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.

Auto Insurance Cancellations and Non-Renewals

Posted on by admin

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

Posted on by admin

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

Posted on by admin

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

Posted on by admin

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

Posted on by admin

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?

Posted on by admin

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.

What is a Home Insurance Inventory and Why Do I Need One?

Posted on by Kevin O'Brien

The secret is out: Portland, Maine is a great place to live. Friendly neighbors, excellent restaurants, and safety make it a popular choice for families and retirees.

Even in a safe place like Maine, bad things can happen. If you have to file a home insurance claim you want to be confident that your insurance policy will help get life back to normal. When it comes to home insurance, you want to know that your agent is on your side. The team at Noyes Hall & Allen Insurance has been committed to you since 1933.

How Does a Home Inventory Help Me?

When you file a home insurance claim, your insurance company needs to know what you lost. Then they pay you to replace it. Imagine after a tragedy trying to remember everything you had in your home, every drawer and cabinet. It’s overwhelming.

You can avoid stress and frustration by preparing a home inventory. This creates a record of all the rooms in your home and what was in them. You can do it with a video walkthrough of your home, computer spreadsheet or even on paper. Either way, aim for as much backup information as possible, and update periodically. Recording details like model numbers and receipts are a good start. Store the inventory in a safe place, and back it up in the cloud or in your safe deposit box.

Are you buying a home or condo in the Portland, ME area? Are you considering changing insurance companies?  Call an experienced Noyes Hall & Allen Insurance agent at 207-799-5541.

We are independent agents. That means we offer you lots of choices from a wide variety of insurance companies. We will help you find the best value for the coverage you need. We’re independent and committed to you.

Understanding Conditional Renewal of Insurance Policies

Posted on by Kevin O'Brien

Conditional renewal occurs when your insurance company makes changes to your policy that you did not request. These changes can range from minor adjustments to significant alterations. It’s essential to understand what these changes mean for you..

When Do Insurers Use Conditional Renewal?

Insurance companies often change underwriting requirements. They often “grandfather” in-force policies from these changes. But sometimes conditions change dramatically. Then the insurance company decides to make wholesale changes, even to in-force policies. Or, the insurance company may take a specific action on your policy.

Common Conditional Renewal Types

These are the most common changes in a conditional renewal:

  • Deductible changes – This could mean an increased deductible or the introduction of a new type, such as a separate wind or hurricane deductible.
  • Liability Limits – Your liability insurance protection might be reduced, for example, from $500,000 to $100,000.
  • Coverage exclusions or reductions – Certain coverages, like towing or roadside assistance, might be removed or reduced.
  • Large rate increases – Some states require notification of significant price increases, though this is not the case in Maine.

Why Am I Getting a Conditional Renewal?

Your insurer might be implementing an across-the-board change, such as a new minimum deductible or a wind deductible for any property in a certain location.

Or the underwriter could be taking specific action on your policy. This is usually in response to claims or some condition that they’ve identified. In this kind of conditional renewal the notice will list the reasons.

Is the Insurance Company Canceling My Policy?

No, a conditional renewal is NOT a non-renewal. The insurance company is offering to renew your policy, however with different terms than before. On the other hand, if the insurance company mails you a Notice of Nonrenewal, they are terminating your contract.

Do I Have Options?

You’re not required to accept the conditional renewal, but it might still be the best deal for you. Conditional renewal is often a re-calibration to the market. In other words, your insurance company is doing what most new insurers would do.

However, you can check with your Noyes Hall & Allen agent to see what they think. We offer a choice of several insurance companies. That gives us good perspective on the market so that we can provide personal advice for your specific situation. We like to say we’re independent and committed to you.

Maine Swimming Pool Insurance

Posted on by Kevin O'Brien

Despite Maine’s cool, wet June weather, pool season is here once again. Swimming pool insurance is important to protect your family, friends and financial assets.

Swimming pool insurance is an important purchase for a pool owner

Sobering Water Safety Statistics

Drowning is second only to auto accidents as the most common cause of unintentional injury-related death for children under 14, according to the American Red Cross. According to an ARC survey, 48% of respondents said they had nearly drowned at some point in their life.

Pool injuries aren’t limited to the water, either. Slippery deck surfaces and other equipment can cause trouble too. The Red Cross’ web site has excellent water safety advice.

Five Smart Pool Insurance Tips

Make Sure Your Pool is Up to Code

Plumbing, fencing and deck requirements can vary by locality. If your pool doesn’t meet current codes, your risk increases greatly.

Supervise Pool Activity

And it only takes seconds for tragedy to happen. Make sure a strong-swimming adult is present when the pool is in use. Use an alarm to prevent accidental, unsupervised or unwanted use of your pool.

Pool Insurance Requires a Fence and Lock

This is required in most locales for in-ground pools and for many above-ground pools.

Carry Adequate Pool Insurance

If someone is hurt while using your pool, insurance may be the only thing between you and bankruptcy. Make sure your liability limits are high enough to protect your net worth and earnings potential. A great idea: buy an umbrella policy, which provides even higher limits than homeowners coverage.

Consult Your Insurance Agent

Many insurers do not charge an extra premium for swimming pools, but they usually have underwriting requirements. These are designed to manage the company’s – and your – risk. For example, many companies will not insure pools with slides or diving boards, or without locking fences.

Don’t let tragedy spoil your summer fun when warmer weather finally comes to Maine. If you live in southern Maine and have a swimming pool, contact Noyes Hall & Allen Insurance for a review. We offer a choice of Maine’s top insurance companies. We’re independent and committed to you.