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The state of Maine has roughly one and a half million people living there year-round. More than half of these residents rent property and do not own their own homes. The average rental in Maine goes for about $1,000 a month, making it an affordable and worthwhile state to live in for renters. Unfortunately, without the proper renters insurance, your possessions are at risk every single day. Even if the property owner has building insurance on the land, it doesn’t safeguard your own personal items. In most instances, property insurance only protects the exterior of the building, leaving renters responsible for everything inside their apartments.

How Renters Insurance Works

Renters insurance is a lot like homeowners insurance because it ultimately protects your assets and prevents you from experiencing financial woes if something happens to them. Depending on the specific plan you choose to buy, your insurance may cover fire damage, theft, weather-related issues and floods. You will take photos or videos of your apartment upon signing up for a policy so that the company has your item inventory on file. They will use these pictures if you have to file a claim.

Who is Eligible?

Anyone who rents property can receive renters insurance in the state of Maine. People who are renting an apartment, condo, townhouse or time share can all benefit from this coverage. What you might not realize is that college students in dorm rooms and senior citizens in nursing homes can equally obtain this type of insurance. As long as you do not own the property or have your name on its deed, you can get renters insurance.

Finding a Company

There are dozens of different companies throughout the state of Maine offering rental insurance. You’ll find that a good majority of auto insurance providers offer this form of coverage and even have discounts for those who bundle their policies. For instance, if you have car insurance with one company, they’ll give you a discount on your rental insurance because you’re already a customer. Generally, you’ll want to look for a company that has a solid reputation and handles claims easily and professionally. Reading reviews online and asking other tenants about their own experience will help you find the right one.

Choosing Your Policy

When it comes to Maine rental insurance, there are three main types of policies available to consumers. The most basic policy is the cheapest and is ideal for people on a budget who still need a blanket of protection. The basic plan offers fire damage restoration and reimbursement in the case of a fire in your apartment.

The second policy is the broad-spectrum plan and offers weather-related disaster relief to individuals living in flood and hurricane zones. Maine is well known for its flooding, hurricanes and horrendous winters, so this coverage might be the best option for you. It will protect your belongings if you experience a weather-related issue.

The third plan you can choose is the premium option. This covers everything from fire damage to theft and daily item depreciation. This is obviously the most expensive policy to go with, but it can be advantageous for those living in high-crime areas throughout Maine.

Claims and Reimbursement

If you ever have to file a claim, you can either call the company or go onto their website. Most insurance companies nowadays offer all or most of their services online, allowing you to file claims and talk to a live agent using a real-time chat. The company will look over your file and determine your claim eligibility. They may also send an agent out to your apartment to do an assessment of the damage.

You can be paid out in two different ways when it concerns your renters insurance. The first is by receiving cash for the depreciated value of your belongings. The second option allows you to receive the full retail value of your products so that you can replace them. Depending on your deductible, you may not be able to file a claim and be reimbursed until you hit your limit. No matter where you’re living in Maine, renters insurance is a necessity.