Condo Insurance

Insurance for Cyclists in Maine

Posted on by Bob O'Brien

If you know me, you know that I like to bike year-round. Not every day, but most. I’m not alone. Two of our current staff of 10 regularly bikes to work.

bike commuter insurance guys

We’re lucky to live and work in the Portland area. Maine is ranked #20 most bike-friendly state by the League of American Bicyclists. The Portland Maine Bicycle Commuting Facebook group has more than 650 members (including me).

As a bike commuting insurance agent, it’s about time I wrote to explain how common insurance policies can protect cyclists, and suggest the best insurance coverage for Maine cyclists. The good news: many cyclists already have the basic coverage; they may just need to adjust their policies to get the best protection.

Car Insurance for Bicycles?

Most cyclists are also drivers, so they have car insurance. They’re probably unaware that their auto policy protects them when they’re cycling.  One part, Uninsured Motorist Coverage, is especially critical when you’re riding your bike:

Uninsured Motorist coverage protects you against injury

  • caused by an accident that’s someone else’s fault
  • if that person had no insurance or insufficient insurance

UM coverage can pay:

  • hospital and medical care
  • prescriptions and therapy
  • lost wages
  • pain & suffering

How Uninsured Motorist Coverage Works

UM covers the difference between the limit you purchased and what the responsible party bought. An example: someone with Maine state minimum limits ($50,000 per person) hits you. Your medical bills, lost wages and pain & suffering total $100,000. Your UM policy will pay $50,000 if you purchased at least $100,000 of coverage.

Key Takeaways:

  • Buy as much UM coverage as you can. For most Maine auto policies that’s $500,000.
  • Some umbrella policies allow you to include UM up to an additional $1 million.
  • Even if you don’t own a car, you can buy a “named non-owner” policy, including UM coverage.

Home, Condo or Renters Insurance for Bicycles?

The most common Maine property insurance policies cover:

  • Your bike and accessories against 16 “named perils”, including theft and vehicle damage.
  • Injuries or Property damage you cause to others while cycling
  • Legal defense against lawsuits for injuries or property damage.

They do NOT cover:

  • Collisions or dumping
  • Road damage such as potholes
  • Falling off a vehicle rack, driving into the garage with the bike on the roof rack, etc.

Key Takeaways:

  • Buy “replacement cost” coverage to avoid depreciation.
  • Buy “open perils” (sometimes called HO-5) homeowners coverage. This greatly expands the 16 named perils described above.
  • Your deductible will apply. Keep the value of your bike in mind when you choose deductibles.
  • Some insurance companies allow you to “schedule” your bike, which provides better (“open perils”) coverage, often at no deductible.

Related Post: HO-5 vs. HO-3 Homeowners Policies. What’s the Difference?

BEWARE: E-Bike, Scooter, Moped Insurance is Tricky!

Scooters, mopeds and similar self-propelled vehicles are considered “motor vehicles” by insurance policies. They should be insured on an auto or motorcycle policy. Maine State Law requires proof of auto insurance to register them. The insurance isn’t very expensive.

E-bikes are unique. They’re not considered to be “motor vehicles” by most auto insurance. But they ARE defined as motor vehicles on most homeowners policies, and thus EXCLUDED. That means no property OR liability coverage for e-bikes.

A few specialty e-bike insurance programs exist. For now, we recommend that you buy coverage from them to protect yourself against liability, theft and more. If you do purchase special insurance for your e-bike, pay particular attention to your Uninsured Motorist coverage. As of 2019, Noyes Hall & Allen sells a product that can provide up to $500,000 liability and UM coverage for e-bike owners.

FMI: Electric Bikes and Insurance – from Bike Law Maine

If you’re a cyclist in Maine, and have questions about insuring yourself or your bike, call Noyes Hall & Allen at 207-799-5541. We understand cyclists and insurance. We’d be happy to help you protect yourself better. We offer a choice of Maine’s top insurance companies, and know how to advocate for our clients. We’re independent and committed to you.

Resources:

Maine’s data card from League of American Cyclists (.pdf)

Bicycle Coalition of Maine website

Portland Maine Bicycle Commuting Facebook Group

How to Compare Insurance Prices and Policies

Posted on by Bob O'Brien

There are many ways to compare auto, home, condo or renters insurance prices. Most people prefer to save time and work by getting several quotes at the same time.

Two common methods: contact a local independent agent; or get multiple quotes from an app or web site. Businesses that produce these quote sites are called “aggregators”.

Online Insurance Sites & Apps: easy to use, but…

Online insurance shopping sites and apps are usually well-designed, easy and convenient to use.

Most don’t sound anything like an insurance company. They’re often named after a food or an animal, for some reason. Or they sound like tech companies.

That’s because most are not insurance companies. They’re really lead generators. And you’re the product they sell. Although insurance aggregators promise quotes, they rarely present firm numbers. Instead, they sell your information to insurance agents and companies. It’s up to those agents to try to close the sale.

And they’re relentless.

My Insurance Shopping Nightmare

I tried getting quotes recently. I’d barely clicked “submit” when my phone started ringing. It didn’t stop for 2 days. My voice mail clearly says I’m an insurance agent. You’d think they would quickly figure out that I wasn’t going to buy from them. But they kept calling back. And the emails! I gave them credit for persistence even as I cursed their repeated interruptions.

Think that’s unusual? Google insurance quote scams.

Of course, not all insurance quote sites are the same. Some provide an estimated price at the end of your session. But most of those still need more information from you to produce a policy. That can change the price.

Independent Agents: good insurance takes time

Independent insurance agents also offer several insurance options at the same time. They are locally owned businesses. There are about 35,000 in the US.

Call or visit an IA and you’ll spend 10 minutes answering the questions they need to quote. Then, the agent compares rates and coverage and presents a recommendation.

Instead of just taking your order, good independent agents use their local market and insurance knowledge to recommend the right solution. It may take a bit more time than the aggregator’s app, but that can be a great investment if  it helps you avoid an expensive mistake.

Some independent agents are more aggressive than others. Some even buy leads from aggregators. A few (like us) offer online insurance quotes 24/7 on their website. Most don’t share your personal information with anyone else.

It’s smart to shop your insurance

Savvy consumers know to compare insurance prices. You can call several “one company stores”; give your information to an online aggregator; or choose a local independent agent that you trust. If you’re in Southern Maine, Noyes Hall & Allen Insurance might be the agent you trust. Find out. Call us at 207-799-5541, get insurance quotes online, or stop by our South Portland office. We’re independent and committed to you.

Why Isn’t it Cheaper to Buy Higher Property Insurance Deductibles?

Posted on by Bob O'Brien

Recently, a very smart guy asked on Twitter:

“why does it cost $19 a year to reduce my deductible from $1,500 to $1,000, but I only save $25 a year to increase it from $1,500 to $5,000? Shouldn’t deductible affect premium linearly?”

A wise guy responded with the snark that insurance often inspires:

Insurance Can Seem Illogical

Insurance is a big budget item. It costs a lot to protect your home, condo, car and other stuff (we won’t even start on medical insurance).

Insurance seems even more expensive because most of us don’t have claims very often. The average person has 3 or 4 auto accidents in their driving lifetime, and a home insurance claim every 12 years.

Insurance Is Mostly Math – and Math is Logical

The key concept of insurance is that everyone pays a fixed amount each year to avoid paying a huge and uncertain amount if something terrible happens. The money paid by the many goes to the few who have losses.

The typical fire claim is about $45,000. Liability claims average about $22,000, and water damage $9,000. Any of those would be a financial catastrophe for many Americans. Better to pay a fraction of that each year in predicable installments.

Insurance rates aren’t random. Insurance companies submit their rate requests to state insurance departments for approval. Those requests are accompanied by data about loss payments and current projections produced by math nerds called actuaries. The math can be heavy, and the results hard to understand.

Why Aren’t Insurance Deductible Savings Greater?

You might think that increasing your deductible by $1,000 should save twice as much as a $500 increase. That’s because you’re thinking about yourself, and your experience. The insurance company thinks about everyone’s claims, not just yours.

Most Claims are Small

While the average insurance claim is big, most claims are small. For every $100,000 fire claim, there are dozens of $1,500 ones. Think about it: every larger claim exceeds a smaller deductible, but not every claim reaches the larger one.

Insurance Deductible Example

Here’s an example of 3 deductible scenarios using 8 typical claims:

What happens when the deductibles increase to $2,500?

The insurance company sees that they pay 24% more on policies with $1,000 deductibles compared to $2,500 deductibles, so they offer a corresponding discount in their rates.

What if the deductibles were $10,000 instead of $2,500?

An individual or business owner might look at those figures and say “I’m taking a lot more risk with a jumbo deductible, so I should get a big discount”.

But the insurance company pays only 19% less, despite the $10,000 deductibles vs. $2500. The insurance company’s risk of claims payments isn’t linear, and so neither are the deductible savings. That’s why you don’t save as much when you buy a much larger deductible.

Logical, no?

Need Insurance Deductible Advice?

Do you live or own a business in Southern Maine? Have questions about your personal or business insurance?  Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We offer a choice of several of Maine’s top insurance companies. We can help you choose the most cost-effective property insurance deductible. We’re independent and committed to you.

4 Insurance Secrets Top-Selling Realtors Don’t Share

Posted on by Bob O'Brien

 

Top real estate agents know secret hacks can make the difference between making a sale and losing one. Present a personal letter from the buyer to the seller with the offer. Quality staging and photography sell houses. An early conversation with sellers can help avoid cold feet later.

Knowing about home insurance can drive sales, too. That’s why the top-earning realtors learn these insurance secrets and use them to sell more homes.

“There’s a Lid for Every Pot”

Almost every home is insurable. There are different types of lenders, right? Same with insurance companies. No single insurer will cover every home. Some prefer to insure luxury homes. Others like mobile homes. Some don’t insure homes on the ocean. Others do. Your client who buys a “fixer-upper” may use the specialty market until their project’s done, but coverage IS available for almost any home you sell.

A Good Buyer Can Insure a Difficult Home

Knob & tube wiring. An old roof. Electrical fuses. An unfinished deck. These are a few of insurance companies’ unfavorite things. You’ve heard about that “blacklist”. Buyers can’t insure homes with these issues. There’s some truth in that. But insurance companies are more flexible than you think.

Insurers underwrite people AND properties. A solid buyer with a credible plan to quickly fix property issues can still find good coverage at a great price. Need 30 days to get the work done? Insurance companies may allow it if an insurance agent they trust represents the client.

Insurance is More than a Binder

A lot happens between contract and closing. It’s easy for realtors and buyers to see “proof of insurance” as something to check off the list. Find a good price. Get your binder. Move on.

Not so fast.

What happens AFTER the closing? Will the price go up? Will the company cancel the policy after inspection? Will there be enough insurance to rebuild after a fire? Does their insurance dovetail with their condo association master policy? Will they have the right coverage to repair storm damage?  Recommend the wrong agent, and your referrals can dry up.

Speed is important. But insurance is more than a binder.

Your Insurance Referral Partner Makes a Difference

Which insurance agent do you refer your buyers to? Do they:

  • Offer a choice from many insurance companies?
  • Respond to you, your buyer and the lenders?
  • Thoroughly review the property and recommend the right coverage?
  • Advocate for your buyer to the insurance companies?
  • Adapt to changes between contract and closing?
  • Promise to be there for your buyer AFTER the closing?

Looking for a referral partner who knows the insurance market? One who works for your buyer as hard as you do, and owns and manages their own local independent business? One where your buyers can get quotes on their own from 5 insurance companies in 10 minutes? Contact Noyes Hall & Allen Insurance in South Portland. Since 1933, we’ve been independent and committed to you.

 

 

Insurance for Your Coastal Maine Home

Posted on by Bob O'Brien

 

You’ve found your dream home on the coast of Maine. Congratulations! Now you want to protect your investment. And, if you have a mortgage, your lender requires insurance.

photo of a waterfront homeMany U.S. insurers restrict coverage for homes and properties near the ocean. They aren’t concerned about storm surge or water damage. Homeowners policies don’t cover flood or surface water. Wind is the issue. Homeowners, condo and renters insurance policies DO cover wind damage. That’s what insurance companies worry about.

The coast of Maine gets few hurricanes or tropical storms. But we still get nasty windstorms. Not as much as warmer states, but often enough. In the past 6 months, southern Maine has had 3 storms with damaging coastal winds. Properties closest to the coast are more susceptible. The same scenic view that drew you to your neighborhood exposes your home to wind. There’s no barrier to break up winds that come off the ocean. Buildings, trees and hills disperse winds farther inland.

Can You Find Insurance on Maine Oceanfront Property? 

The good news is that insurance is readily available. Your policy may have a special wind deductible, and you may pay more than your inland neighbors. But you also paid more for your property because of its beautiful location. Higher taxes, too. It’s a lifestyle choice.

How Close to the Coast is an Insurance Problem?

Insurance company underwriting varies. Some insurers will insure any home that’s more than 1000 feet (about 0.2 miles) from the ocean. Others draw the line at 1500 feet. Some apply special wind deductibles for any home within a mile of the coast. Others don’t.

Is this your primary home or a vacation home? Insurers are more eager if they have a chance to write your auto, boat or other insurance.

Is this an island property? Even if your home is more than 1000 feet from the coast, you may have few options available. A knowledgeable local agent can help you find your options.

How To Compare Insurance Quotes for Maine Oceanfront Property

The easiest way to survey the market is to contact an independent insurance agent like Noyes Hall & Allen in South Portland. Unlike State Farm, Allstate, GEICO, Progressive or USAA, we offer a choice of insurance companies. We know Greater Portland and the Casco Bay area. We know which insurance companies will insure coastal properties. We can check the market for the best value combination of price and coverage.

If your home is over 1000 feet from the ocean, get homeowners insurance quotes 24/7 from our website. If it’s closer than that, best to call a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We’re independent and committed to you.

 

What About Flood Insurance in Maine?

Flood damage isn’t covered by home insurance. The National Flood Insurance Program (NFIP) is a government program insuring against the peril of flood and surface water. Buy it where you buy your home insurance. Every insurance agent can sells it, and the rates are the same wherever you buy it.

 

Where to Live in Portland, Maine

Posted on by Bob O'Brien

It seems every week Portland, Maine appears on some “best of” list. Best restaurant and foodie towns, best places to retire, best small city, and so on.

College graduates want to live in Portland for the food, drink, entertainment and active sports scene. Retirees and empty-nesters relocate here for cultural options and top-shelf medical facilities. Portland, Maine is big enough to keep you busy, small enough to find your “tribe”, and see them often about town.

Many new Portland Maine residents want to be “on the peninsula”. Portland’s downtown is flanked by hills overlooking the east and west ends, and water access on the north and south. Almost anywhere on the peninsula, you can walk from grocery to gallery, beach to brewery, or concert hall to coffee shop. And you can’t spin a lobster without pointing to a restaurant.

What’s the Best Neighborhood in Portland Maine?

With so many great neighborhoods, it’s more about finding the best fit for you. We’ve broken down the choices to help you decide where to look. All the neighborhoods are in Portland, unless noted.

Portland, Maine Neighborhoods With Lots of Restaurants (walking distance):

map of Portland Maine neighborhoods
Some popular Portland Maine neighborhoods

  • Munjoy Hill
  • Newbury / India Street
  • Old Port
  • Meeting House Hill (South Portland)

Portland Nightlife and Music Venue Neighborhoods:

  • Old Port
  • Congress St – mid-town
  • Longfellow Square

Portland Neighborhoods Near Beaches and Trails:

  • Baxter Boulevard
  • Newbury / India Street
  • Ferry Village / Willard Square (South Portland)
  • Munjoy Hill

Portland Area Neighborhoods to Live Car-Free:

  • Knightville (South Portland)
  • Bayside & Parkside
  • Congress St. – mid-town
  • Longfellow Square

Portland, Maine Residential Neighborhoods:

map of South Portland Maine's east end
Popular neighborhoods in the east end of South Portland Maine

  • Oakdale
  • West End
  • Ferry Village (South Portland)
  • Meeting House Hill / Willard Square (South Portland)

Less Congested Neighborhoods That Are Close to Downtown Portland:

  • Deering Center / Rosemont
  • North Deering
  • Ferry Village (South Portland)
  • Meeting House Hill (South Portland)
  • Peaks Island

Portland Maine Suburbs With Cheaper Rents:

  • Westbrook
  • Old Orchard Beach
  • Redbank / Brick Hill (South Portland)
  • Riverton

Portland Neighborhoods With Older Apartments with Character:

  • West End
  • Oakdale
  • Deering Center
  • Old Port

Sleek New Apartments and Condos:

  • Munjoy Hill
  • Newbury / India Streets
  • Bayside
  • Commercial St.

What’s the Cost of Living in Portland Maine?

Like many popular coastal cities, Portland Maine’s cost of living is above average. But, it’s about 50% less than New York and almost 30% less than Boston. Housing is the biggest outlier in our cost of living: about 57% higher than the U.S. average. You might need to compromise on your “wish list” to find a place you can afford. And, because it’s so popular, it’s a seller’s market right now. If you see a great house, condo or apartment, it likely won’t be on the market for long.

RELATED: How to Register a Vehicle in Maine

Moving to Portland, Maine?

You’re going to love it! We’ve been here since 1933, and are proud to be active in our community. We sponsor local non-profits and events. We champion fellow small businesses. We volunteer and buy local. Find us in the Knightville / Mill Creek area of South Portland, across the Casco Bay Bridge from Portland. We love to share our knowledge about the place we call home.

graphic we love portland maine

Need insurance for your car, apartment, boat, snowmobile, home or condo? Contact a Noyes Hall & Allen agent at 207-799-5541. We represent many insurers and can compare rates and coverage to find you the best value. We’re independent and committed to you.

Not ready to talk to an insurance agent? You can get real insurance quotes online in 10 minutes from our website.

More Maine Home Insurers Cover Water & Sewer Lines

Posted on by Bob O'Brien

Portland Maine Water District is one of several that have offered a service contract for underground water and sewer lines. Available through a third party provider called HomeServe, the plans for both types of pipes cost $168.00 per year. We wrote a blog post in 2010 to help our clients decide if it was worth the cost for them.

Additional Reading: Water District Plans vs. Service Line Insurance

Off the Shelf Home Policies Don’t Cover Exterior Pipes

Homeowners, renters and condo unit owner policies cover water damage to your home from leaky or frozen pipes. But they don’t cover damage to pipes outside the home, like water supply or sewer lines between your home and the street.

Insurance Companies Now Sell Underground Line Coverage

Some Maine insurance companies now offer underground service line coverage. Like the water district plan, they have a coverage limit – often $10,000, with a $500 deductible. That’s more than the water district service contract, which covers up to $3,500 for water lines and $5,000 for sewer lines.

Insurers now selling this coverage in Maine include Andover Companies, Concord Group and Vermont Mutual. Some sell the coverage a la carte, while others include it in a special bundle of coverage. In all cases, you have to purchase it – it’s not automatically covered by homeowners policies.

Is the Coverage the Same?

Along with the coverage limits, there are other important differences. For example, the water district service plan has no co-payment, while insurance company policies usually have a $500 deductible.  Also, the water district service agreement covers unblocking clogged pipes, while insurance policies generally do not. The contract wording is different, too. Water district plans exclude “pre-existing conditions” and “acts of God”. Those exclusions are NOT found in property insurance policies.

Which is Cheaper? Homeowners Policy or Water District Plans?

Insurance companies charge different premiums for the coverage. Most are much less than the $168 per year charged by the water district – some as little as $25 per year!

If you live in Southern Maine and would like a quote for underground line insurance on your home, apartment or condo, contact a Noyes Hall & Allen agent at 207-799-5541. We can help you find the best overall value, with several quotes from top insurers. We’re independent and committed to you.

A New Easier Way to Get Maine Home, Condo, Renters or Auto Insurance Quotes

Posted on by Bob O'Brien

 

Noyes Hall & Allen Insurance has offered online auto and home insurance quotes to Maine people since 2014. We’re excited to invest in a new platform that’s faster and easier to use. Best of all, if you find a quote you like, we can bind your coverage faster than ever.

Can I Get Quotes from Many Insurance Companies at Once?

Yes! In only 10 minutes, you can get quotes from up to 5 A-rated insurers, including:

  • Concord Group
  • MMG Insurance
  • Patriot Insurance
  • Progressive Insurance
  • Travelers

get Maine insurance quotes

Is It Safe to Enter My Insurance Quote Information Online?

Yes, our secure site protects your personal information.

 

Will an Insurance Agent Call Me?

If you request an online quote from one of “the big guys”, they will call or email you repeatedly, pressuring you to buy. We hate that as much as you do. We will only call you if you ask us to.

We will send one follow up email, in case you have any questions about your quotes. If you’d like to see quotes from other insurers that can’t yet provide “real time” quotes, you can let us know. If one of the quotes interests you, tell us and we’ll reach out with more information. No pressure or obligation.

 

Can I Buy Maine Home, Renters or Auto Insurance Online?

There’s no need to come into the office – or even talk to us on the phone – unless you want to. You can sign, pay and get proof of insurance electronically. Of course, not everyone’s insurance needs are straight and narrow. You may want the confidential advice of an experienced agent sometime. That’s where we shine. Our knowledge of the local area, our clients and the insurance market is why many of our clients choose to do business with us. Their insurance agent reviews tell the story.

 

Can I Get My Insurance Documents Online?

Yes! We’ve invested in a state-of-the art, secure client center, protected by two-step verification. You can:

  • Review your policy
  • Get proof of auto or property insurance
  • Request to change a driver, vehicle or lender
  • Update your contact info
  • Upload a document or photo to your agent.

You can learn more about our client center here.

 

What If I Need to Talk to an Agent?

The Noyes Hall & Allen team takes pride in providing personalized service and advice. We’re accessible by email, text, phone or in person. We’re small enough to know you and big enough to serve you. Whether you have a claim, a coverage question, or need to choose another payment option, we’re here to help. No call centers. No chatbots. No phone menus.

 

Access Your Maine Insurance Policy Info 24/7

Posted on by Bob O'Brien

We’re pleased to introduce a new feature for clients of Noyes Hall & Allen Insurance. Now, you can access policy documents and information from our secure web site, 24 hours a day, 7 days a week. Lost your Maine auto insurance card? Want to check on your coverage at night or on the weekend?  You can log on easily and get the information you need in two minutes or less. Here’s how.

Step 1 – Visit NoyesHallAllen.com


Look for the “My Account” icon on the upper right of the page (or in the list on a mobile phone). It opens to a drop-down menu. Select an option.

 

Step 2 – Log In Using Your Email Address

You must use the email address that our agency has on file for you. This is usually the one that we have emailed correspondence to in the past. Let us know if we should use a different email address.

 

Step 3 – Log In With a Secure Verification Code 

This is sent instantly to your mobile device or your email address. This code helps keep your personal information in your hands alone. It expires after 5 minutes.

 

Step 4 – Choose the Policy or Documents You Want

The default view is “policies. This allows you to view the details of your coverage by clicking “view policy” below the snapshot.(click on the image for a larger version)

Note that there’s an option to switch to “documents” as well as the default “policies”.

 

If you want to download your insurance cards, choose “documents” click “download” on the right. You can print or save them to your device from there. By law, Maine Bureau of Motor Vehicles, city and town halls and law enforcement officers accept electronic proof of insurance. You aren’t required to produce a paper copy.

(click on the image for an enlarged verson)

 

We hope that you enjoy the convenience of 24/7 access to your insurance policy information.

Please note:
1) Most insurance companies share their information with us electronically in a compatible form with this feature. If your documents aren’t available, call us and we can send them to you.

2) The policy information on the Client Center is a very simplified recap of your policy. You may have purchased endorsements that the Client Center can’t show, so your coverage might be different. Your insurance policy is always the definitive document of your insurance coverage.

HO-5 vs. HO-3 Homeowners Policies. What’s The Difference?

Posted on by Bob O'Brien
Note: This discussion applies only to Insurance Services Office (ISO) coverage forms. These are used by most insurance companies in Maine. Some insurers (Allstate, State Farm, Travelers and more) use their own proprietary forms. If you have a quote or a policy from those companies, ask an agent to explain the coverage you’re buying.

All Maine homeowners policies are not created equal. In fact, if your policy is properly written, there may not be another like it. HO-5 and HO-3 are common insurance policy forms with important differences, even though they look very similar.

HO3 vs. HO5

One key example is the difference between ISO HO-3 and HO-5 homeowners forms. The HO-3 was the most popular coverage form for decades. It covers a broad scope of building damages, but more limited coverage for your personal belongings.

A quick chart:

HO-5 insurance policies provide better coverage than HO-3 policies

 

Open Perils – Covers any cause of loss unless excluded.

Named Perils – Covers only damage from specified causes.

The HO-3 covers personal property against 16 named perils:

  1. Theft
  2. Fire or Lightning
  3. Freezing
  4. Windstorm or Hail
  5. Accidental Discharge or Overflow of Water from Plumbing
  6. Vehicles
  7. Smoke
  8. Weight of Ice, Snow, or Sleet
  9. Vandalism or Malicious Mischief
  10. Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
  11. Sudden & Accidental Damage from Artificially Generated Electric Current
  12. Falling Objects
  13. Volcanic Eruption
  14. Riot or Civil Commotion
  15. Aircraft Damage
  16. Explosion

Why Buy HO-5 Instead of HO-3?

The open perils HO-5 form shifts the burden of proof from you to the insurance company. You’re not required to prove that the damage to your personal property was caused by one of the 16 named perils. It’s covered, unless it’s specifically excluded. Believe it or not, insurance adjusters prefer the HO-5 to the HO-3, too – even though it provides a lot more coverage. It makes proving coverage much more simple and easy.

What does an HO-5 Cover that an HO-3 Doesn’t?

Because the coverage is so broad, many additional types of damage are covered. Here are a few:

  • On a hot August day, a freak thunderstorm hits while you’re at work. Rain blows through an open window, damaging your home entertainment system.
  • At a dinner party, a guest spills a glass of red wine on your oriental carpet, damaging it.
  • A skunk finds its way through your open patio door. You startle it, and it sprays inside your home. All of your upholstered furniture must be deodorized.

Admittedly, these are uncommon claims. But clients often call insurance agents to report damage that’s NOT covered. Wouldn’t it be good to put the odds in your favor?

How Much Does an HO-5 Cost?

The cost to upgrade from HO-3 to HO-5 varies by insurer. Believe it or not, an HO-5 with one insurer may cost LESS than an HO-3 with another.  Some insurers only offer HO-5 coverage for preferred properties and clients. That means you may qualify for very good pricing to begin with, which could save you money from your current HO-3 policy. If you qualify for both forms, the HO-5 is the preferred option.

Do you live in Southern Maine and have questions about your Maine homeowners insurance? Are you buying a home in Southern Maine and want insurance advice? Call a Noyes Hall & Allen Insurance agent.  Or, you can create your own Maine home insurance quotes online in 10 minutes. We offer a choice from many preferred insurers. We’re independent and committed to you.