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Whether you’re buying a home in Falmouth, a condo in Portland or income property in Scarborough, if you’re borrowing money, your lender will ask for proof of “hazard insurance”.<\/p>\n
Hazard insurance is just the bank’s term for property insurance. The bank wants to make sure that if a disaster strikes, they will be protected at least up to the amount of your loan. Typical types of hazard insurance in Maine<\/a> include:<\/p>\n The bank would prefer to have 100% of your loan protected by property insurance. Sometimes, that’s too much insurance. After all, your insurance will only pay to rebuild your home. Insurance doesn’t cover items such as land, site work, landscaping or other items that are included in the purchase price. Your Maine homeowners insurance agent<\/a> should help you<\/p>\n A good insurance agent can help you avoid buying too much – or too little – insurance.<\/p>\n\n
How Much Hazard Insurance Do I Need on My Home?<\/strong><\/h2>\n
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