw almost a 15% price increase in the first half of 2024. Industry experts expect this to continue through 2024, with some optimism that the increases will be less next year.

Maine Auto Insurance Rates – June 2024

Portland Maine auto insurance rates jumped 13.0% on average in the 2nd quarter of 2024. The average annual auto insurance policy in Cumberland County now costs $1497 per year. Rates vary depending on the type and number of vehicles, drivers and other factors.

Maine home and auto insurance rates continue to jump in June 2024.

The good news is that the average Maine driver pays 44% less than the national average for auto insurance, according to the Value Penguin “State of Auto Insurance 2024” report.

Maine Home Insurance Rates – June 2024

Maine home insurance rates continue to increase even faster than auto insurance. The average home insurance premium was 13.7% higher than a year ago. The end is not in sight yet, as US home insurers report record losses from weather events.

Fortunately, historically high rebuilding costs have tempered somewhat. This allowed insurance companies to reduce their “inflation guard” factors. That reduces the percentage increase, which was about 4 percentage points lower than our last survey in December.

Maine home and auto insurance rates rose quickly in early 2024.

Publications ranging from Portland Press Herald to the New York Times to the Quoddy Tides have documented rising homeowners prices and reduced underwriting availability.

Independent Agents Offer a Choice of Maine Home and Auto Insurance Rates

For more than 90 years, Noyes Hall & Allen has helped southern Mainers navigate the insurance market. While we don’t have any control over prices, we offer a choice of several insurance companies. That means we can help you find the best insurance value in any market.

If you live in southern Maine, you can get up to 5 insurance quotes in 10 minutes from our website. Or contact a Noyes Hall & Allen agent in South Portland at 207-799-5541 for a free no-obligation custom review.

We’re independent and committed to you.

Will My Auto Insurance Cover a Borrowed Car?

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Auto insurance covers your own vehicle when you drive it. But what happens if you borrow someone else’s car or truck? You might do this when your own vehicle breaks down, you need a vehicle that holds more cargo, or you use mass transit to travel outside of Portland, ME. Either way, it’s important to make sure you’re adequately insured.

How Is It Covered?

When you borrow a car, your own insurance typically doesn’t cover it. The vehicle owner’s policy will insure it under most circumstances. Depending on the type of insurance they carry, it may cover collisions, severe weather, theft, animal strikes, and/or liability. Keep in mind that the owner’s policy might be much more basic or comprehensive than your own auto insurance.

Precautions to Take

Before borrowing a car, make sure the owner has insurance. Maine state law requires both drivers and owners to have sufficient liability protection. Remember that damage to a borrowed vehicle may not be covered if the owner lacks collision and/or comprehensive coverage or has a high deductible. Consequently, the owner may expect you to repair the vehicle.

Possible Exceptions

Auto insurance doesn’t always protect borrowed cars. A policy may not provide coverage if you drive the vehicle regularly, live in the same home as the owner, or use the vehicle for a commercial purpose. The same holds true if you borrow the car without the owner’s permission. Always make sure you currently have permission, even if you’ve borrowed the vehicle in the past.

The bottom line is that it’s only wise to borrow a well-insured car that you can safely drive. If you’re looking for auto coverage, the experts at Noyes Hall & Allen Insurance can help. Our independent agency in South Portland, ME lets you compare multiple major insurers in one place. Call 207-799-5541 or text 207-517-4065 to reach a friendly agent at Noyes Hall & Allen Insurance today.

Is It Time to Update Your Severe Weather Coverage?

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In Portland, ME, homeowners experience more than their fair share of severe weather events. From blizzards to nor’easters, the insurance policy that protects every home needs to address the damage from extreme weather fully. At Noyes Hall & Allen Insurance, we work diligently with people in the Portland, ME, area to ensure they have a secure policy in place at all times.

What is Severe Weather Insurance?

New and existing home buyers need to keep in mind that policies may not cover certain extreme weather events. For example, property owners in Florida reportedly had difficulty securing hurricane insurance after a long line of storms ravaged the state. While Maine remains at low risk for hurricanes, these naturally occurring incidents sometimes require additional riders.

Flood Insurance

The fact that a high-volume rainstorm causes a basement or home to flood doesn’t mean a standard homeowners’ insurance policy will cover the damage. Flooding claims from storms or even a broken water pipe may only be approved if you have a flood insurance rider.

Earthquake Insurance

It may not seem cost-effective to add an earthquake rider in Portland, ME. Although the state hasn’t experienced a quake of 5.0 or higher since 2010, there has been a steady stream in the 2-3 range.

Windstorm Insurance

It’s rare for a hurricane to travel from the tropics to Maine. But when it happens, property owners may find out why seemingly inexpensive riders are worth every penny. Hurricanes and tornadoes aside, plenty of high wind events topple trees on homes and tear off shingles.

Update Your Severe Weather Insurance in Maine

At Noyes Hall & Allen Insurance, we encourage home and business owners to schedule a consultation to review existing policies annually. An expert can review your current coverage and recommend adjustments to ensure you’re protected when the next storm hits. If you’d like to speak with an expert, contact us today.

Three Indications Your Business Could Benefit from an Umbrella Insurance Policy

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Running a business in Portland, ME, comes with its share of risks. Fortunately, umbrella insurance can provide an extra layer of protection against potentially devastating problems. Understanding what umbrella insurance covers and who benefits most from it can help you decide if this type of coverage is right for your business.

What Is Umbrella Insurance?

Umbrella insurance increases the coverage limits of certain commercial insurance policies, offering additional compensation in the event of an unfortunate incident. In some cases, umbrella insurance may also cover perils that are excluded from your standard commercial insurance policies.

Who Needs It Most?

Businesses with Valuable Assets

Umbrella insurance is ideal for businesses that own expensive assets. It can increase liability limits for both commercial property and commercial auto insurance, ensuring your valuable investments are adequately protected.

Businesses with High Liability Risks

Brick-and-mortar businesses that welcome significant foot traffic face a higher risk of accidents. Whether it’s slips, falls, or other incidents, umbrella insurance ensures there is sufficient coverage for serious accidents or situations involving multiple people at your location.

Businesses in Industries Prone to Lawsuits

Certain industries, such as healthcare, technology, and manufacturing, tend to experience a higher incidence of lawsuits. Umbrella insurance provides the coverage needed for legal costs, settlements, or judgments against your business, helping you navigate these challenges without financial strain.

Call Noyes Hall & Allen Insurance for More Information

Noyes Hall & Allen Insurance specializes in helping Portland, ME, business owners find the best insurance coverage at competitive prices. Contact us today to learn more about how umbrella insurance works or to request policy quotes.

Why Updating Your Home Insurance Matters After Renovations

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Renovating your home is an exciting process, whether you’re adding a modern kitchen, finishing your basement, or installing a backyard pool. However, these upgrades don’t just change the look and feel of your home—they also impact its structure and value. That’s why it’s crucial to keep your insurance company informed after major updates. If you’re in the Portland, ME area, Noyes Hall & Allen Insurance is here to help ensure your coverage reflects your home’s new value.

How Renovations Affect Your Coverage Needs

Home improvements—whether you call them renovations, updates, or upgrades—often increase your home’s replacement value. For example, upgrading to custom cabinets and high-end appliances or creating a new living space in a previously unused basement raises the cost to rebuild or repair your home after a disaster. Your original policy limits may no longer be sufficient to protect your investment fully.

Adding features like a pool can also introduce new risks. Even with proper safety measures, pools increase the likelihood of accidents. Your insurer needs to know about these changes to ensure your liability coverage accounts for your home’s current situation.

Why It’s Important to Notify Your Insurer

Failing to update your policy after renovations can lead to complications later. If an unexpected event—such as a fire or severe storm damage—occurs and your insurance company wasn’t informed of your upgrades, you may not be covered for the full extent of your losses. Worse, unreported renovations could result in disputes during the claims process.

Keeping your insurance policy up to date is just as crucial as the renovations themselves. It ensures that your hard work—and your home’s increased value—are adequately protected, giving you peace of mind no matter what life brings. Contact Noyes Hall & Allen Insurance today to learn more about updating your coverage. We proudly serve the Portland, ME area.

Auto Insurance Cancellations and Non-Renewals

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If you drive a car in Maine, you are obligated by law to buy auto insurance. Some drivers have concerns about choosing their auto insurance. If you are near the Portland, ME area, our team at Noyes Hall & Allen Insurance can help you make the right auto insurance choices. We’ve been working with drivers in your area since 1933.

Auto Insurance Cancellations and Non-Renewals

You may be interested to learn which circumstances would allow an insurance company to cancel or decline to renew your auto insurance. According to the Maine Bureau of Insurance, after your policy has been active for 60 days, your insurance company can cancel it if you do not pay your premium. Clients whose driver’s license is suspended or revoked may also have their policy canceled.

If you are involved in multiple auto accidents or you violate the terms of your insurance policy within 36 months of the policy renewal date, your insurance company has the right to decline to renew your auto policy. For example, if you are convicted of leaving the scene of an accident or driving your car while intoxicated, the insurance company can refuse to renew your policy. If you want to contest a cancellation or non-renewal, you have the right to a hearing before the Superintendent of Insurance.

Call Us Today for Your Appointment

Many drivers may need assistance from one of our agents to determine the best plan for their budget. Our team at Noyes Hall & Allen Insurance uses its years of experience to help you find and select the right insurance solutions. Drivers in the Portland, ME area have been trusting our team for over 90 years. Call us today and let’s work together to get you insured.

Cyber Liability Insurance: Protecting South Portland, ME Businesses in the Digital Age

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Running a business today involves more than managing employees and customers—it also means safeguarding digital assets. In South Portland, ME, businesses of all sizes face increased cyber threats like ransomware attacks, phishing scams, and data breaches. That’s why having cyber liability insurance isn’t just smart—it’s essential.

The Digital Risks You Can’t Overlook

Cyberattacks can still occur even with firewalls, strong passwords, and employee training. A phishing email or weak endpoint can expose sensitive customer data, freeze your systems, or halt operations entirely. For small businesses in South Portland, ME, the impact of a single cyber incident can be financially and reputationally devastating, and recovery isn’t always straightforward.

Cyber liability insurance aids with the financial aspect of recovery. It can cover costs related to business interruption, data restoration, legal defense, and customer notification. Some policies also provide access to IT experts who can guide your response and help you rebuild faster without confusion.

How We Assist Businesses in South Portland, ME

At Noyes Hall & Allen Insurance, we work closely with businesses across South Portland and the surrounding areas to understand their unique risks and goals. Whether you’re a local retailer, healthcare provider, or professional service firm, we help you find the right level of cyber coverage that fits your needs, not a one-size-fits-all solution.

We take the time to clearly explain your options, answer your questions, and help you feel confident in your coverage. And if you ever need to file a claim or adjust your policy, we’re here, local, experienced, and ready to assist.

Cyber threats are real, and they’re not disappearing. Contact Noyes Hall & Allen Insurance, serving Portland, ME, today to protect what you’ve worked hard to build.

How Subrogation Affects Businesses After a Claim

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If you’ve ever filed a commercial insurance claim, you might have come across the term subrogation. While it may sound complex, it’s actually a process that helps shield your business from bearing the full financial burden of an incident. At Noyes Hall & Allen Insurance, providing commercial insurance products to business owners throughout Portland, ME, we prioritize helping business owners understand what happens after a claim—and how subrogation can play a key role in the outcome.

Defining Subrogation

Subrogation essentially involves your insurance company stepping into your shoes to recover costs from the party that caused the loss. For instance, if a delivery driver damages your property and your insurer pays for the repairs, they may then pursue the driver’s insurance company for reimbursement. It’s a behind-the-scenes process, but it helps prevent your premiums from unnecessarily increasing after an accident that wasn’t your fault.

The Importance of Subrogation for Your Business

While subrogation typically doesn’t require much action on your part, it can influence how quickly your claim is resolved. Sometimes, your insurance company may need details or documentation from you to support their efforts. Being prepared and responsive can help expedite the process. More importantly, successful subrogation means your insurer recovers costs, which can be beneficial for future rates and coverage options.

A Reliable Partner in Your Corner

Navigating a commercial insurance claim can be stressful enough without having to worry about the fine print. That’s where we come in. If you’re seeking clear answers and dependable support, reach out to Hall & Allen Insurance, serving the greater Portland, ME region. We’re here to help your business move forward with confidence.

Noyes Hall & Allen Insurance: Home Protection for Maine Residents

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Home insurance does so much more than protect your home. It protects your livelihood and your family. When you want to get the most out of life in Portland, ME, our Noyes Hall & Allen Insurance agents can help.

Understanding Home Insurance Basics

A basic home insurance policy is going to cover your dwelling as well as your personal property. It also provides liability in the event that someone gets hurt on your property or someone in your household damages someone else’s property. Additionally, it covers loss of use if your home is unlivable for a certain period.

Is it possible that you would owe more than your deductible? Of course. It all depends on how much loss you experience or the extent of damage, medical bills, or anything else.

That’s why having the right coverage is critical. Working with an insurance agent can ensure you have a policy that is built for you and all of the "what if" scenarios you may encounter.

Customizing Your Policy

You will want to consider all of the different "what if" scenarios. Much of this depends on your family, where you live, the kind of weather you encounter, how often you entertain at your home, and more.

One of our insurance agents can ask questions to learn more about you and your home. This will allow us to customize a policy that provides protection and helps you sleep better at night.

Get Help with a Portland, ME Insurance Policy

Getting home protection that you can depend on is easy when you work with us at Noyes Hall & Allen Insurance. Contact us today to let us answer questions, build a custom policy, and get quotes to help you protect your home in Portland.

Commercial Insurance Policy Upgrades for Your Place of Business

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Your business plan may evolve over time. It’s important to consider the impact that a renovation or new business practice will have on your commercial insurance policy.

Commercial Renovations

Renovations within your business may increase your liability risk. New materials, furnishings, and other business essentials could be at risk of theft, vandalism, or damage. Adding more liability coverage to your insurance policy will minimize the threat of financial loss. Personal protection coverage will secure each new addition to your property.

Maintaining records that reflect each upgrade made during the renovation process is advisable. By keeping detailed records of the renovation project, you can refer to them when comparing various types of commercial insurance coverage that interest you.

Workforce Upgrades

If you decide to hire more employees, the addition of new workers may necessitate modifications to your existing commercial insurance policy. With new workers onsite, your business venture faces increased risks.

Liability coverage, workers’ compensation, and business property protection are a few types of insurance you may benefit from acquiring. Preparing an insurance checklist that highlights each change that will affect your business is a good way to delve into the needed upgrades.

Once you have detailed records of the changes that will take place, you can take your time and look through the records. By doing so, you can make commercial insurance decisions that will protect your longevity as a business owner.

Your Commercial Insurance Consultation

Our agents at Noyes Hall & Allen Insurance are here to help you. Contact our office and request to speak to one of our agents who serve Portland, ME at your earliest convenience.

Is Bundling Auto Insurance Right for Me in Portland, ME?

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Insurance bundling is becoming increasingly popular for those who prefer policy simplification and cost savings. As a driver in Portland, ME, combining your auto insurance policies with additional policies, including life, home, and even renters insurance, is convenient and can also provide potential benefits such as discounts.

Understanding Auto Insurance Bundling

Bundling your auto insurance policy typically involves purchasing multiple policies you require from the same provider or agency. Auto insurance policies can typically be bundled with homeowners and renters insurance.

Benefits of Bundling Auto Insurance

If you’re considering bundling your auto insurance policy with additional policies, it’s important to familiarize yourself with the most notable benefits:

  • Cost Savings: Multi-policy solutions provide reduced premiums, which can help save on both short and long-term insurance coverage costs.
  • Streamlined Management: Managing your insurance is much easier when all of your policies are condensed into one.
  • Customization: Working with a reputable provider, such as Noyes Hall & Allen Insurance, allows you to tailor bundled auto, life, homeowners, and renters insurance policies to suit your unique needs.

Considerations

  • Needs: Consider your coverage needs to determine if you require more than one policy.
  • Commitment: Bundling may require a longer commitment than standard, single policies.
  • Standalone Policy Comparison: Take time to compare standalone policies to ensure adequate coverage.

Determining whether bundling your auto insurance is the right decision can be challenging, as there are many options and routes to consider. At Noyes Hall & Allen Insurance, we can help you review your existing policies to determine whether bundling is the right decision for you and your household. Contact us today to learn more about your options for bundling auto insurance in Portland, ME.