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How Much Insurance Savings Will a Home Security Alarm System Generate?

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Maine’s property crime rate is a fraction of most states. We’re very fortunate to live in such a safe area. Even Portland, Maine’s largest city, has a property crime rate only slightly above the national average, and far below most U.S. cities. Sadly, crime still does happen in Maine. Many of our clients choose to protect their property by installing a burglar and fire alarm. Some include low temperature alarms, water flow alarms and other protective systems.

How Much Will an Alarm System Save on Home Insurance?

Let’s put it this way: you would never purchase an alarm system for the insurance discount. You purchase it for peace of mind and to protect your valuable property. But, if you’re going to install an alarm, you might as well get the home insurance discounts you deserve, right?

Which is the Best Alarm System for Insurance Discounts?

This list is ranked roughly from the smallest discount to the largest. Savings are based upon the average Maine homeowners insurance premium of $800 per year.

Smoke Detectors – $16

Working smoke and carbon monoxide detectors are the absolute minimum that every home, condo or apartment should have. Smoke alarms save lives. They also save money on home insurance – although very little. There is usually no discount for carbon monoxide detectors. The discount isn’t usually affected by whether your detectors are hard-wired or battery operated, nor how many there are in your home.

Local Burglar Alarm – $16

If you have a bell or siren on the outside of your home that’s connected to an intrusion detection system, most insurance companies will give you a small discount.

Freeze Alarm with Auto-Dialer – $24

This alarm alerts you when temperatures drop below a certain minimum. These are becoming more common with “smart home” systems, and “the internet of things”. There’s no human intervention or monitoring system; the effectiveness depends upon the person answering the phone call and actually doing something about the problem.

Central Station Fire Alarm – $40

This type of alarm is hard-wired and calls a service that’s monitored 24 X 7. If the alarm goes off, the service notifies the fire department. This is considered by most insurers to be a “top shelf” protection plan.

Freeze Alarm with Central Station – $40

This is like a hybrid between the auto-dialer freeze alarm and the central station fire alarm. In a low-temperature event, the monitored service is notified and contacts your heating contractor for emergency service.

Water Flow Alarm with Central Station or Auto-Shutoff – $40

Some of the most expensive winter claims are caused by water running for an extended time. Water damage is also a lot more common than theft or fire. Whether caused by a broken pipe, freeze-up, or a washing machine hose that lets go, water damage and cleanup can be extremely costly. If water stands for an extended time (like when you’re on vacation, or someplace warm in the winter), mold can develop. It’s no wonder that insurance companies reward people who install protective devices to minimize the chance of this type of damage.

Central Station Burglar Alarm – $40

This is like the central station fire alarm, except for burglary. If someone breaks into your home, the monitoring service contacts the police department. Note that the central station alarm credits are additive. If you have a burglary, fire, water flow and low-temperature central station system, your discount might be $160 per year.

Hard-Wired Emergency Generator – $40

Many Mainers purchased generators after Ice Storm ’98, when many towns were without electricity for days. Some insurers offer discounts for permanently installed hard-wired generators. These devices “kick on” automatically when power is interrupted, and require no human intervention. They power the most essential electrical services of a home, including the furnace or boiler, well pump and kitchen appliances. Obviously, maintaining heat during a winter storm can help avoid a costly freeze-up. Certain insurers reward that by providing a discount.

What’s the Best Insurance Company for My Maine Home?

The answer depends upon the unique features of your home: its location, construction, protective systems and more. It also depends upon your family. Do you have pets? A swimming pool? Are you near the coast? As an Independent Agent, Noyes Hall & Allen Insurance offers a choice of several preferred Maine homeowners, condo and renters insurance companies. We can help you find the best match. And, if your needs change, or the insurance company does, we can help you find another – without having to switch agents. Contact a Noyes Hall & Allen agent in South Portland at 207-799-5541, and find out why we say we’re “Independent and Committed to You”.

Geico vs. State Farm, Allstate & Progressive – Which is the best Maine car insurance for you?

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Geico ad quote

State Farm, Geico, Allstate and Progressive are the largest US auto insurance companies (in order) by market share. They’re household names – thanks to the $3.5 billion they spend on advertising every year. Geico alone spends more than $1 billion, 1/6 of  all auto insurance advertising dollars.

So how do you choose the best car insurance in Maine? Could the best insurance company for you be one you’ve never heard of? It may depend on where you live, how insurance savvy you are, and what else you may have to insure.

How Insurance Savvy Are You?

Do You Speak InsuranceState Farm, Geico, Allstate and Progressive all sell directly from company to consumer via the internet and inbound call centers. If you contact them, remember that you’re talking to an insurance company employee. You’re accessing information prepared, controlled and presented by the insurance company. Expect that they will look out for their own business interests first.

You’re also giving the insurance company your phone number and email address. Be prepared for some serious email and telemarketing follow up if you don’t buy right away.

If you “speak insurance” enough to ask the right questions and advocate for your needs, call center employees will try to customize your coverage for you. Many people don’t know what questions to ask or what information to give. Too often, they end up with “off the shelf” insurance that may not fit their needs. Sadly, many don’t know what they’re missing until they’ve had a claim. We see this often when people bring us the policies they bought over the internet or the phone.

Where Do You Live?

State Farm, Allstate and Progressive sell through agents as well as directly over the phone or internet (Geico has recently started selling through employee-agents, too). State Farm and Allstate use “exclusive agents”; they only sell that one company’s products. If you live near one of these agents, it can be helpful to have a local expert to guide you through the process.

We love Portland MaineIf you buy insurance from one of these companies, their pricing and terms remain reasonable; and they don’t non-renew your policy after payment or claims trouble, you may have a long relationship with their agent. They can advise you of appropriate changes in your insurance as things change. But if anything goes wrong, or you want to shop your insurance, you’ll have to find a new agent.

Progressive is different. They also sell through Independent Agents (IAs). These are local business owners who represent more than one insurer. Most independents represent at least 4 or 5 companies (Noyes Hall & Allen represents more than a dozen insurers). If you use an Independent Agent, and your insurance company is no longer the best fit for you, an IA can help you move to another insurance company – without losing your relationship with the agent who knows you and your needs.

Related Post: When Should You Change Insurance Companies?

What Else Do You Need to Insure?

Insuring two things (home and auto, auto and boat, etc.) with the same company earns you a discount and “preferred customer” status.

State Farm and Allstate are top-10 home insurers of homes as well as autos. Geico and Progressive are not. If you get a home insurance quote from Geico, it’s underwritten by a non-affiliated company like American Modern, Foremost or Travelers. That dilutes the benefits of insuring two things with one company. Progressive recently purchased ASI, a Florida-based home insurance company (ASI doesn’t currently do business in Maine).

Even jumbo insurers like State Farm and Allstate can’t handle every type of property. If you find yourself with a square peg insurance situation that doesn’t fit the round hole, you’ll need to find a new agent – probably an Independent Agent. That agent can almost always find the best deal if they have all your insurance – the round peg, to go with the square – to tempt an insurance company.

Maybe An Insurance Company You’ve Never Heard Of is Better?

Let’s face it: the Maine market is a drop in the bucket for these insurance giants. But there are lots of New England based insurance companies that only write policies in our corner of the country. Sometimes, a smaller regional insurer is better at understanding Maine’s quirks. They’re more willing to be flexible on insuring coastal property or a home heated with wood; or a “beater” truck that you drive only in the winter, when you mothball your “summer ride”. Many people prefer the service of a regional insurer over the jumbo national outfits.

Some of the best insurance companies in America are ones you’ve never heard of.

Why have you never heard of them? Because instead of spending billions on TV advertising and sports sponsorships, they rely on local Independent Agents to recommend them to their clients. Companies like MMG, Hanover, Concord Group, Vermont Mutual and Cambridge Mutual are not household names. But, they’re cult favorites in northern New England.

Let Us Help You Decide

As an Independent Agent, Noyes Hall & Allen offers a choice or many top insurers and personalized service from a trusted advisor. We live and work where you do, and we know the Greater Portland Maine insurance market. We’re locally owned and part of the community. It costs no more to work with an Independent Agent than a call center or the internet. And, we have access to flexible options you may need throughout your life.

For more information, call a Noyes Hall & Allen Insurance agent at 207.799.5541. We’re independent and committed to you.

Moving or Relocating to Portland Maine – a 2022 Insider’s Guide

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Small enough to navigate and make friends easily. Large enough to have plenty of live music, arts and sports. Hundreds of restaurants and almost 20 breweries, Portland Maine is one of America’s hottest little cities. It’s a regular on “best of” lists from publications as diverse as Men’s Journal, Elle Home Decor , Conde Nast Traveler and Time Money. But what’s it REALLY like to live in Maine’s largest city?

What’s it Like to Live in Portland Maine?

It’s easy to fall in love with Portland by walking its charming brick streets, eating fresh seafood, and drinking even fresher beer. You can find plenty of flattering and glowing reviews of Portland from locals and travelers alike. But what’s it like to really LIVE here?

Do I Need a Car in Portland Maine?

Unless you live and work on the downtown peninsula, and are able to Uber, bus or walk 1-2 miles with your groceries, you may not. Otherwise, you’ll probably need a car. Like most vibrant cities, parking spots can be scarce. Fortunately, the peninsula is compact and walkable.

The Metro bus  is Portland Maine’s public transportation.  If you’re from a bigger city, you’ll find that buses arrive less frequently than you’re used to. You can find Turo carshares in town. Uber and Lyft operate in Portland, and there are several taxi companies. Our airport (PWM) and Portland Transportation Center are less than 5 miles from the Old Port. The Amtrak Downeaster and Concord Trailways bus both loop to Boston several times daily. Concord also has a bus to New York City.

Cycling is a popular way to get around (the Portland Bike Party has more than 1000 followers). Maine has some of the most bike-friendly laws thanks to the efforts of the Bicycle Coalition of Maine. You can bike year-round here, although cyclists’ numbers dwindle during our long winters.

Related Post: Portland Maine: Green Living in a Small City

How Much Do Apartments Cost in Portland Maine?

Portland is cheaper than Boston or New York, but it’s definitely a landlord’s market. Like many popular cities, Portland has had  a very low vacancy rate and a shortage of good apartments. Even though 1000 new rental and condo units have been built or planned, it’s tough to find a good deal.

The Portland Press Herald produced a very cool series of interactive maps of Portland Maine in 2015, showing rents, demographics and lifestyle features of Portland neighborhoods. The rents are outdated, but the neighborhood descriptions and heat maps are still relevant.

Whether you rent an apartment, condo or a cottage, we recommend that you buy Maine renters insurance to protect your property from damage and theft, and you from liability.

Related: How Much Does Renters Insurance Cost in Portland, Maine?

Can I Afford a Home in Portland Maine?

Portland’s home and condo market is strong. This reflects the desirability of the area and availability of jobs in Portland. The area has a wide range of housing stock, from old to new, townhouses to ranches, contemporaries to lofts. The median sale price in the Portland market is more than $300 per square foot according to realtor.com.

Where Do I Park My Car in Portland?

As in most vibrant cities, parking is a premium commodity in Portland Maine. If your apartment doesn’t offer off-street parking,  get a free residential parking sticker for the area in which you live. This exempts you from 1-or-2-hour time zones on streets near your home. The stickers DON’T exempt you from parking meters, no parking zones, overnight parking, loading zones, etc.

The most hassle-free way to get to local businesses & restaurants is on foot or bike. If you must drive, the city of Portland Maine operates parking meters and pay and display parking stations . Hot tip: Portland Maine metered street parking is free after 6pm and on Sundays.

Portland has several public and private parking garages ($2.00 – $4.00 per hour). There are also private pay-and-display lots, which are NOT operated by the city. These have been controversial, as they will boot your vehicle if you leave your vehicle too long.

Parking Bans in Portland Maine

Portland Maine Parking Ticket
source: maine.gov

During winter storms, the city of Portland Maine parking bans to allow public works crews to clear the streets and remove snow. During a Red Parking Ban, no one can park on city streets. This means you! Don’t ignore the ban; your vehicle WILL be towed, and it’s an expensive hassle to retrieve it.  Here’s a list of where to park during a snow ban.

How Soon Do I Need to Register My Car After Moving to Maine?

You should re-register your car in Maine and get a Maine driver’s license within 30 days after moving here.  Here’s are the 3 steps to register your vehicle in Maine after you move here:

Related: How & When to Register a Car in Maine

Settling In

It’s easy to find arts, sports and cultural events in Portland Maine. Another great way to meet new people is to get out and enjoy the outdoors, learn more about our area, or to volunteer. Here are links to some of our favorites:

We hope you find this information useful as you think about moving to Portland Maine. Greater Portland has been our home for more than 80 years. We love it here. If we can help with insurance in your new city, please contact a friendly local Noyes Hall & Allen agent at 207-799-5541.

Cheap Maine Auto Insurance – and Why You Shouldn’t Buy It

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A lot of car insurance ads talk about how much money you can save in 15 minutes – or less. It’s true: you can almost always find auto insurance that costs less than what you pay now.

How to Find Cheap Maine Auto Insurance

 

Uninformed Advisors Guide to Cheap Car Insurance (2)

Insurance Isn’t Peanut Butter or a Pair of Jeans

We’ve all had buyer’s regret. You buy something you didn’t like, or that didn’t fit the way you hoped. Maybe you returned it to the store; maybe you used it until it was gone, or threw it away and never bought that kind again.

Insurance is different.

You can regret your insurance choice, too. The web site doesn’t have the answer you need; you’ve misplaced your policy number, and can’t get through the insurance company’s phone menu; the coverage you bought on the phone or their web site wasn’t what you thought it was; there’s no one local to help you.

You don’t use insurance until long after you buy it – sometimes years later. If you make a bad choice, the mistake can cost a lot more than a jar of peanut butter. And you can’t return it for a refund.

Don’t Do it Yourself – Consult an Agent

Use the internet to research and educate yourself about insurance and the expected costs. But do yourself a favor: consult an agent before you buy. Buying through an agent costs no more. And, their advice and advocacy can save you hundreds.

If you live in Southern Maine and are looking for insurance advice, contact a Noyes Hall & Allen agent at 207-799-5541. We represent many of best car insurance companies in Maine, so we can help you find the best value and fit for your situation. We’re independent and committed to you.

Does Driving for Uber Affect Maine Auto Insurance?

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Transportation Network Companies (TNCs) have quickly become part of the landscape in American urban and vacation areas. Portland, Maine got its first Uber service in 2014. Almost immediately, people questioned whether Maine insurance companies exclude coverage for Uber.

The Maine State Legislature regulated TNC insurance by passing LD 1379, “An Act To Establish Transportation Network Company Insurance”, effective June 03, 2015. Key features of the law specify:

  • How much liability insurance TNC drivers must have while logged into the network and not carrying passengers (matching Maine state minimum auto liability insurance limits of $50,000 per person/$100,000 per accident for bodily injury/$25,000 property damage).
  • How much liability insurance they must have while carrying passengers ($1,000,000 bodily injury and property damage).
  • That personal auto insurance companies are NOT required to cover TNC drivers while they are logged into the network.

BEFORE You Sign up to Drive for Uber, ASK:

  • Does the TNC provide insurance for you while you’re logged in to the network? If so, at what limits? Do those limits change when you pick up passengers?
  • Does your personal auto insurance cover you when you’re logged in to the network? Ask your agent.
  • Does your auto loan or lease allow you to transport passengers or goods for hire? Many vehicle finance agreements prohibit it. If you do, the bank could consider you in default even if your payments are up-to-date. Read your loan or lease agreement, or ask your lender.

Uber insurance in Maine - quote from Eric Cioppa

Our Advice

Most insurers EXCLUDE coverage any time you’re logged into a TNC network, whether or not you have a passenger. For answers to your insurance questions, call your insurance agent.

 

Is Rain Storm Damage Covered by Insurance?

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Maine weathered a huge storm today. About 6″ of rain overwhelmed storm drains, flooding streets, basements and parked cars. Fortunately, it was only a rain event. Winds were not damaging. Here are the most common questions we expect from our clients after they survey the damage.

Does Auto Insurance Cover My Flooded Car or Commercial Vehicle?

Flooded Parking LotIf you have “other than collision” coverage on your vehicle, water damage from flooding is covered. Other Than Collision coverage was formerly known as “comprehensive” coverage. If your car was inundated and needed to be towed to a mechanic for evaluation and repair, the towing would be covered, even if you didn’t purchase separate “towing” coverage. Of course, your deductible (usually $250 to $1,000) would apply.

 

Does Homeowners or Condo Insurance Cover My Flooded Basement?

This one’s trickier. If the water came over the sills of your foundation, only flood insurance would cover that. Homeowners policies do not cover flood damage. Flood insurance is only offered by the National Flood Insurance Program. Every Maine independent insurance agency sells flood insurance.

If water backed up into your home through a drain or sewer, your homeowners policy MAY pay for cleanup and repairs. You would have to purchase  optional coverage. An “off the shelf” homeowners or condo policy does not cover water backup.

Even if you do have water backup coverage, be careful. Most insurers limit coverage to $5,000, including the cost of water extraction and damage removal. Cleanup alone in a finished basement can cost $5,000 following serious water damage.

Is My Business Insured for Water Damage?

Business policies vary considerably. Many DO cover water backup, but very few cover flood damage from surface water. It’s best to ask your Maine business insurance agent if your own policy would respond.

Do you have questions about Maine business insurance, homeowners insurance, condo insurance or auto insurance? Do you want to get a Maine insurance quote? Call a Noyes Hall & Allen agent at 207-799-5541.

Does Homeowners Insurance in Maine Pay to Remove a Fallen Tree?

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If a tree falls in your yard, and no one hears it, is it covered by your insurance? What about the cost to remove a fallen tree? The answer, as it is with all insurance questions, is “it depends”. Policy forms vary.

This post assumes that you have an “HO-3” Maine homeowners insurance policy using forms from the Insurance Services Office (ISO). This is the most common type of homeowners policy in Maine.

 

Did a Tree Hit Your Home or Other Structure?   tree damage

If so, you probably have coverage for:

  • The cost to remove the tree
  • The damage to your home, fence or other structure

But, not coverage of the cost to replace the tree itself.

Is a Fallen Tree Blocking Your Driveway?

Depending on the edition of your home insurance policy in Maine, you may have coverage for at least some of the cost to remove a tree that’s blocking your driveway. Even if it didn’t damage any of your property, the 2000 edition of the HO-3 policy provides $1000 of coverage ($500 max per tree). Older forms have no coverage unless the tree hits a covered structure.

 

Did a Tree Fall on Your Car?

If so, your auto policy, not your homeowners policy, might pay to fix your car. Hopefully, you have Maine auto insurance, and chose to buy “other than collision” (widely known as “comprehensive”) coverage. The cost to remove the tree is not covered by either home or auto insurance, unless the tree blocks your driveway (see above).

If There’s No Damage, There May Be No Coverage

If a tree falls without damaging any insured structures or blocking the driveway, you will likely need to pay the costs to remove it. Some insurance policies provide a limited amount of coverage for these cases. Check with your agent or insurance company to see if yours does.

Did Your Tree Hit Your Neighbor’s Property?

If so, the damage would be covered under THEIR homeowners policy, not yours. If the tree fell due to obvious neglect, your liability insurance might apply. For a more detailed explanation, see our prior post “Is Your Fallen Tree Covered by Maine Homeowners Insurance?”

Tips to File an Insurance Claim for a Fallen Tree

  • Take photos, preferably from different angles to show the damage.
  • If utility wires are involved, stay away! Call your electric utility to have the wires cleared.
  • Call your insurance agent or company to report the claim.

If you live in Greater Portland Maine, contact a Noyes Hall & Allen Insurance agent for answers to your Maine renters insurance, homeowners insurance and condo insurance questions. 207-799-5541. We’re independent and committed to you.

What Happens AFTER You Buy Insurance Online?

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There are many ways to buy insurance. Online. Over the phone. Using an app. By email. In person. In 15 minutes. In 7 minutes. Whatever.

Buying Insurance May Be Easy…

But, it’s not how you buy insurance that creates value. It’s whether it’s there when you need it. If you buy insurance from someone hundreds of miles away, whom you’ve never met, or even talked to, do you really think they’ll be there to help later? We will.

A Week’s Worth of Questions We Dare You to Ask Your Internet Insurance Company

We helped Greater Portland Maine insurance clients with these issues, just in the last week:

  • My claim was denied, and I don’t think it’s right.
  • How can I insure property I co-own with three other people?
  • I want more umbrella coverage, but my insurer won’t do it, because I have a couple of speeding tickets.
  • I haven’t gotten my claim check from the other guy’s insurance company after he hit my parked car.
  • I need help completing this form that the insurance company sent me.
  • I’m helping my son buy a car; who should insure it?
  • My insurance company wants me to make some improvements to my home, but I need more time.
  • Who can clean my basement in Saco, Maine after a sewer backup?
  • Who is good Portland Maine jeweler to have appraise my pieces?
  • I own a classic car. What’s the best way to insure it?
  • I’m about to buy a new car. When is the best time to shop for the insurance?
  • My fiancee and I are buying a house together. Can we combine our car insurance, too?
  • Why does the insurance company want to know about other drivers in my house? They don’t drive my car!
  • Should I suspend my insurance for the winter on one of my cars?
  • Help! The Maine DMV suspended my license in error!
  • My former insurance company keeps sending me bills!
  • I’m moving to Maine. How do I register my car? When do I need to get a Maine license?
  • I’m moving to New Hampshire. Can I keep my cars registered in Maine?

Does your insurance company know Pleasant Hill from Munjoy Hill? Westbrook from the West End? Sebago from Sugarloaf? Would you trust the answer they gave you to even one of the questions above? If not, that’s why you need a local agent.

Insurance Choice Filter

It doesn’t matter how easy it is to buy insurance. It matters who’s there to help when you  have a problem that’s not so easy. That’s why you need a local agent.

For answers to your Maine insurance questions, contact a Noyes Hall & Allen agent. Right here in South Portland. 207-799-5541.

Does Maine Homeowners Insurance Cover Stuff Away from Home?

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Clients often ask if their homeowners insurance covers their belongings when they’re away from home. Here are 3 recent email inquiries with common scenarios:

  • I have removed some furniture and other items that were at my condo and am storing them at a warehouse.  Is my stuff is covered under my condo insurance, or do I need to insure the stuff through the company that is storing the items?
  • I’ve rented a self-storage unit for some of items that I don’t have room for in the garage. Are these items covered while they’re in storage?
  • I’ll be renting a condo in Florida for the month of March. Are my belongings covered when I’m away from home?

This infographic spells out the coverage found in most Maine homeowners insurance policies. Your coverage may differ, so check with your Maine insurance agency.

Off Premises Homeowners Coverage

In general, your belongings are covered to 100% of your Personal Property (Coverage C) limit on your Maine condominium, renters or homeowners policy. It doesn’t matter where they’re located, anywhere in the world.

The only exception is if they’re at a residence of yours other than the one listed on your policy. Then, it’s only covered to 10% of your Personal Property limit, or $10,000, whichever is LESS. Presumably, the personal property at that residence would be covered by another homeowners, renters or condo policy.

Keep in mind that certain types of property, such as jewelry and silver, have limited coverage on most policies. Talk to your agent about insuring jewelry on a homeowners policy.

If you need insurance in Greater Portland Maine, contact Noyes Hall & Allen Insurance in South Portland at 207-799-5541.We’re independent and committed to you.

How to Buy Home Insurance in Maine: 4 Easy Steps

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If you’ve recently begun looking for a home in Maine, or have recently put one under contract, you’ll soon be looking for Maine homeowners insurance. If you will have a mortgage, your lender will pester you for the name of your insurance agent and the cost of your insurance.

Insuring your new home is a simple 4-step process:

How to Buy a Home in Maine

1. Put your home under contract

2. Get a home inspection

Your realtor can introduce your to a reputable home inspector. They almost always point out some deficiencies, possible trouble spots, or upcoming maintenance items. It’s up to you whether you negotiate who pays for these with the buyer, or include them into your early home improvement budget. Don’t ignore them, though. For example, if the inspector tells you that your roof shingles have less than 5 years remaining life, set aside the cost to replace it within that time.

3. Contact an Insurance Agent 

You’ll want to get a Maine homeowners or condo insurance quote for 100% of the rebuilding cost to satisfy your lender. The agent will use real estate and property tax info and ask a few questions about your home to help determine the rebuilding cost.

The agent will also ask how recently the home systems were updated (plumbing, heating, electrical and roof). Your home inspection will be handy in providing this information.

If you live in southern Maine, a Noyes Hall & Allen agent would be happy to help you with insurance quotes. We represent many different insurance companies, so we can shop the marketplace for you. Different insurers have different appetites, strengths and rates. We can also help you choose appropriate deductibles and insurance programs to fit your needs and budget.

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Bundle Up
It often makes sense to bundle your insurance with one insurance company. Most Maine insurers offer discounts when you insure your home and auto together. The savings can be substantial – up to 25% in some cases.

4.  Show proof of insurance to your lender

Once you introduce your insurance agent to your closing attorney (usually a title company), you shouldn’t have to do any work. Your agent and the title company will make sure the lender is satisfied. You can focus on getting ready to move into your home!

A Note About Escrow Accounts

If you escrow your insurance, lenders require you to pay the first year’s premium up-front – either to your insurance agent, or at closing. The lender collects a couple of months’ insurance and tax at closing to “seed” your escrow account. You’ll then pay 1/12 of those amounts along with your monthly mortgage payment. The insurance and tax bills will go to your lender, not to you.

If you have questions about Maine home, auto or condo insurance, contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We’re independent and committed to you.