Home Insurance in Lewiston
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Living in Lewiston
Lewiston, ME, is a picturesque community. Residents enjoy access to unique shops, locally-owned restaurants and events like art walks and holidays in the plaza.
Investing in a home in the community is a good idea. A home's median value in Lewiston is $246,000, less than the national median of $338,100. Homes are also gaining value in the area, as they have a one-year appreciation rate of 14.68% compared to the national rate of just 8.27%.
Purchasing Home Insurance
Protecting your home is vital, so you need a robust policy for home insurance in Lewiston. Residents pay an average of $1,352 annually, slightly lower than the national average of $1,428.
How Risk Factors Affect Your Premium
The actual cost you pay for insurance depends on many factors. Crime and climate are two of the most important ones. Lewiston's property crime rate is 35.8. slightly higher than the national average of 35.4. This could mean you pay less for insurance.
Climate matters as well. Lewiston receives much more precipitation than the national average. With average rainfall of 48 inches per year and snowfall of 74 inches per year, flooding may become a problem. Standard policies don't protect against floods, so it's important to purchase additional protection if your home is susceptible to flooding.
You and your home may be other risk factors. Expect to pay a higher premium if you have poor credit or have filed claims in the past. You may also pay more if your property has had claims in the past, even if you weren't the one who filed them. Other factors to consider are your home's age and whether it has been well-maintained. Homes with updated electrical, plumbing and HVAC systems cost less to insure. It is also a good idea to install a security system.
How Your Policy Protects You
Your home insurance policy's biggest job is to provide funding if you need to repair or rebuild after a natural disaster. The most affordable plan provides funding for your home after factoring in depreciation. The middle-of-the-road policy funds a rebuild or replacement for the value of your home when you bought it. Finally, the most expensive insurance provides 20-25% more than your policy limit to account for higher construction costs.
You may need to stay in a hotel while your home is being repaired or rebuilt. You may also need to eat out more during the rebuild. While you need to pay out of pocket for these things, you can keep the receipts and file a claim for reimbursement. Be sure you know your policy's daily limit so you don't overspend.
Your policy also protects your belongings. It provides 50-70% of your policy limit so that you can replace furniture, clothing or appliances. Your possessions are often covered even if you lose them or they are damaged away from home.
Liability is another protection. It covers medical bills or settlement amounts if someone is injured on your property or you're away from home and damage someone else's property. Experts recommend carrying at least $300,000 in coverage.
You deserve to know your home is safe should the unthinkable happen. Home insurance in Lewiston provides security for your investment. Use VIU by HUB to compare quotes and get a list of relevant insurers in your area in just 30 seconds.
This information is intended for general informational purposes only and is not intended to constitute legal advice.