Saco, ME, Home Insurance
Your home is likely the most significant investment you'll ever make and deserves comprehensive Saco, ME, home insurance to protect it.
People had called beautiful Saco home since 1631 when permanent settlers first arrived. Today, more than 20,000 people enjoy the area's three miles of beaches on the Atlantic, many places to hike and various shops, galleries and dining options.
People considering moving to the area should know the cost of living is 9.9% higher than the national average. You can expect to pay more for childcare, healthcare and food.
Buying a home in Saco costs 27% more than living in other areas of the country. The median home value in the area is $431,100 compared to the national median of $338,100. The appreciation rate is also higher than the national average at 12.21% compared to 8.27%.
If you buy a home, you need Saco, ME, home insurance. The average insurance cost in the area is $1,301 annually, slightly lower than the national average of $1,428. You should carry a policy that covers the cost of your mortgage at a minimum. VIU by HUB can help you compare quotes and choose the best policy for you.
Your home is probably your most significant investment, so it's essential to protect it. Home insurance covers your home and possessions should a covered disaster occur. There are three types of coverage: actual cash value, replacement cost and guaranteed cost. ACV pays out the amount your home is worth after factoring in depreciation. Replacement cost pays the amount it was worth before depreciation. Guaranteed cost is the most comprehensive and offers 20-25% more than your policy limit in case it's needed for reconstruction.
Home insurance also protects your belongings, even if they aren't in the home. Insurers typically provide 50-70% of your policy limit. A $300,000 policy and 70% limit means your possessions are covered for up to $210,000.
Liability protection is also included and protects you on and off the premises. Your policy will pay medical or replacement costs if someone is injured on your property or if you accidentally damage someone's property in their home. It even covers you if your dog injures someone while you're walking it.
Finally, your policy offers reimbursement if you're displaced during reconstruction and must stay in hotels and eat out more often. You must pay out of pocket first and have strict limits on daily spending, so be sure not to overdo it.
The cost of your premium depends on how risky insurers consider you to be. You may pay less if you have good credit and have never filed a claim. However, if a claim has been filed on your property in the past, it may count against you, even if you weren't the one who filed it.
The state of your home is also a factor. You may pay less for insurance if your home has a newer roof, updated HVAC, plumbing and electrical systems, updated fire security and a security system. However, your premium could rise if you own attractive nuisances like a pool or trampoline.
Insurers also consider local crime rates. The property crime rate in Saco is 31.5 reported incidents per 100,000 people. Since this is below the national average of 35.4, you may save on insurance.
Don't worry if you aren't sure what Saco, ME, home insurance policy is best for you. VIU by HUB has experienced insurance advisors who can help you make the best decision for your needs. You can also use the quote comparison tool to get a list of policies in about 30 seconds.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
