Portland Maine Condo Insurance Tips

Posted on by Bob O'Brien

 

Portland, Maine real estate is hot. Perhaps no sector is hotter than condominiums. Condos combine the security, investment and tax advantages of property ownership with fewer maintenance chores. But they do require unique insurance solutions.

Portland Condos are Hot

 

Condos attract first-time home owners who want to invest in a place of their own instead of rent. Downsizing baby boomers are eager to ditch yardwork, exterior home maintenance and snow removal. The convenience, vitality and amenities of Portland, especially the peninsula, draws many buyers. That’s where condo prices tend to be highest.

 

Is Your Condo “All-In”? “Studs In”? What Does That Mean?

 

Two documents govern every Portland Maine condo association: bylaws and declarations.  They define the boundaries of each unit and outline the what you’re responsible for vs. the association. Get copies of these documents as soon as you’re under contract to buy your condo. Share them with your insurance agent. They can help you decide how much coverage to buy.

Some associations insure nearly all real property, including post-construction improvements made by unit owners. Others put great responsibility for building coverage on individual unit owners. Associations may update their bylaws to reflect changing needs and desires of owners. Make sure you have the most recent information, and keep up with any changes the board makes. 

Deeper Dive: Maine Condo Association Insurance – Who Insures What?

 

Bylaws also define what is – and isn’t allowed in the association. Some examples: pets; clotheslines; grills; and rental of the units. Are you joining an association whose rules and culture fit your lifestyle?

Understand Your Condo Fees

 

Monthly association fees get your attention when you’re condo shopping. It’s tempting to view lower fees as always better than higher ones. In reality, it depends what you’re paying for. Common items included in condo fees are:

  • Real Estate Taxes
  • Association Insurance Bylaws that push responsibility to unit-owners may decrease shared insurance expense, but increase individual costs.
  • Property Maintenance – Some associations choose to hire a professional property manager. This can be helpful in contractor negotiations, day-to-day operations, and capital budgeting. But, professionals obviously get paid for their work. Other condo boards are more “DIY”. They may have lower monthly fees, but demand more time and involvement of unit owners.
  • Capital Improvement Reserves – for property upkeep, such as replacing roofs, paving, etc.
  • Assessments for unplanned or special items, such as insurance deductibles, uncovered claims, or unfunded capital expenses.

When choosing a condo, look at your total housing costs, and think about how much responsibility you want as a unit owner.

Questions About Portland Maine Condo Insurance?

Noyes Hall & Allen insures dozens of condominium associations and hundreds of condo units. We’ve been insuring Portland condos since the beginning, in the 1970’s. Do you have questions about insuring your condo or your association? Contact a Noyes Hall & Allen Insurance agent at 207-799-5541. We’re independent and committed to you.

Why Does My Landlord Require $100,000 of Renters Insurance in Portland Maine?

Posted on by Bob O'Brien

 

Maine Renters Insurance 101

Whether you’re renting an apartment, house or a condo, in Scarborough, South Portland or Portland, Maine renters insurance is usually required by landlords. Many leases require a minimum of $100,000 personal liability (renters) insurance. Buying renters insurance is a great idea. Buying $100,000 of liability insurance is a TERRIBLE idea. Read on to find out why.

What’s the Cost of $100,000 Renters Insurance in Maine?

This is the most common question our South Portland independent insurance agency gets from first time renters. They usually focus on the liability insurance requirement, which is only a small part of the cost (and benefit) of renters insurance. The short answer is that a first-time renter with minimal property to insure usually pays less than $150 a YEAR for insurance. If you’re insuring an engagement ring or other jewelry, expensive electronics or sports equipment, you might push $200.

Getting Renters Insurance (1)How to Get Renters Insurance in Portland, Maine

  1. Figure out how much your stuff is worth. Renters insurance prices are based upon how much you insure your belongings for. The minimum is often $20,000. This should be the cost to replace all your old stuff with new. That costs more than you think. A new phone, computer, TV, furniture, bike, everything in your drawers and closets – it adds up FAST!
  2. Don’t buy the minimium $100,000 liability insurance.  That may be what your lease requires, but liability insurance may be the only thing between you and a huge lawsuit. What if you burn the place down? Or, if a guest slips on an ice cube? Or your cute puppy bites a kid while you’re at the dog park? Liability insurance is cheap. You can buy $500,000 for about $10 more than the minimum $100,000. Do it.
  3. Find a good, Portland Maine area insurance agent. Preferably an insurance agent with great reviews from real clients.
  4. Call them or request a renters insurance quote online. The agent will ask you a few questions, and you’ll probably have your quote before you know it. It’s that easy!

Related: Moving to Portland Maine – An Insider’s Guide

Should I Combine Renters and Auto Insurance Together?

Many insurers offer a discount if you insure both renters and cars with them. Ask your agent about the discounts. Getting a Maine online car insurance quote is almost as easy as getting a renters insurance quote. You’ll need to provide information about yourself, your vehicles and your driving record. Even if you don’t end up bundling car insurance with your renters insurance, you’ll know whether or not your current insurance program is any good.

Can I Include My Roommate on My Renters Insurance?

If you and your roommate are unrelated, you each have to buy your own renters insurance. If you’re married, you and your spouse can buy one together. If you’re engaged, ask your agent. Insurance companies’ rules can vary.

For answers to questions about Maine renters insurance, moving to Portland Maine, insuring and registering a car in Maine, insuring an engagement ring, or other common questions, contact a friendly Noyes Hall & Allen Insurance agent at 207.799.5541. We’re independent and committed to you.

5 Things You Didn’t Know About Insuring Your Engagement Ring

Posted on by Bob O'Brien

 

You’re engaged! The world is a happier place when you share your life with someone else. The most common symbol of that commitment is an engagement ring. As high as you feel when that ring is on your finger, you can feel equally sad and angry if the ring is lost or damaged.

Insurance can’t stop bad things from happening, but it can pay to repair or replace your precious engagement ring. We see it regularly in our South Portland, Maine insurance agency. Here are five things we’ve learned that most people don’t know about insuring their engagement ring.

Basic Home and Renters Insurance Doesn’t Cover Theft of Expensive Jewelry

Most modern homeowners policies limit coverage for theft of jewelry to $1,500. Some have an even lower limit. Your policy also has a deductible – often $1,000.

If your $4,000 ring is stolen along with other things from your jewelry box and some small electronics, your insurance might only pay $1,000 or $1,500 for all of it.

Basic Insurance Doesn’t Cover Losing a Stone from Your Engagement Ring

Off-the-shelf homeowners or renters insurance covers your personal property (“stuff”) for 16 listed perils. Those perils are fine for most types of property, but not jewelry. If your jewelry is damaged by something outside of those 16 perils, you have no insurance coverage.

A gem falling out of a loose setting is not one of the 16 named perils. Neither is having to cut your ring off after an accident or injury to your hand. Or, dropping your engagement ring into the ocean while proposing, for that matter.

It’s Not Expensive to Insure Your Engagement Ring Properly

The proper way to insure jewelry in Maine is to “schedule” (list) it on your homeowners or renters insurance using a Scheduled Personal Property Form. This changes the insurance coverage on your jewelry from “named perils” to “open perils”. That sounds small, but it’s BIG.

Instead of the insurance listing perils that are COVERED, an “open perils” policy lists a few that are EXCLUDED. And those exclusions really are few. Things like wear & tear, intentional damage, and war.

Most insurance companies charge a rate of less than 1% for scheduled jewelry. It should cost less than $100 a year to insure your $10,000 diamond engagement ring.

graphic - cost to insure engagement ring in Maine

 

Insuring Your Engagement Ring Probably Protects Your Other Stuff

Most people in Maine insure their jewelry as a part of a renters or homeowners policy. It’s the most cost-effective way to insure jewelry. Bonus: your renters policy also covers your other belongings, and protects you against most general liability lawsuits for negligence.

Many couples don’t think to buy renters insurance until they get engaged, and suddenly have a very small and valuable asset: the engagement ring. Their renters policy also covers their furniture, electronics, bikes, clothing and other “stuff” – almost anywhere in the world.

Engagement Ring Insurance Usually Has No Deductible

Unlike the rest of your home or renters insurance policy, most jewelry insurance riders have no deductible. The insurance company covers 100% of the cost to replace or repair the damage to your engagement ring if you separately schedule it.

If you’re recently engaged…

you’re starting a new and wonderful path together. You’re combining your lives as never before, and making big plans together. It’s also a great time to think about saving money – and protecting yourselves better – by combining your insurance.

How does Maine auto insurance change when you’re engaged? What about renters insurance or homeowners insurance? If you live in the Southern Maine, contact Noyes Hall & Allen Insurance at 207.799.5541 for answers to your insurance questions. We’re especially convenient to the Portland peninsula, South Portland, Cape Elizabeth and Scarborough Maine. And, we’re independent and committed to you!

 

 

 

How Do Insurance Agents & Brokers Get Paid?

Posted on by Bob O'Brien

 

Insurance is a $1 trillion business in the U.S. The industry employs about 2.5 million Americans, according to the Insurance Information Institute. Life/health (L/H) insurers collect about $650B and property/casualty (P/C) insurers about $500B each year.

Noyes Hall & Allen specializes in property/casualty insurance. Before talking about how property/casualty agents are paid, let’s take a brief look at the P/C business.

Maine Property/Casualty Insurance Overview

P/C insurers provide auto, home and business insurance. There are 3 top distribution models for P/C insurance sales channels (1)insurance.

  1. Direct writers rely on advertising to generate the majority of their business.  When you call or respond to an advertising piece, you’re speaking with a company employee. They only offer products from one company. GEICO, USAA and esurance are direct writers. While they don’t pay agents to generate business, they spend a LOT of money on advertising. GEICO alone spends over $1B per year.
  2. Exclusive agents (sometimes called “captive agents”) also sell insurance only from one company. Unlike direct writers, they have local agents who sell and service their products. These companies also advertise a LOT to drive business to their retail agents. Allstate, State Farm and Liberty Mutual use the exclusive agent model.
  3. Independent agents (sometimes called IAs or Trusted Choice agents) are locally owned and operated. Each contracts with 5 to 15 insurers, thus offering their clients a choice of insurance companies. IAs can access an international network of brokers for unusual insurance needs. Insurers that contract with IAs advertise much less than other insurance companies. They are less likely to be household names. Many IA insurers specialize on one region or type of customer. Popular IA insurers in Maine include: Concord Group; Hanover Insurance; MMG Insurance and Vermont Mutual.
  4. Hybrid companies (ok, this makes 4 models, but not really). These insurers will write insurance using one or more different channels. These are usually large national insurers. Examples: Hartford; Liberty Mutual; Travelers; and Progressive.

How Maine P/C Insurance Agents Make Money

Both exclusive and IA insurance companies pay agents a percentage of the premium. Commission varies by policy type and whether the policy is new or renewal. Usually, commission is between 10 and 20 percent.

Exclusive agents often make a higher percentage commission on new business than renewals. Some exclusive companies even stop paying agents after several years. This incents the exclusive agent to focus on writing new policies.

Independent agents often make the same commission on both new and renewal policies. This allows the agent to provide  consistent customer service year after year. If you’re an existing client of an independent agent, you’re even more valuable than a new one. It takes an independent agent 3-5 years to recoup the cost of insuring a new customer.

Who Pays an Insurance Agent’s Commission?

The insurance company pays the agent’s commission out of the premium they collect. There is no specific surcharge on the premium that goes to the agent. Of course, the customer pays the agent’s commission – just not by a separate line item. Insurance premiums do not rise or fall with the agent’s commission percentage.

Can You Save on Insurance if  You “Cut Out the Middleman”?

No one sales channel is always the lowest cost. Claim costs and insurance company expenses all impact premiums. Some direct writers would have you believe that you save money by bypassing an agent. In reality, you might pay MORE without an agent to advocate for you. Of course, you could pay less, too.

Our Agents Speak English – And Insurance. If you don’t know the system, you can leave money on the table. We know to ask about certain discounts. Is your child on the honor roll or away at college without a car? Your local agent may know these things, or you might ask when you call in to do something else. If your agent is independent of the insurance company, they’re more likely to act on your behalf.

If you have a question about Maine home, auto, boat, motorcycle or business insurance, contact a Noyes Hall & Allen agent at 207-799-5541. We’re independent and committed to you.

Rideshare Insurance for Uber & Lyft in Maine

Posted on by admin

 

Does Your Auto Insurance Protect You?

Many Maine drivers are thinking about making some extra cash by driving for rideshare companies like Uber and Lyft. They often ask us if how their personal auto insurance company would respond.

Personal Insurance Does NOT Cover Rideshare Driving

As soon as you turn on the app and make yourself available to pick up a guest, you turn OFF your Maine auto insurance policy – at least all of the policies we’re aware of. Your insurance company should deny any claim – collision, liability, uninsured motorist, medical payments, rental or towing – that occurred while you were available for hire or driving a customer.

Do Uber and Lyft Insurance Policies Protect Maine Drivers?

Knowing that personal insurance policies do not cover livery (driving for a fee), rideshare companies have obtained blanket insurance policies to cover their drivers. Most companies seem to be insured with James River Insurance, based in Richmond, VA, and rated A- by A.M. Best. These policies cover you pretty well when you’re carrying a customer – but not when you’re simply available and waiting for a customer request. This chart shows when coverage applies, and how much.

RideShare Insurance in Maine

 

What are the Risks of Being an Uber Driver?

As you can see from the chart above, the insurance provided by Uber, Lyft and similar companies leave important gaps that could cost you a lot – especially in Period One, when you have the app on and are awaiting a ride request.

DURING “PERIOD ONE”:

  • Injury from an uninsured or under-insured driver. If you are waiting for a ride request and someone rear-ends you at a stop light, their liability insurance should pay for the damage to your car, and your medical bills and lost wages. But, what if they have no insurance – or not enough? Uber and Lyft policies do not pay anything to repair your car. And, because their uninsured motorist coverage drops to state minimum limits during that time, you would have little or no coverage for your medical bills.
  • Liability to Others for Injury or Property Damage. Imagine you’re waiting for a ride request. You decide to stop for a coffee. When you pull in, you accidentally step on the gas instead of the brake, plowing into the front of the coffee shop. Your rideshare insurance will only cover state minimum liability limits for injuries to others or damage to property. Because your personal auto policy doesn’t cover you during this time, you’re out of luck if damages are higher. You’ll be responsible for paying for the damages. That could mean a lot of fares in your future just to repay the damage.
  • Damage to Your Car. Rideshare insurance policies don’t pay for damage to your car from crashes, vandalism, theft or fire. If you have a loan on your vehicle, you could find yourself making payments on a car you cannot drive. And you won’t be able to make more money via driving since your vehicle is out of commission.
  • Your Insurance Company Might Cancel Your Policy. Many drivers fail to notify their auto insurance company when they start to drive for a rideshare company. And for good reason: even  though they don’t cover your rideshare activities, insurance companies generally don’t like the idea. Your vehicle is on the road a lot more, possibly at odd hours and unfamiliar locations. Even if you’re driving a customer and have collision coverage under the Uber or Lyft insurance policy, they require you to first report it to your insurance company and be denied coverage. That can be an uncomfortable conversation, and it can attract the attention of the insurance company, which may then cancel your personal policy.

Know the Consequences Before You Become an Uber Driver in Maine

It’s tempting to make some extra money during your spare time. Just know that the opportunity comes with risks. Rideshare companies are eager to sign up new drivers, and may gloss over the risks and limitations of their insurance program. Make sure you understand them before you get behind the wheel for a rideshare company.

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

 

The Most Popular Vehicles in Portland Maine

Posted on by admin

 

As a Portland Maine insurance agent, we insure lots of homes, condos, vehicles and businesses. We thought it might be fun to share some facts about vehicles we insure. While our clients may not be a statistically accurate sample, we think they give a pretty good indication of what vehicles are most popular in the Portland Maine area. It’s also kind of interesting to see some trends by model year.

Top 10 Vehicle Brands in Portland Maine

If Noyes Hall & Allen Insurance clients currently are typical, the top 10 auto makers capture almost 75% of the market. The “big three” alone are 38%.

  1. TOYOTA – 15.2% market share
  2. FORD – 11.5%
  3. HONDA – 11.3%
  4. CHEVROLET – 9.1%
  5. SUBARU – 8.8%
  6. VOLVO – 4.0%
  7. NISSAN – 3.9%
  8. HYUNDAI – 3.4%
  9. VOLKSWAGEN – 3.3%
  10. JEEP – 3.3%

What are the Best-Selling Vehicles in Portland Maine?

This graphic shows which auto maker appears to have sold the most vehicles in each of the last 5 years, based on vehicles our clients own.

Favorite auto brands in Portland Maine

It’s interesting to note that Ford is the only auto maker always in the top 3. Toyota rode a wave of #1 but seems to be fading a bit. Subaru is off to a fast start with 2016 models. Will they sustain the momentum for the whole year?

How Long do Portland Maine People Keep their Vehicles?

The median model year of vehicles our clients own is 2008. So the average person keeps a car for about 8 years. Which side of average do you fall on?

0-4 YEARS OLD – 22.1%  (2013 to 2016 model year)
5-8 YEARS OLD – 30.1%  (2008 to 2012 model year)
8-12 YEARS OLD – 28.0% (2003 to 2007 model year)
Older than 12 YEARS – 15.8% (2002 model year and older).

 

When is the right time to drop collision coverage from your car? Click on the link to read our blog post answering that question. 

The Most Popular Vehicle on the Road in Portland Maine

By IFCAR - Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=6770336
By IFCAR – Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=6770336

 

Despite being only the 5th most popular vehicle brand among our clients, Subaru has the top two models when you look at all vehicles on the road. The Subaru Outback is #1 by far, with the Subaru Forester #2. The Toyota Camry is right behind the Forester at #3. These top 3 vehicles represent more than 10% of the vehicles our clients own.

UPDATED: August 2017

The trends continue in 2017. Subaru seems to remain super popular in Portland Maine. Foreign models continue to dominate the top 5. So do 4X4 vehicles. Ford pickup sales appear to rise and fall, maybe with the economy or gas prices? The Nissan Rogue looked to be picking up steam in 2016, only to fall off the leader board in 2017.

 

Whatever you drive, if you live in the Portland Maine area and would like a review of your auto insurance, contact Noyes Hall & Allen at 207-799-5541. You can even get 7 Maine auto insurance quotes online in 10 minutes. Of course we also insure homes, condos, apartments, boats, motorcycles, businesses and more. We offer a choice from Maine’s preferred insurance companies. We’re independent and committed to you.

Maine Condominium Association Insurance – Who Insures What?

Posted on by Bob O'Brien

 

If you’re on your condominium’s board of directors, one of your largest responsibilities is placing and managing your Maine condominium association insurance program. Noyes Hall & Allen in South Portland has insured dozens of condo associations and hundreds of unit owners. Our experience dates back to even before the 1981 Maine Condominium Act standardized many association affairs.

What Property Does a Condo Association Insure?

Most often, a condominium association insures commonly owned property and the associated liability. The unit owners insure their own units and personal property. Those properties are defined in the condominium declarations and bylaws. Common property can be defined as broadly as “all real property in the association” – sometimes called “all-in”. Some bylaws define that the association owns no property at all, putting all of the responsibility for real property on individual unit owners. You must read the declarations and bylaws to find out how your association is set up.

Condominium Declarations& Bylaws (1)

 

Your board should review the declarations and bylaws closely with any insurance agent who bids on the association’s insurance. It’s critical to purchase adequate insurance so that repairs and replacement of property damaged by a covered loss can be funded by insurance settlement.

Sometimes, an association will choose to insure more real property than is required in the condominium bylaws and declarations. This can be done for several reasons, including: to reduce overall insurance costs; or to control insurance proceeds and rebuilding after a loss. If your condo board decides to do this, you must work closely with your insurance agent to make sure that the insurance company understands and agrees to what you’re trying to do. You don’t want any confusion or controversy after a claim has happened.

Should a Condo Association Suggest Insurance Coverage for Unit Owners?

For many years, when our clients purchased a condominium unit, we reached out to the association’s insurance agent to compare notes on whose insurance should cover what. Recently, we’re disappointed to see more agents shy away from discussing coverage due to liability concerns. They’re afraid of an “Errors & Omissions” claim. They simply tell unit owners (and their insurance agents) to “refer to the bylaws and declarations”.

We think this is not only unhelpful, but harmful. It can lead to unit owners buying too much – or not enough – insurance. Most condo unit owners are not on the board, and unaware of the details of the association’s insurance. Very few condo buyers are sophisticated insurance consumers. Many are first-time condo owners, and really don’t understand what insurance they need to purchase. We review the documents for our clients and try to help them navigate the process. God help those who don’t use an insurance agent, and buy “DIY” insurance.

A few helpful insurance agents provide a “cheat sheet” to the unit owners of the associations they insure. The unit owners can take this information to their own insurance agent to make sure they have the coverage they need. Yes, it may expose the association’s agent to some liability, but who knows better than they what the policy they sold covers? Needless to say, if your association is a Noyes Hall & Allen client, we are happy to provide such a document for unit owners if the board agrees.

Can I Be Sued as a Condominium Board Member?

The condo board of directors has a fiduciary duty to the association. Board members also make decisions that may subject them to claims of discrimination, harassment, mismanagement or other wrongdoing.

Before you agree to join your condo board, check your association’s Errors and Omissions / Directors & Officers policy and ensure that it is effective and adequate.  These policies cover many situations, but like all insurance policies, they do have exclusions and limitations. Make sure that the policy provides coverage to defend you even if you are wrongly accused.

Danger! If Your Condo Association Switches Insurance Companies

300 X 350 DangerAny time your association switches insurance carriers, your agent should meet with the unit owners. No two insurance policies are exactly the same. Your association’s agent should explain what’s different between the old and new programs. This helps you decide whether you need to change your own coverage. Even better, maybe the new agent will provide a “cheat sheet” like the one mentioned above.

A Cautionary Tale

Our client is a unit owner in an association that was insured with one company for decades. The association policy covered on an “all in” basis, which meant that our clients needed very little “building” coverage. The association moved insurance to a new company whose policy only covered building from the “studs out” of each unit. Our clients were suddenly responsible for insuring A LOT more of the building portion of their unit. Unfortunately, our clients never knew of this change. Or, if they were, they didn’t know that they should have increased their coverage. And they had a claim.

To avoid this unfortunate situation, when your condo association changes insurance programs, if the agent doesn’t offer to meet with the group, ask your association to arrange it.

If you are a board member of a Maine condominium association, insurance is a big responsibility. If you have questions about Maine condo insurance, or would like a second opinion on your program, contact a Noyes Hall & Allen Insurance agent at 207-799-5541. We represent Maine’s preferred condominium insurance companies. We’re independent and committed to you.

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.